Dangote Cement makes history as NGX lists first-ever Commercial Paper
The Nigerian Exchange Limited (NGX) has achieved a major milestone in the evolution of the country’s capital market with the debut listing of Dangote Cement Plc’s Series 1 and Series 2 Commercial Papers (CP).
The landmark transaction, valued at a combined N119.87 billion, marks the first time Commercial Papers have been admitted to trading on the NGX following the introduction of its new listing framework last year.
The listing falls under Dangote Cement’s massive N500 billion Commercial Paper Issuance Programme.
Admitted to the exchange on February 18, 2026, the two series offer investors varied tenors and competitive yields.
Both series were issued at a discount and are set to be redeemed at a par value of N1,000 upon maturity.
A new era for Nigeria’s debt market
Market analysts view this move as a significant shift for Nigeria’s short-term debt landscape. Historically, Commercial Papers—unsecured short-term instruments used by corporates for working capital—have traded primarily over-the-counter (OTC).
By bringing these instruments onto the floor of the Exchange, the NGX is providing a higher level of transparency, liquidity, and price discovery for institutional investors.
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David Adonri, Vice Chairman of Highcap Securities Limited, noted that the listing signals a growing sophistication in the local 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,” Adonri stated.
Why this matters for investors
For the NGX, this isn’t just a single transaction; it is a strategic expansion. By diversifying its product offerings beyond equities and long-term bonds, the Exchange is positioning itself as a “one-stop shop” for capital raising.
For Nigerian investors, the listing offers real-time tracking of short-term debt instruments, easier entry and exit for those holding corporate debt, and new low-risk, high-yield options for portfolios.
As Dangote Cement continues to lead the way in corporate financing, this historic listing is expected to encourage other blue-chip companies to migrate their short-term funding instruments to the Exchange.
