A prominent African business leader discusses succession planning with his daughters.
Aliko Dangote has suspended plans to secure a secondary listing for Dangote Cement on the London Stock Exchange, citing unfavorable market conditions. In a statement to the Nigerian Stock Exchange, the company said its board had decided against proceeding with the proposed listing for now. Dangote had announced the plan in May, seeking to make more than 10% of the company’s shares available to international investors. The company is currently valued at $18.4 billion. The proposed listing was intended to improve share liquidity rather than raise fresh capital. A person familiar with the decision attributed the suspension to volatility in equity markets following recent turmoil surrounding artificial intelligence stocks. The development represents another setback for London’s efforts to attract major international listings.