Nigerian Exchange Limited (NGX) has recorded its inaugural commercial paper listing following the admission of Dangote Cement Plc’s Series 1 and Series 2 issuances under its N500 billion Commercial Paper Issuance Programme.
The Exchange confirmed in a statement issued in Lagos that the two series, with a combined nominal value of N119.87 billion, were admitted for trading on February 18. The listing follows the introduction of NGX’s commercial paper framework in 2025, aimed at broadening fixed-income instruments available on the platform.
Dangote Cement’s Series 1 issuance amounts to N19.95 billion with a 181-day tenor, maturing on May 20. The Series 2 paper, valued at N99.92 billion, carries a 265-day tenor and is scheduled to mature on August 12.
Both instruments were issued at a discount and will be redeemed at par value of N1,000 per unit at maturity. The implied yields stand at 17.50 percent for Series 1 and 19 percent for Series 2.
The listing represents a strategic expansion of NGX’s product suite, strengthening the depth of Nigeria’s fixed-income market and enhancing transparency and liquidity for short-term corporate funding instruments.
By migrating commercial paper instruments from predominantly over-the-counter transactions onto the Exchange platform, NGX aims to improve price discovery and secondary market tradability.
Commercial paper serves as an unsecured short-term borrowing mechanism for corporates seeking to meet working capital and operational financing needs.
Market analysts view the listing as indicative of growing sophistication in Nigeria’s debt capital markets. David Adonri, Vice Chairman of Highcap Securities Ltd., described the transaction as reflective of heightened investor appetite for high-quality, short-duration corporate debt instruments.
He added that the yield levels observed in Dangote Cement’s issuance establish a benchmark for subsequent corporate short-term borrowings.
The development underscores NGX’s continued drive toward innovation, product diversification, and enhanced capital-raising avenues across equities, bonds, and money market instruments.
With the successful admission of Dangote Cement’s commercial paper, the Exchange reinforces its positioning as a comprehensive marketplace supporting corporate funding across varying tenors and structures.
 has recorded its inaugural commercial paper listing following the admission of Dangote Cement Plc’s Series 1 and Series 2 issuances under its N500 billion Commercial Paper Issuance Programme.){kind=link}