Nigerian Exchange Limited has listed its first Commercial Papers by admitting Dangote Cement Plc’s Series 1 and Series 2 issuances under its N500bn Commercial Paper Issuance Programme.
In a statement on Wednesday, the Exchange said the two series, with a combined value of N119.87bn, were admitted to trading following the introduction of its Commercial Paper listing framework last year.
Dangote Cement’s N19.95bn Series 1 Commercial Paper has a tenor of 181 days and will mature on May 20, 2026. The N99.92bn Series 2 issuance carries a tenor of 265 days and is scheduled to mature on August 12, 2026.
Both series were issued at a discount and will be redeemed at a par value of N1,000 upon maturity. The instruments offered implied yields of 17.50 per cent for Series 1 and 19.00 per cent for Series 2.
The Vice Chairman of Highcap Securities Limited, David Adonri, described the listing as a milestone for Nigeria’s short-term debt market.
“Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market. The attractive yields highlight strong investor appetite for high-quality, short-tenor corporate debt and provide a benchmark for future issuances,” he said.
The NGX noted that the admission of Commercial Papers represents a strategic expansion of its product offerings, aimed at deepening the fixed income market and enhancing transparency.
“By admitting Commercial Papers to its platform, NGX is strengthening the efficiency of price discovery while broadening investment options for institutional and qualified investors seeking diversified short-term instruments,” the Exchange stated.
Commercial Papers are unsecured short-term debt instruments issued by corporates to finance working capital and other immediate funding needs.
Their listing on the NGX introduces greater transparency to a segment traditionally traded over-the-counter, while improving liquidity and secondary market tradability.
