The Nigerian Exchange Limited (NGX) has admitted its first Commercial Paper (CP) listing, marking a new milestone in Nigeria’s debt capital market, with the listing of Dangote Cement Plc’s Series 1 and Series 2 notes valued at a combined ₦119.87 billion.
The papers were admitted to trading on 18 February 2026 under Dangote Cement’s ₦500 billion Commercial Paper Issuance Programme, following NGX’s introduction of a Commercial Paper listing framework in 2025.
Under the issuance, Dangote Cement raised ₦19.95 billion through its Series 1 Commercial Paper, which carries a 181-day tenor and matures on 20 May 2026.
The larger ₦99.92 billion Series 2 note has a 265-day tenor and will mature on 12 August 2026.
Both instruments were issued at a discount and will be redeemed at par, valued at ₦1,000, upon maturity.
The implied yields stood at 17.50 percent for Series 1 and 19.00 percent for Series 2.
David Adonri, the Vice Chairman of Highcap Securities Limited, said the listing signals increasing depth in Nigeria’s short-term debt market.
“Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market,” he said.
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 expands NGX’s fixed income product offerings, providing issuers with greater visibility and access to liquidity while improving transparency in the commercial paper market.
Traditionally traded over-the-counter, the admission of CPs to the Exchange platform is expected to enhance price discovery and secondary market activity.
Commercial Papers are unsecured short-term debt instruments used by corporates to finance working capital and other immediate funding needs.
With the Dangote Cement listing, NGX adds commercial paper to its existing equities and bond offerings, further expanding funding options available to Nigerian corporates.
