NGX Records First Commercial Paper Listing with Dangote Cement’s N119.87bn Issuance

The Nigerian Exchange Limited (NGX) on Wednesday recorded a milestone with its first-ever Commercial Paper (CP) listing.

This follows the admission of Dangote Cement Plc’s Series 1 and Series 2 CPs under the company’s N500 billion CP Issuance Programme.

The two tranches, with a combined value of N119.87 billion, were listed and admitted for trading on the Exchange on February 18, 2026.

The development comes about a year after NGX introduced its Commercial Paper listing framework, aimed at expanding activity in the short-term debt market.

A breakdown of the issuances shows that Dangote Cement’s Series 1 Commercial Paper, valued at N19.95 billion, carries a tenor of 181 days and is expected to mature on May 20, 2026.

The Series 2 issuance, worth N99.92 billion, has a longer tenor of 265 days and will mature on August 12, 2026.

Both papers were issued at a discount and will be redeemed at a par value of N1,000, offering implied yields of 17.50 per cent and 19.00 per cent, respectively.

Market analysts say the listing reflects growing confidence in Nigeria’s corporate debt space.

Speaking on the development, Vice Chairman of Highcap Securities Limited, David Adonri, described the transaction as an important step in the evolution of the country’s short-term debt market.

He noted that the pricing of the instruments points to strong investor appetite for high-quality corporate issuances and could serve as a benchmark for future commercial paper transactions.

The listing also signals a broader expansion of NGX’s product range, strengthening its fixed income market and offering issuers improved visibility and liquidity for short-term funding.

For investors, it widens the pool of options available for portfolio diversification, particularly among institutional and qualified participants.

Commercial papers are unsecured short-term debt instruments used by firms to finance working capital and other near-term obligations.

Bringing these instruments onto the Exchange adds a layer of transparency to a segment that has largely operated on an over-the-counter basis, while also supporting secondary market trading.

NGX says the admission of Dangote Cement’s Commercial Papers underscores continued engagement by major issuers and aligns with efforts to deepen Nigeria’s domestic debt capital market.

It further reinforces the Exchange’s focus on innovation and product diversification as it positions itself as a central hub for capital raising across equities, bonds, and short-term instruments.