Emmanuel Ikazoboh, chairman of Dangote Cement and a key figure in Africa’s business landscape, confirmed plans last week for a secondary listing of Dangote Cement on the London Stock Exchange (LSE). The announcement came during a gathering at the Jumeirah Carlton Tower in London’s Sloane Square, where Ikazoboh emphasized the significance of this move as a milestone for African capital entering the global markets.

Dangote Cement, part of the consortium owned by Africa’s richest man, Aliko Dangote, has grown substantially since its inception at a single plant in Obajana, Nigeria, two decades ago. The company now boasts 55 million tonnes of production capacity, operations across 11 countries, and employs over 20,000 people directly, with many more involved throughout its supply chain. Ikazoboh highlighted the company's role in fostering African self-sufficiency in cement production and expressed optimism that the London listing would unlock further growth by providing access to long-term capital and aligning with global governance and regulatory standards.

This development was followed closely by news two days later that Airtel Money, the financial technology arm of Airtel Africa, is preparing to pursue a £6 billion listing on the London Stock Exchange. Airtel Africa is the continent’s second-largest telecommunications provider, serving 129 million subscribers. Airtel Money offers mobile payments and banking services, often referred to as digital wallets, enabling users to transfer money conveniently, particularly in regions with limited access to traditional banking infrastructure. Approximately half of its customers use basic mobile phones operating through USSD codes, while the rest utilize smartphone applications.

Airtel Money is currently structured as a subsidiary of Airtel Africa, itself a FTSE 100-listed company. Although the fintech business is legally registered in the Netherlands and based in Dubai, the decision to list in London underscores the city’s appeal as a hub for emerging markets, fintech, and technology enterprises. Ian Ferrao, CEO of Airtel Money, who has personal ties to East London, described London as offering “deep capital” and a strong investor understanding of Africa and financial technology, making the location a natural choice despite other potential options such as Amsterdam.

Both announcements come at a critical moment for the London Stock Exchange, which has faced challenges in attracting new listings amid corporate takeovers and a contraction in homegrown public offerings. The prospect of these prominent African companies choosing London signals renewed interest in the exchange’s potential to serve as a global conduit for capital flowing into and out of Africa.

However, investor reactions remain cautious. Stephen Yui, chief investment officer at the WS Blue Whale Growth Fund, welcomed the entries but cautioned against seeing them as a sign of a broader revitalization of the UK equity market. Nonetheless, the entries of Dangote Cement and Airtel Money may encourage other African firms to consider London as a viable platform to access international investors and expand their global footprint.