Dangote Cement becomes Nigeria’s most valuable company as London listing looms

Dangote Cement Plc has emerged as Nigeria’s most valuable listed company, following a sharp rise in its share price that lifted its market value to about $13.4 billion, as investor interest coincided with renewed plans by its chairman, Aliko Dangote, to explore a London listing for part of the business.

The company’s shares on the Nigerian Exchange (NGX) closed the week at N1,088, up from N989.10 at the start of Friday’s session, representing a 10 percent gain in a single trading day. That increase pushed its market capitalization to roughly N18.4 trillion ($13.46 billion), according to market data retrieved from the NGX by Shore.Africa.

Dangote Cement now sits ahead of other major Nigerian listed firms in terms of market cap, including BUA Foods at N17.4 trillion and MTN Nigeria at N16.8 trillion at the time of reporting. The shift underscores how closely investor sentiment continues to track earnings performance, pricing power, and corporate strategy announcements in Lagos trading sessions.

Dangote Cement eyes London listing

The rally in the share price comes as Aliko Dangote considers a partial listing of the cement business in London, a move that would see about 10 percent of the company offered to international investors, according to people familiar with the discussions. The plan would mark a return to earlier efforts to access the London market, which were shelved years ago.

Dangote has said the idea has been under consideration for years and that recent changes to UK listing rules helped revive interest. The Financial Conduct Authority has been adjusting its requirements in an effort to attract more global companies to London, as competition from the United States and European exchanges has intensified.

Investment banks including Citigroup, JPMorgan Chase, and Standard Bank are said to be advising on the proposed listing, though the final structure will depend on market conditions and investor appetite at the time of execution.

Investor confidence boosts outlook

Behind the market attention, Dangote Cement remains Africa’s largest cement maker, with an installed capacity of 55 million tonnes annually across the continent. Nigeria accounts for 35.25 million tonnes of that capacity, anchored by major sites such as Obajana in Kogi State and Ibese in Ogun State, which together supply both domestic demand and export markets.

The company’s first-quarter 2026 performance also helped reinforce investor confidence. Profit rose to N321.1 billion ($233.8 million), up from N209.25 billion ($152.3 million) a year earlier, supported by stronger sales volumes, improved pricing, and lower finance costs. Revenue climbed to N1.2 trillion ($872.1 million), while sales volumes increased to 7.47 million tonnes.

Cash reserves improved to N504.8 billion ($367.4 million), and total equity rose to N2.86 trillion ($2.1 billion), reflecting retained earnings growth and steady operating cash flow. Total assets remained just above N6 trillion ($4.38 billion), underscoring the company’s scale in Nigeria’s industrial sector. The combination of stronger earnings and renewed listing plans has kept Dangote Cement in focus as investors assess its next phase of growth and global expansion.