- Nigerian Exchange Limited has recorded itsfirst-ever Commercial Paper listing, admittingDangote Cement Plc’s Series 1 and Series 2 CPs valued at ₦119.87 billion under the company’s ₦500 billion CP Issuance Programme—marking a major milestone following NGX’s rollout of its CP listing framework in 2025.
- The listed instruments—₦19.95 billion Series 1 (181 days, 17.50% implied yield) and ₦99.92 billion Series 2 (265 days, 19.00% implied yield)—enhance market transparency, liquidity, and visibility for short-term corporate funding, shifting Nigeria’s CP market from a largely OTC environment into an exchange-traded ecosystem.
- Market stakeholders, including Highcap Securities Vice Chairman David Adonri, hailed the listing as evidence of deepening sophistication in Nigeria’s short-term debt market, reinforcing NGX’s commitment to innovation, product expansion, and its evolution into a comprehensive hub for corporate capitalraising across equities, bonds, and moneymarket instruments.
Nigerian Exchange Limited (NGX) has recorded its first Commercial Paper (CP) listing with the admission of Dangote Cement Plc’s Series 1 and Series 2 Commercial Papers under its ₦500 billion Commercial Paper Issuance Programme.
The two series, with a combined value of ₦119.87 billion, were admitted to trading on NGX on 18 February 2026, following the Exchange’s introduction of the Commercial Paper listing framework last year.
Dangote Cement’s ₦19.95 billion Series 1 Commercial Paper carries a tenor of 181 days and matures on 20 May 2026, while the ₦99.92 billion Series 2 issuance has a tenor of 265 days and will mature on 12 August 2026.
Both series were issued at a discount and will be redeemed at the par value of ₦1,000 upon maturity. Series 1 and Series 2 Commercial Papers were offered implied yields of 17.50% and 19.00%, respectively.
The Vice Chairman of Highcap Securities Limited, David Adonri, described the development as a sign of growing sophistication in Nigeria’s short-term debt market, noting, “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.”
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 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.
Commercial Papers are unsecured short-term debt instruments issued by corporates to meet working capital and other short-term financing needs. Their admission to trading on the Exchange introduces greater transparency to a market segment that has traditionally operated over-the-counter, while improving secondary market tradability.
The listing of Dangote Cement’s CP 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.
