The Dangote Cement Company has delayed it’s listing on the London Stock Exchange, again. The company announced that it will rather focus on selling it’s product to Central and other West African nations. And boost it’s foreign reserve and that of Nigeria in the process.
The firms head of investor relations, Temilade Aduroja disclosed their new path in Lagos this week. And, also projects that the continent’s biggest producer of the building material, could follow this path till 2023 at the least.
Nigeria’s Aliko Dangote is Africa’s richest man.The 63-year-old entrepreneur has a net worth of more than $14 billion, has long expressed his ambition for Dangote Cement to have a secondary London listing to diversify its ownership and have access to funds from international markets.
Yet, for one reason or another he’s never managed to make it happen.
Dangote had made an initial attempt in 2018 with a proposed list by 2019 but that was changed by former Chief Financial Officer, Brian Egan to 2020.
Nigeria’s biggest listed company by market value, Dangote Cement took advantage of a drop in yields in the domestic debt markets to raise 100 billion naira ($259 million) through commercial papers in May and April, the largest offering of its kind at the time.
The group adds that in July it’s looking to export clinker to 15 countries in Central and West Africa in a bid to boost revenue and resolve a scarcity of foreign exchange scarcity in Nigeria.
Clinker is a nodular material used as the binder in cement products.