The Nigerian Exchange Limited (NGX) has recorded its first-ever Commercial Paper (CP) listing, admitting Dangote Cement Plc’s N119.87 billion issuance to its platform on Wednesday, February 18, 2026.
The development was announced by the Exchange, marking the first time in its history that a commercial paper instrument has been formally listed and admitted for trading.
The transaction, which covers Series 1 and Series 2 CPs under Dangote Cement’s N500 billion Commercial Paper Programme, signals a major expansion of NGX’s product suite into exchange-listed short-term corporate debt and introduces a new funding channel for issuers and investors alike.
What the issuance data is saying
Dangote Cement’s issuance spans two series with distinct tenors and pricing, setting a benchmark for short-term corporate funding on the Exchange.
The instruments were issued at discount rates with implied yields reflecting current market conditions and institutional risk appetite.
- The N19.95 billion Series 1 CP has a tenor of 181 days and will mature on May 20, 2026.
- The N99.92 billion Series 2 CP carries a 265-day tenor and is scheduled to mature on August 12, 2026.
The yields of 17.50% for Series 1 and 19.00% for Series 2 reflect duration sensitivity, with investors demanding higher returns for longer exposure even within sub-one-year maturities.
More insights
Mr. David Adonri, a senior dealing member of the Exchange, confirmed Dangote Cement CP listing as NGX’s first CP listing. He noted that the introduction of exchange-listed CPs aligned with the agenda of market regulators, which they conveyed at the beginning of this year.
- According to the Highcap Securities CEO, “the key objective is to ease capital formation for corporates and improve price discovery to enhance secondary market tradability for instruments.”
- “The CP listing framework supports market liquidity and makes risk pricing more transparent,” he added.
- “Pension funds, asset managers, and treasury investors now have additional asset class, short-term instrument, to trade on,” Adonri confirmed.
For issuers, exchange listing platform provides pricing efficiency and enhanced market visibility compared to traditional private placements.
The NGX said the development aligns with its broader strategy of product diversification and market deepening, effectively bridging the gap between money market instruments and exchange-traded securities.
What you should know
The admission of Dangote Cement’s CP marks the first exchange-listed Commercial Paper on NGX, representing a structural shift in how short-term corporate debt is integrated into Nigeria’s capital markets.
- The listing is in line with the 2026 market deepening agenda of the Securities and Exchange Commission, which prioritises product innovation and expansion of Nigeria’s capital market offerings to boost the growth strategy of the Federal Government.
- It introduces a more transparent and tradable framework for short-term corporate funding instruments.
- The move strengthens NGX’s positioning as a comprehensive capital-raising hub spanning equities and debt instruments.
The Dangote Group have always relied on the domestic capital markets for much of its funding needs, particularly the local currency denominated funding.
In an economy where the cost of borrowing from commercial banks is too high, exchange-listed CPs could become a game changer for companies, especially manufacturers in need of long-term credit with more convenient repayment flexibility. This could also become a defining feature of Nigeria’s next capital market expansion cycle.
