NGX Lists First Commercial Papers With Dangote Cement

 The Nigerian Exchange Limited (NGX) has achieved a historic milestone by listing its first-ever Commercial Paper (CP) on the exchange. This landmark development comes with the admission to trading of Dangote Cement Plc's Series 1 and Series 2 Commercial Papers, part of the company's N500 billion Commercial Paper Issuance Programme.The two series, totaling approximately N119.87 billion, were officially listed today, Wednesday, February 18, 2026. This follows the NGX's introduction of a dedicated Commercial Paper listing framework in 2025, aimed at deepening Nigeria's short-term debt capital market and providing corporates with more efficient funding options.

Details of the issuance include:Series 1 Commercial Paper: Valued at ₦19.946 billion, with a tenor of 181 days. It matures on May 20, 2026, and carries an implied yield of 17.50%. Series 2 Commercial Paper: Valued at ₦99.923 billion, with a longer tenor of 265 days. It matures on August 12, 2026, and offers an implied yield of 19.00%.

Both series were issued at a discount—Series 1 at 92.0149% of par value and Series 2 at 87.8779% of par value—and will be redeemed at par value of N1,000 per unit upon maturity. The discounted values stand at approximately N18.35 billion for Series 1 and N87.81 billion for Series 2.

Stanbic IBTC Capital Limited served as the Lead Issuing and Placing Agent, while Stanbic IBTC Bank Limited acts as the Paying Agent.