Lagos, Nigeria – Nigerian Exchange Limited has recorded its first Commercial Paper listing, admitting Dangote Cement Plc’s Series 1 and Series 2 papers valued at N119.87 billion under the company’s N500 billion Commercial Paper Issuance Programme.
Okay News reports that the two series were admitted to trading on NGX on February 18, 2026, following the Exchange’s introduction of the Commercial Paper listing framework last year. The N19.95 billion Series 1 carries a tenor of 181 days with an implied yield of 17.50 percent and matures on May 20, 2026. The N99.92 billion Series 2 has a tenor of 265 days with an implied yield of 19.00 percent and matures on August 12, 2026. Both series were issued at a discount and will be redeemed at the par value of N1,000 upon maturity.
David Adonri, Vice Chairman of Highcap Securities Limited, described the development as a sign of growing sophistication in Nigeria’s short-term debt market. He noted that the attractive yields highlight strong investor appetite for high-quality, short-tenor corporate debt and provide a benchmark for future issuances. Commercial Papers are unsecured short-term debt instruments issued by corporates to meet working capital and other short-term financing needs.
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. By admitting Commercial Papers to its platform, NGX is strengthening price discovery while broadening investment options for institutional and qualified investors seeking diversified short-term instruments. The admission 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 Commercial Paper 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.
