Nigerian company may be listed in Sept. 2019, billionaire says
Nigerian billionaire, Aliko Dangote, plans to sell shares of his Nigeria-based cement company in London around September next year and said his oil refinery in Lagos is on track to produce fuel in 2020.
The 61-year-old is waiting for Nigerian elections in early 2019 and for a sell-off in emerging markets to pass before starting an initial public offering of Dangote Cement Plc, he said in an interview at the New Economy Forum in Singapore. He didn’t give details on how much he wants to raise or what percentage of the company he will sell.
About 15 percent of its stock is already listed in Lagos, where it has a market value of 3.5 trillion naira ($9.6 billion).
Dangote is worth $11.1 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.