NGX Lists Dangote Cement’s N119.87bn Commercial Paper Issuance

Nigerian Exchange Limited (NGX) has recorded its first-ever Commercial Paper (CP) listing with the admission of Dangote Cement Plc’s Series 1 and Series 2 Commercial Papers valued at a combined N119.87bn, marking a significant milestone in the evolution of Nigeria’s short-term debt market.

The two series were admitted to trading on February 18, 2026, under Dangote Cement’s N500bn Commercial Paper Issuance Programme, following the Exchange’s introduction of a Commercial Paper listing framework last year.

The development signals NGX’s strategic push to broaden its fixed income product offerings and enhance transparency within the domestic debt capital market.

Details of the issuance show that the N19.95bn Series 1 Commercial Paper carries a tenor of 181 days and will mature on May 20, 2026, while the N99.92bn Series 2 issuance has a tenor of 265 days, maturing on August 12, 2026. Both instruments were issued at a discount and will be redeemed at par value of N1,000 at maturity.

The Series 1 and Series 2 papers were offered at implied yields of 17.50 per cent and 19.00 percent, respectively, reflecting strong investor appetite for high-quality, short-tenor corporate debt instruments amid prevailing market conditions.

Market analysts say the successful listing underscores growing sophistication and depth in Nigeria’s short-term funding market. Vice Chairman of Highcap Securities Limited, David Adonri, described the development as a positive signal for the capital market.

According to him, Dangote Cement’s CP listing on NGX highlights robust demand for credible corporate issuances and establishes a pricing benchmark for future commercial paper transactions. He noted that the attractive yields further demonstrate investor confidence in established corporates seeking short-term funding through transparent market platforms.

Commercial Papers are unsecured short-term debt instruments issued by companies to finance working capital requirements and other immediate funding needs. Traditionally traded over-the-counter, their admission to the NGX platform introduces greater transparency, improved price discovery, and enhanced secondary market tradability.

For NGX, the transaction represents a strategic expansion of its fixed income ecosystem, providing issuers with increased visibility and liquidity while broadening investment options for institutional and qualified investors seeking diversified short-term instruments.

The listing also reflects sustained issuer engagement with the Exchange and aligns with ongoing efforts to deepen Nigeria’s domestic debt capital market. By incorporating commercial papers into its trading framework, NGX aims to create a more robust, accessible, and globally competitive marketplace capable of supporting corporates across the funding spectrum, from equities and bonds to short-term debt instruments.

With this milestone transaction, NGX further positions itself as a comprehensive capital-raising and trading hub, reinforcing its commitment to innovation, market development, and enhanced investor participation in Nigeria’s financial markets.