NGX Records First Commercial Paper Listing With Dangote Cement’s N119.87bn Deal

The Nigerian Exchange Limited (NGX) has recorded its first commercial paper listing with Dangote Cement Plc’s N119.87 billion issuance, signalling growing sophistication in Nigeria’s short-term debt market.

The commercial paper, which is series 1 and series 2 under its N500 billion issuance programme, with a combined value of N119.87 billion, was admitted to trading on NGX yesterday, following the Exchange’s introduction of the Commercial Paper listing framework last year.

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 12 August 2026. Both series were issued at a discount and will be redeemed at par value, N1,000 upon maturity. Series 1 and Series 2 Commercial Papers was offered implied yields of 17.50 per cent and 19.00 per cent, respectively.

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.

It will be recalled that in December 2025, NGX introduced Commercial Paper (CP) listings, following approval from the Securities and Exchange Commission (SEC).

Speaking on the launch, Group Managing Director and CEO of NGX Group, Temi Popoola, commended the Securities and Exchange Commission for its commitment to enabling market advancement and fostering healthy competition across the ecosystem.

He stated, “The introduction of Commercial Paper listings is a pivotal step in our strategy to position NGX as a comprehensive capital-markets infrastructure that accelerates capital formation across Africa.”

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 enhancing price discovery efficiency while broadening investment options for institutional and qualified investors seeking diversified short-term instruments.

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.