African cement giant Dangote pauses plans for London IPO

A Nigerian cement giant owned by Africa s richest man has paused its plans for a London IPO after global stock markets plunged in value last week. In an update to the Nigerian Stock Exchange, Dangote Cement said it was not longer pursing a UK listing at this time , blaming the decision on current market conditions and the company s strategic priorities . The Lagos-listed manufacturing behemoth, which was founded by African mogul Aliko Dangote, had been lining up a $19bn (£14.2bn) London dual listing, in what would have been among the largest London Stock Exchange debuts in recent years. But a recent equity market sell-off focused on tech and emerging market stocks has forced Dangote to pause its plans in another blow to the London Stock Exchange. London IPO would have been boost to stock market The cement giant s debut would have been a major fillip to the bourse, which has struggled to attract fresh listings in recent years. Airtel Money became the only major debut o