The Nigerian Exchange Limited (NGX) has recorded its first Commercial Paper (CP) listing with the admission of Dangote Cement Plc’s Series 1 and Series 2 Commercial Papers under its ₦500 billion Commercial Paper Issuance Programme.
The two series, valued at a combined ₦119.87 billion, were admitted to trading on February 18, 2026, marking a significant milestone following NGX’s introduction of a Commercial Paper listing framework last year.
Under the issuance, the ₦19.95 billion Series 1 Commercial Paper has a tenor of 181 days and will mature on May 20, 2026, while the ₦99.92 billion Series 2 paper carries a tenor of 265 days, maturing on August 12, 2026.
Both instruments were issued at a discount and will be redeemed at a par value of ₦1,000 upon maturity. Series 1 and Series 2 were offered at implied yields of 17.50 per cent and 19.00 per cent, respectively.
Commenting on the development, Vice Chairman of Highcap Securities Limited, David Adonri, described the listing as an indication of increasing sophistication in Nigeria’s short-term debt market.
“Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market. The attractive yields of these instruments highlight strong investor appetite for high-quality, short-tenor corporate debt, and provide a benchmark for future issuances,” he said.
The listing represents a strategic expansion of NGX’s product offerings, deepening its fixed income market and enhancing visibility, liquidity, and transparency for short-term funding instruments.
By admitting Commercial Papers to its trading platform, the Exchange aims to improve price discovery efficiency and broaden investment opportunities for institutional and qualified investors seeking diversified short-term instruments.
Commercial Papers are unsecured short-term debt instruments issued by corporates to finance working capital and other immediate funding needs.
Their admission to the Exchange introduces greater transparency to a market segment that has traditionally operated over-the-counter, while also improving secondary market tradability.
Market observers say the successful listing underscores sustained issuer engagement with NGX and supports efforts to deepen Nigeria’s domestic debt capital market.
It also reinforces the Exchange’s commitment to innovation, product diversification, and the development of a more robust and globally competitive marketplace.
With the transaction, NGX further strengthens its position as a comprehensive capital-raising and trading hub, supporting corporates across the funding spectrum, from equities and bonds to short-term commercial instruments.
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