Aliko Dangote targets London IPO for Dangote Cement in late 2019

The billionaire entrepreneur is waiting for Nigerian elections to be concluded.

Africa’s richest man, Aliko Dangote (pictured), plans to sell shares of his Nigeria-based cement company, Dangote Cement, in London through an initial public offering (IPO) process in about September 2019, according to a Bloomberg report.

Dangote is waiting for Nigerian elections in early 2019 and for a sell-off in emerging markets to pass before starting an initial public offering (IPO) of Dangote Cement, according to the media report.

About 15 percent of Dangote Cement’s stock is already listed in Lagos, where it has a market value of about $9.6 billion (R135 billion). He didn’t give details on how many shares or a percentage of shares would be sold during the London IPO process.

Dangote is worth $11.1 billion (R156 billion), according to the Bloomberg Billionaires Index. As well as the refinery and cement, he’s investing billions of dollars in rice, sugar and dairy products and aims to buy oil and gas blocs in Nigeria’s Niger River delta.