The Nigerian Exchange Limited (NGX) has recorded its first commercial paper listing this year with the listing of Dangote Cement Plc’s Series 1 and Series 2 commercial papers under its N500 billion Commercial Paper Issuance Programme.
A statement issued by NGX on Wednesday in Lagos on the listing of the company’s two series, with a combined value of N119.87 billion, indicated that both were admitted for trading on the local bourse the same day following the Exchange’s introduction of the commercial paper listing framework in 2025.
According to the NGX, Dangote Cement’s N19.95 billion Series 1 commercial paper carries a tenor of 181 days and matures on May 20, while the N99.92 billion Series 2 issuance has a tenor of 265 days and will mature on Aug. 12.
The information from the capital market regulatory institutions reflected that the two series of the commercial paper were issued at a discount and will be redeemed at a par value of N1,000 each upon maturity. Series 1 and Series 2 commercial papers were offered at implied yields of 17.50 per cent and 19 per cent, respectively.
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Investment experts believe that the listing of the CPs represents a strategic step taken by the NGX to expand product offerings, deepening its fixed income market and providing issuers with enhanced visibility, liquidity, and transparency for short-term funding instruments.
According to them, by admitting commercial paper trading on its platform, the Exchange is not ony strengthening price discovery efficiency but also opening investment options to institutional and individual investors seeking diversified short-term instruments.
The listing of Dangote Cement’s commercial paper reflects continued issuer engagement with NGX’s platform, align with current drive by the investment authorities to deepen Nigeria’s domestic debt capital market, and reinforces NGX’s commitment to innovation, product diversification, and creation of a more robust, accessible, and globally competitive marketplace.
