Landmark listing signals shift from OTC trading to transparent exchange-based market for short-term corporate debt in Nigeria…
Nigerian Exchange Limited has achieved a major milestone with the listing of its first Commercial Paper, admitting Dangote Cement Plc’s Series 1 and Series 2 issuances under the company’s ₦500 billion Commercial Paper Issuance Programme.
The two instruments, valued at a combined ₦119.87 billion, were officially admitted to trading on February 18, 2026, marking a significant step forward following the Exchange’s rollout of its Commercial Paper listing framework in 2025.
Dangote Cement’s Series 1 Commercial Paper, worth ₦19.95 billion, has a tenor of 181 days and is scheduled to mature on May 20, 2026. The Series 2 issuance, valued at ₦99.92 billion, carries a tenor of 265 days and will mature on August 12, 2026.
Both instruments were issued at a discount and will be redeemed at a par value of ₦1,000 at maturity. The implied yield for Series 1 was set at 17.50 percent, while Series 2 was offered at 19.00 percent, reflecting strong investor demand for high-quality short-term corporate debt.
Vice Chairman of Highcap Securities Limited, David Adonri, described the development as an indicator of increasing sophistication in Nigeria’s short-term debt market. He noted that the successful listing demonstrates robust investor appetite and establishes a benchmark for future commercial paper issuances in the country.
The listing represents a strategic expansion of NGX’s product offerings, strengthening its fixed income segment while providing issuers with improved visibility, liquidity and transparency for short-term funding instruments. By bringing Commercial Papers onto its platform, the Exchange is enhancing price discovery and widening investment opportunities for institutional and qualified investors seeking diversified short-term assets.
Commercial Papers are unsecured short-term debt instruments typically issued by companies to finance working capital and other immediate funding needs. Their migration to an exchange-traded environment introduces a higher level of transparency to a market that has historically operated over the counter, while also improving tradability in the secondary market.
The admission of Dangote Cement’s Commercial Papers underscores continued issuer confidence in NGX’s platform and supports broader efforts to deepen Nigeria’s domestic debt capital market. It also highlights the Exchange’s commitment to innovation, product diversification and the development of a more accessible and globally competitive marketplace.
With this transaction, NGX further strengthens its position as a comprehensive capital-raising and trading hub, supporting corporate financing across equities, bonds and short-term money market instruments.
