Dangote Cement Lists First Commercial Paper on NGX

On February 18, 2026, Dangote Cement Plc made history by becoming the first company to list a Commercial Paper (CP) on the Nigerian Exchange (NGX), raising N119.87 billion through this issuance. The listing includes two series of CPs under a N500 billion commercial paper program, with Series 1 priced at a discount rate implying a yield of 17.50% and Series 2 at 19.00%.

This initiative signals a major expansion of NGX's product suite, allowing for the formal trading of short-term corporate debt instruments. The introduction of CPs aligns with NGX's strategy to diversify market offerings and enhance liquidity compared to traditional private placements.

The listing is expected to bridge the gap in the money market and provide a flexible funding option for companies, particularly in the manufacturing sector, amid high borrowing costs from commercial banks. This development is seen as a game changer for the Nigerian capital market, marking a structural shift in short-term corporate debt integration.