Dangote Cement Lists N119.87bn Commercial Paper on NGX

By Aduragbemi Omiyale

The Series 1 and Series 2 Commercial Papers of Dangote Cement Plc have been listed on the Nigerian Exchange (NGX) Limited.

The cement firm raised N119.87 billion from investors when it sold the debt instrument to them as part of its efforts to source funds for its working capital. It was issued under the N500 billion CP issuance programme.

The N119.87 billion CP is the first listing the NGX is recording, as most of this asset class is taken to the FMDQ Securities Exchange for listing.

The two series were admitted to trading on NGX on Wednesday, February 18, 2026, following the exchange’s introduction of the Commercial Paper listing framework last year.

The listing represents a strategic expansion of NGX’s product offerings, deepening Custom Street’s fixed income market and providing issuers with enhanced visibility, liquidity, and transparency for short-term funding instruments.

By admitting Commercial Papers to its platform, NGX is strengthening the efficiency of price discovery while broadening investment options for institutional and qualified investors seeking diversified short-term instruments.

Also, the listing 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.

The Vice Chairman of Highcap Securities Limited, Mr 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 of these instruments highlight strong investor appetite for high-quality, short-tenor corporate debt, and provide a benchmark for future issuances,” he stated.

Dangote Cement’s N19.95 billion Series 1 Commercial Paper carries a tenor of 181 days and matures on May 20, 2026, while the N99.92 billion Series 2 issuance has a tenor of 265 days and will mature on August 12, 2026.

Both series were issued at a discount and will be redeemed at par value of N1,000 upon maturity. Series 1 and Series 2 Commercial Papers were offered implied yields of 17.50 per cent and 19.00 per cent, respectively.