February 18, (THEWILL) — 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 issuances under its ₦500 billion Commercial Paper Programme, marking a milestone in the Exchange’s fixed-income market expansion.
The two series, valued at a combined ₦119.87 billion, were admitted for trading on February 18, 2026, following the introduction of NGX’s CP listing framework in 2025. The ₦19.95 billion Series 1 has a tenor of 181 days and matures on May 20, 2026, while the ₦99.92 billion Series 2 carries a 265-day tenor with maturity on August 12, 2026. Both were issued at a discount and will be redeemed at a par value of ₦1,000, offering implied yields of 17.50 percent and 19.00 percent, respectively.
Vice Chairman of Highcap Securities Limited, David Adonri, said the listing reflects growing sophistication in Nigeria’s short-term debt market and strong investor appetite for high-quality corporate instruments with short tenors.
Commercial papers are unsecured short-term debt instruments used by corporates for working capital and near-term financing needs. Their admission to NGX introduces greater transparency and tradability to a segment that has largely operated over-the-counter, while expanding investment options for institutional and qualified investors.
The transaction underscores NGX’s push to deepen Nigeria’s domestic debt capital market and broaden funding channels beyond equities and bonds.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
