By Juliet Ezeh
Dangote Cement Plc has made a landmark debut on the Nigerian Exchange Limited (NGX) with the listing of its Series 1 and Series 2 Commercial Papers, totaling N119.87 billion under its N500 billion Commercial Paper Issuance Programme.
The NGX, which introduced the Commercial Paper listing framework last year, confirmed in a statement on Wednesday that the two series have officially joined trading on the local bourse.
Series 1, valued at N19.95 billion, carries a tenor of 181 days and will mature on 20 May 2026. Series 2, the larger issuance at N99.92 billion, has a tenor of 265 days and is set to mature on 12 August 2026. Both series were issued at a discount and are redeemable at the par value of N1,000 upon maturity, offering implied yields of 17.50 percent for Series 1 and 19.00 percent for Series 2.
David Adonri, Vice Chairman of Highcap Securities Limited, hailed the listing as a sign of increasing sophistication in Nigeria’s short-term debt market. He said, “Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market. The attractive yields of these instruments demonstrate strong investor appetite for high-quality, short-tenor corporate debt and provide a benchmark for future issuances.”
The NGX noted that the introduction of Commercial Papers strengthens the exchange’s fixed income market, providing issuers with enhanced visibility, liquidity, and transparency. “By admitting Commercial Papers to its platform, NGX is improving the efficiency of price discovery while broadening investment options for institutional and qualified investors seeking diversified short-term instruments,” the bourse said.
Commercial Papers are unsecured short-term debt instruments that companies issue to meet working capital and other immediate financing needs. Their listing on NGX introduces greater transparency to a market segment that has traditionally operated over-the-counter, while also enhancing secondary market tradability.
This development marks a strategic expansion of NGX’s product offerings and is expected to deepen Nigeria’s fixed income market, encouraging more corporate participation and investor engagement in short-term financing instruments.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.