The President of Dangote Group, one of the continent’s largest conglomerates, stated this  in an interview with Bloomberg TV.  He did not, however, disclose which of his companies he will use for the proposed listing.

“I think we’ll list in London,” Dangote said in the interview monitored in Lagos. “You know, what we are trying to do between now and maybe the next six to nine or ten months is trying to address all the governance issues,” he added.  Setting a time frame for the London listing, the Nigerian super investor said: “I think we’ll be ready to list  sometimes towards the end of 2016 at the latest, which means anytime from the beginning of 2016 to the end of 2016.”

 

It will be recalled that at least one of the businesses in the Dangote chain had earlier been scheduled to join the league of equity stocks on the foreign bourse in 2013 but the plan did not carry through then.

At that time, the specific company in focus was Dangote Cement Plc and several market watchers believe it is still the company in focus.

The Chairman of Dangote Group was quoted then as saying that he intended to float a 20 per cent stake in Dangote Cement to finance its rapid expansion.

The reports on the transaction had also stated that Morgan Stanley and JPMorgan had been appointed as co-leads for the London share issue, adding that the company was on track to meeting the corporate governance requirements for a premium listing, and that the multi-billionaire investor would give up his current role as chairman.

In October 2010, the company listed 100 million shares on the Nigerian Stock Exchange (NSE), following a merger with local rival Benue Cement, which increased the value of the firm to $14bn, making it the largest company by market capitalisation in Nigeria.

The listing, which was on a special offer, followed the approval of the merger between Dangote Cement Plc (DCP) and Benue Cement Company (BCC), whereby shareholders of BCC received one of DCP’s shares in exchange for two of BCC’s shares.

After the listing, the enlarged Dangote Cement’s shares constituted over 25 per cent of the entire market capitalisation of the NSE.

The listing, had lifted the NSE’s market capitalisation by about N2.1 trillion.

In a related development, the Chairman of the Dangote Group, also announced plans to invest about N500 billion, an equivalent of $2.5 billion in the construction of two sub-sea 550-kilometer gas pipelines in Nigeria. The project, according to agency reports, will boost Nigeria’s gas output by three trillion cubic feet per day.

Dangote disclosed that the laying of the pipes is expected to begin before the end of the year, adding that the first pipeline should be ready by the middle of 2017.

According to him, the gas pipeline project which will run from the oil producing regions of the Niger Delta to Lagos State, is expected to be co-financed by the International Finance Corporation, IFC, and global private equity firms — Carlyle Group LP and Blackstone Group LP.

Dangote stated that the pipeline project will increase the amount of gas available in Nigeria to four billion standard cubic feet per day from one billion cubic feet.