Singapore/London/Lagos — Africa’s richest man, Aliko Dangote, plans to sell shares of his Nigeria-based cement company in London in about September 2019, and says his oil refinery in Lagos is on track to produce fuel in 2020. He is waiting for Nigerian elections in early 2019 and for a sell-off in emerging markets to pass before starting an initial public offering (IPO) of Dangote Cement, he said in an interview at the New Economy Forum in Singapore. He didn’t give details on how much he wanted to raise or what percentage of the company he would sell. About 15% of its stock is already listed in Lagos, where it has a market value of 3.5-trillion naira ($9.6bn). Dangote Cement is in talks about a potential acquisition of a company with operations in Kenya and Tanzania, he said in a separate interview with Bloomberg TV without saying the name of the firm. Up and running The oil refinery, designed to process 650,000 barrels a day of crude oil , should start producing fuel in the first q...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now