The Nigerian Exchange Limited (NGX) has marked a milestone by recording its first-ever Commercial Paper (CP) listing, with Dangote Cement Plc’s N119.87 billion issuance admitted to its platform on February 18, 2026. This development signals the expansion of NGX’s product suite into exchange-listed short-term corporate debt, creating a new funding avenue for issuers and investors.

The transaction encompasses Series 1 and Series 2 CPs under Dangote Cement’s N500 billion Commercial Paper Programme. The instruments were issued at discount rates with implied yields that reflect current market conditions and institutional risk appetite.

Specifically, Dangote Cement’s N19.95 billion Series 1 Commercial Paper carries a tenor of 181 days and matures on May 20, 2026, featuring an implied yield of 17.50%. The N99.92 billion Series 2 issuance has a tenor of 265 days and will mature on August 12, 2026, with an implied yield of 19.00%. Both series were issued at a discount and will be redeemed at the par value of ₦1,000 upon maturity.

Mr. David Adonri, Vice Chairman of Highcap Securities Limited, confirmed Dangote Cement CP listing as NGX’s first CP listing. He noted that the introduction of exchange-listed CPs aligned with the agenda of market regulators, which they conveyed at the beginning of this year. He described the development as a sign of growing sophistication in Nigeria’s short-term debt market, noting, “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.”

The NGX said the development aligns with its broader strategy of product diversification and market deepening, effectively bridging the gap between money market instruments and exchange-traded securities.

With this transaction, NGX continues to position itself as a comprehensive capital-raising and trading hub, supporting corporates across the funding spectrum, from equities and bonds to short-term commercial instruments.