Aliko Dangote visited the London Stock Exchange on Friday, October 23, 2026, as Dangote Cement Plc prepares a proposed $1 billion share sale and a secondary listing in the United Kingdom.

The company is reportedly targeting November 2026 for the listing, subject to market conditions and regulatory approval.

A video circulating on social media captured the visit, with exchange officials and attendees welcoming Africa’s richest man.

The trip is part of efforts to pull international investment into his business empire.

The proposed deal could see Dangote Cement offer about 10% of its equity to international investors, potentially raising roughly $1 billion.

The final timetable is not fixed and remains subject to market conditions and regulatory requirements.

Unlike an initial public offering, a secondary listing would let Dangote Cement, already listed on the Nigerian Exchange, set up an additional presence in London.

That could raise the company’s visibility with international institutional investors, including pension funds, asset managers and other investment firms.

The share sale has not been completed. Its final structure, valuation and pricing are still subject to confirmation.

The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria.

The regulator also approved Adedapo Adedayo Olagunju as Managing Director of the proposed JPMorgan Merchant Bank Nigeria Limited.

The approval came on Friday, October 23, 2026. The bank has not received its final operating licence.

Olagunju has led JPMorgan’s West African operations since 2018.

He is an Oxford-trained banker with more than two decades of experience in treasury management, financial markets, institutional banking and structured finance.

His appointment puts him in line to head the American bank’s proposed Nigerian merchant bank once final licensing is completed.

The CBN also approved four non-executive directors and three independent non-executive directors for the proposed institution.

The proposed bank would expand JPMorgan’s presence beyond its representative office in Lagos. It could undertake a broader range of regulated banking activities after securing a final licence.

Timeline: 1989-2015

This week, we commenced a focus on the history of the Nigerian currency -the Naira, and why it rises and crashes. Continue reading:

5. 1989–1992: Exchange-Rate Liberalisation
6. The government continued experimenting with foreign-exchange arrangements.
7. In 1989, bureaux de change were introduced to expand access to foreign currency.
8. On March 5, 1992, Nigeria unified the official exchange rate with the parallel-market rate, moving the official rate from approximately ₦10.56 to ₦18 per dollar.
9. The authorities subsequently moved towards a more fully market-determined exchange rate.
10. These changes represented attempts to establish a more realistic exchange rate and narrow the gap between official and parallel-market prices.
11. 1993–1995: Exchange-Rate Revaluation and Policy Reversals
12. This period illustrates why an official strengthening of the naira does not necessarily mean the currency has recovered its underlying economic strength.
13. In 1993, the government returned to a more controlled exchange-rate system.
14. An IMF account records that the official rate was pegged at approximately ₦24.90 per dollar before being adjusted to around ₦22 per dollar.
15. The naira was subsequently maintained at approximately ₦21.90 per dollar under the administered system.
16. Although these changes strengthened the official rate relative to the immediately preceding auction rate, access to foreign currency remained constrained and exchange-rate distortions persisted.
17. In 1994, the government further tightened control over foreign exchange and fixed the rate at approximately ₦22 per dollar.
18. In 1995, the authorities introduced the Autonomous Foreign Exchange Market (AFEM), returning to a system in which market forces played a greater role in determining the exchange rate.
19. Important distinction: An official revaluation can strengthen a published exchange rate without guaranteeing that individuals and businesses can obtain foreign currency at that rate.
20. 
    1999–2009: Continued Depreciation, With a Temporary Recovery
21. 
    Nigeria returned to civilian rule in 1999, but the naira continued to face pressure.
22. 
    According to the CBN’s historical exchange-rate data, the average official exchange rate moved approximately as follows:

Chart: Naira To Dollar Exchange Rate 1999-2009

The naira experienced sustained depreciation during much of this period, although there were episodes of relative stability.

Nigeria’s dependence on crude oil, foreign-exchange demand and the management of external reserves remained important influences on the currency.

A distinction must be made between a temporary appreciation in the exchange rate and a sustained recovery in the currency’s purchasing power.