NGX records first commercial paper listing with Dangote Cement

The Nigerian Exchange Limited (NGX) has recorded its first commercial paper listing with the admission of Dangote Cement Plc’s Series 1 and Series 2 commercial papers under its N500 billion Commercial Paper Issuance Programme.

The NGX made this known in a statement issued on Wednesday, February 18, 2026.

The two series worth N119.87 billion were admitted for trading on NGX on Wednesday, following the Exchange’s introduction of the commercial paper listing framework in 2025.

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 August 12.

Both series 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.

The listing represents a strategic expansion of NGX’s product offerings, deepening the Exchange’s fixed income market and providing issuers with enhanced visibility, liquidity, and transparency for short-term funding instruments.

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By admitting commercial paper to its platform, the NGX is strengthening price discovery efficiency while broadening investment options for institutional and qualified investors seeking diversified short-term instruments.

Commercial paper is an unsecured short-term debt instrument issued by corporates to meet working capital and other short-term financing needs.

Its admission to trading on the Exchange introduces greater transparency to a market segment that has traditionally operated in the over-the-counter market, while improving secondary market tradability.

The Star