NGX lists Dangote Cement Commercial Paper
Nigerian Exchange Ltd. (NGX) has recorded its first commercial paper listing with the admission of Dangote Cement Plc’s Series 1 and Series 2 commercial papers under its N500 billion Commercial Paper Issuance Programme.
This was contained in a statement issued by NGX on Wednesday in Lagos. The two series, with a combined value of N119.87 billion, were admitted for trading on NGX on Feb. 18, following the Exchange’s introduction of the commercial paper listing framework in 2025.
Dangote Cement’s N19.95 billion Series 1 commercial paper carries a tenor of 181 days and matures on May 20, while the N99.92 billion Series 2 issuance has a tenor of 265 days and will mature on Aug. 12.
Both series were issued at a discount and will be redeemed at a par value of N1,000 each upon maturity. Series 1 and Series 2 commercial papers were offered at implied yields of 17.50 per cent and 19 per cent, respectively.
The listing represents a strategic expansion of NGX’s product offerings, deepening the Exchange’s fixed income market and providing issuers with enhanced visibility, liquidity, and transparency for short-term funding instruments.
By admitting commercial paper to its platform, NGX is strengthening price discovery efficiency while broadening investment options for institutional and qualified investors seeking diversified short-term instruments.
Commercial paper is an unsecured short-term debt instrument issued by corporates to meet working capital and other short-term financing needs.
Its admission to trading on the Exchange introduces greater transparency to a market segment that has traditionally operated in the over-the-counter market, while improving secondary market tradability.
The listing of Dangote Cement’s commercial paper reflects continued issuer engagement with NGX’s platform and supports ongoing efforts to deepen Nigeria’s domestic debt capital market.
It also reinforces NGX’s commitment to innovation, product diversification, and the creation of a more robust, accessible, and globally competitive marketplace.
With this transaction, NGX continues to position itself as a comprehensive capital-raising and trading hub, supporting corporates across the funding spectrum, from equities and bonds to short-term commercial instruments.
The Vice Chairman of Highcap Securities Ltd., David Adonri, described the development as a sign of growing sophistication in Nigeria’s short-term debt market.
“Dangote Cement’s commercial paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market.
“The attractive yields highlight strong investor appetite for high-quality, short-tenor corporate debt and provide a benchmark for future issuances,” he said. #NGX lists Dangote Cement Commercial Paper#
