Deals
Africa’s Richest Man to Revive Dangote Cement London IPO
- Continent’s largest cement maker is seeking about $1 billion
- Move comes as Nigerian stocks soar with rising oil price
Dangote Cement Plc trucks in Lagos, Nigeria.
Photographer: George Osodi/Bloomberg
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Dangote Cement Plc, owned by Africa’s richest man, has revived plans for a share sale in London that could raise about $1 billion, according to people familiar with the matter.
The Nigerian company, controlled by Aliko Dangote, has approached investment bankers to discuss a potential U.K. listing, said the people, who asked not to be named as the talks aren’t public. Once banks have been appointed, it will probably take at least five months to complete the process, one of the people said. The cement maker is also considering issuing a debut Eurobond, according to two different people familiar with the matter.