By Eric Osiakwan
Africa's richest man Aliko Dangote is planning a London listing of his cement business this year(1)After announcing the multi-exchange African listing of its refinery.(2) Dangote Cement which is already listed on the Nigerian Exchange (NGX) with a market capitalization of about $13 billion will seek a secondary listing on the London Stock Exchange (LSE).
Under this step, about 10 percent shares of the company will be sold to external investors. Dangote Cement operates in 11 African countries and has an installed capacity of over 55 million tonnes per annum. The company reported a net profit of about $732m in 2025 on revenues of about $3.12bn. “We want to do a dual listing. We have been thinking about it for seven to 10 years,” Dangote said.
This dual listing highlights the potential of both African and international markets in a way that generates hard currency returns for both local and international investors – creating distributed wealth both inside and outside the continent.
While Dangote's multi-exchange African listing of its refinery deepens integration and wealth creation on the continent. Dual listing of the cement business on NSE and LSE will also enable the African diaspora to benefit from the opportunities available in this business.
This can serve as a bridge to their participation in the local economy even while living abroad. Mondi PLC, Guaranty Trust Holding Company, Seplet Energy PLC, Kavango Resources PLC are some of the existing dual listed companies on exchanges inside and outside the continent.
Airtel Africa PLC, a group of fourteen telecommunications businesses in different countries on the continent, is dual listed on both the LSE and NGX. India's Bharti Airtel is the majority shareholder of Airtel Africa PLC. Bharti Airtel has recently announced plans to increase its ownership stake in Airtel Africa to 90% through a proposed $2.9 billion share swap, strengthening its long-term commitment to the African markets.
Founder Sunil Bharti Mittal described Africa as a key growth frontier and called the company's expansion into the continent a “once-in-a-lifetime opportunity.”(3) The move comes ahead of the much-anticipated $2 billion initial public offering (IPO) for Airtel Africa's mobile money division, Airtel Money, which values the unit at about $10 billion.(4)
As mobile money transactions in the region are set to reach $1.4 trillion in 2025, the group is positioning itself to take advantage of the continent's fintech boom. Despite the IPO timeline being delayed due to geopolitical tensions, the group's adjusted EBITDA increased by 37% to $3.2 billion underscoring the strong earnings visibility driving this multi-billion dollar investment.
It is also worth noting that Airtel Africa PLC already has a significant presence in African stock markets through some of its locally listed subsidiaries; In addition to Airtel Malawi PLC on the Malawi Stock Exchange, Etel Uganda PLC on the Uganda Securities Exchange, Airtel Networks Zambia PLC on the Lusaka Stock Exchange, Airtel Africa PLC, the holding company is listed on the NGX (and LSE).
These local listings have generated wealth with local participation, while their international listings on the LSE have generated wealth primarily in the international market. The listing of a mobile money unit on the LSE would create more distributed wealth in the international market at the expense of the local markets where the value was created, highlighting the need for a local listing of the unit to be part of the scheme.
Especially since some of the local subsidiaries where mobile money activities take place are already listed locally. Some analysts argue that, international listings could attract more investment to the continent in the medium to long term as assets appreciate.
There is a wave of IPOs coming on both international and local exchanges which will create liquidity in the market to promote reinvestment. Ope Digital Services, Nigeria's leading payments and financial services platform, is planning an initial public offering (IPO) in the United States, aiming for a valuation of approx $4 billion. If successful, the IPO will rank as the largest overseas listing by an African technology company and mark a defining moment for Nigeria’s fast-growing fintech ecosystem.(5)
Awash Bank, Ethiopia's largest privately owned bank, has made its debut on the Ethiopian Securities Exchange (ESX), marking a significant milestone for the country's still nascent capital market. The listing brings to four the total number of companies traded on the exchange since its launch in January 2025.
The bank offered approximately 38 million shares under the ticket AWAB, without issuing new stock or raising French capital. Listing by introduction allows existing shareholders to trade their stake freely through licensed brokers.(6)
In Ghana, Kasapreco Plc, a local beverage household name, is set to debut on the Ghana Stock Exchange (GSE) on June 17 under the ticker KPLC, with the aim of raising $64 million with all proceeds to be used for the construction of a brand new PPreduction facility in Addiso dedicated to bottled water and carbonated soft drinks. It will be the second listing on the GSE in 2026, following the Zain Petroleum listing in April 2026, sending the overall index up 79% in 2025.(7)
Bridge Bank Group Côte d'Ivoire is preparing to go public on the BRVM, the regional stock exchange serving the eight UEMOA member states, with the goal of raising $120 million. The deal involves the sale of a 20% stake at the indicative price of 6750 FCFA per share, with the listing expected to take place on August 31, but is subject to approval from the UEMOA region's financial markets regulator – CREPMF.(8)
And last but not least, French pay-TV giant Canal+ will make history on June 3 by becoming the first French company to be listed on the Johannesburg Stock Exchange (JSE), a commitment the group made as part of its acquisition of South African operator, MultiChoice, which will be completed in the summer of 2025.
The JSE listing is structured as a secondary inward listing, with Canal+'s primary listing remaining in London (LSE:CAN), where the group goes public in late 2024. According to Canal+, this serves as a dual listing that will give South African investors the opportunity to invest directly in the group, while enhancing the long-term liquidity and tradability of its shares.(9)
The Airtel Africa Plc and Canal+ dual listings come to the same conclusion but from different angles – the former is a direct listing while the latter is through an acquisition. They create distributed assets in both local and international markets – a trend for the near future.
(1) https://dabafinance.com/en/news/dangote-cement-london-listing-september-2026
(2) https://www.ericosiakwan.com/2026/05/19/ipo-across-multiple-african-stock-markets-to-deepen-integration-and-drive-wealth-creation/
(3) https://nairametrics.com/2026/05/14/bharti-airtel-expands-africa-push-with-2-9-billion-stake-consolidation-plan/?mc_cid=2050cac96e&mc_eid=0af56d67ff
(4) https://africa.businessinsider.com/local/markets/airtel-africa-plans-dollar2b-airtel-money-ipo-as-fintech-growth-accelerates/qj3kn17
(5) https://www.itedgenews.africa/opay-targets-4bn-us-ipo-as-nigerian-fintech-giant-courts-wall-street-banks/
(6) https://www.african-markets.com/en/news/east-africa/ethiopia/awash-bank-lists-on-the-ethiopian-securities-exchange-esx-nine-total-listings-expected-by-july-2026
(7) https://www.african-markets.com/en/stock-markets/gse/kasapreko-plc-launches-ipo-on-the-ghana-stock-exchange-targeting-700-million-cedis
(8) https://www.african-markets.com/en/stock-markets/brvm/bridge-bank-to-list-on-the-brvm-targeting-120-million
(9) https://www.african-markets.com/en/stock-markets/jse/canal-to-list-on-johannesburg-stock-exchange-on-june-3
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