Africa's richest man plans to list one of his companies on the London Stock Exchange.

Written by Ziad Abdel Fattah:

Nigerian cement company Dangote Cement said it is considering a listing on the London Stock Exchange, a move that would broaden its access to foreign investors and capital, although it did not provide details on the terms or timing of the plan.

Dangote Cement is one of the companies of the Dangote Group (Dangote Group), owned by Nigerian businessman Aliko Dangote, a Nigerian billionaire and businessman, known for being the richest man in Africa for consecutive years, and serving as chairman and CEO of the group, which is one of the largest industrial conglomerates in the African continent.

Dangote is in the insertion exploration phase.

The cement manufacturer said in a statement that it is in the initial stages of exploring this listing, adding that any deal would depend on institutional and regulatory approvals, final terms and market conditions.

Company secretary Edward Imodema said there was no certainty about the completion of the proposed listing, or if it were to be completed, regarding its terms or timing.

Dangote Cement said the listing, if it goes ahead, would broaden its shareholder base and bolster its position as a pan-African company.

The company advised shareholders and the investing public to exercise caution in trading its securities until it provides further updates.

Dangote is about to launch a huge project in East Africa

Nigerian billionaire Aliko Dangote, Africa's richest man, sees Kenya as a likely locationFor the oil refineryIt has a capacity of 650,000 barrels per day, which it intends to build in East Africa, and is likely to be launched in Mombasa, Kenya, because Mombasa has a much larger and deeper port, in reference to the comparison with the Tanzanian port of Tanga.

This comes after Kenyan President William Ruto stated last month that East African nations are discussing plans to establish a joint oil refinery in Tanzania's Tanga port, modeled after Nigeria's Dangote refinery, which was recently inaugurated by a Nigerian businessman.

In the interview, Dangote compared Kenya’s Mombasa port to Tanzania’s Tanga port, saying, “Kenyans consume more, it’s a bigger economy.” He added, “It’s now up to President Ruto, I will do whatever he says.”.

The Financial Times report stated that Dangote estimated the cost of building the refinery would range between $15 billion and $17 billion.

East Africa currently imports all of its refined petroleum products, mainly from the Middle East, making the region vulnerable to supply disruptions and price hikes as a result of the US-Israeli war on Iran.