By Ayomide Otitoju
The Nigerian Exchange Limited (NGX) recorded a historic first on Wednesday with the listing of its inaugural Commercial Papers (CPs), issued by Dangote Cement Plc under the company’s ₦500 billion CP Issuance Programme.
The two tranches, Series 1 and Series 2, with a combined value of ₦119.87 billion, were admitted for trading on February 18, 2026. The move comes nearly a year after NGX introduced its Commercial Paper listing framework to expand activity in Nigeria’s short-term debt market.
Series 1, valued at ₦19.95 billion, carries a tenor of 181 days and is set to mature on May 20, 2026. Series 2, worth ₦99.92 billion, has a tenor of 265 days, maturing on August 12, 2026. Both papers were issued at a discount and will be redeemed at a par value of ₦1,000, offering implied yields of 17.5 per cent and 19.0 per cent, respectively.
David Adonri, Vice Chairman of Highcap Securities Limited, described the listing as a significant step in the evolution of Nigeria’s short-term debt market. He noted that the pricing demonstrates strong investor appetite for high-quality corporate instruments and could serve as a benchmark for future CP transactions.
The listing also expands NGX’s product range, enhancing its fixed income market while providing issuers with greater visibility and liquidity for short-term financing. For investors, it offers additional options for portfolio diversification, particularly among institutional and qualified participants.
Commercial papers are unsecured, short-term debt instruments used by companies to fund working capital and near-term obligations. Bringing them onto the Exchange adds transparency to a segment that has largely operated over-the-counter and facilitates secondary market trading.
NGX said the admission of Dangote Cement’s CPs underscores sustained engagement by major issuers and aligns with efforts to deepen Nigeria’s domestic debt capital market, reinforcing the Exchange’s focus on innovation and product diversification.
