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Capital Markets

Nigeria: Dangote gets green light for $14 billion listing

Listing to follow merger of Dangote subsidiaries; Dangote Group to own 95.9% of merged entity

A $14 billion listing is set to alter the structure of the Nigerian stock market. It will account for more than a third of the exchange’s total capitalization.

The listing will follow the merger of two subsidiaries of Lagos-based Dangote Group: Benue Cement Company (BCC) and Dangote Cement. In September Nigeria’s Securities and Exchange Commission and the quotation committee of the Nigerian Stock Exchange approved the merger and the subsequent listing of Dangote Cement.

Local firms Vetiva Capital Management and Afrinvest are advising Dangote Cement on the merger. Stanbic IBTC, part of the Standard Bank group, is advising BCC.

Share swap

On October 22 BCC will be suspended from the exchange. Its shareholders will be offered what is essentially a share swap, where for every two BCC shares they will likely receive one share in the enlarged Dangote Cement. The previously unlisted Dangote Cement will then begin trading on the exchange on November 5, valued at a local-currency equivalent of about $14 billion.

Dangote Group, whose president is Nigerian entrepreneur Aliko Dangote, already owns 75% of BCC and 100% of Dangote Cement (which is the bigger of the two firms). As a result, Dangote will own 95.9%

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