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Dangote Cement Plc has recorded another milestone in Nigeria’s financial markets after becoming the first company to list commercial papers on the platform of Nigerian Exchange Limited, marking a landmark development in the country’s short-term debt market and reinforcing the company’s leadership in corporate financing innovation.
The listing followed the admission of the company’s Series 1 and Series 2 commercial papers under its $346 million issuance programme. The two instruments, valued at a combined $83 million, were officially admitted for trading on February 18, 2026, signaling a new phase in capital market participation for large corporates seeking diversified funding sources.
Dangote Cement’s Series 1 issuance is valued at $13.8 million with a tenor of 181 days and maturity date of May 20, 2026, while Series 2 stands at $69.12 million with a tenor of 265 days maturing on August 12, 2026. Both instruments were issued at a discount and will be redeemed at par value of $0.69 at maturity. They carry implied yields of 17.50 percent and 19 percent respectively, reflecting strong investor demand for short-term, high-quality corporate debt instruments.
Market analysts say the successful listing underscores Dangote Cement’s financial strength and credibility among institutional investors. According to capital market experts, the yields attached to the instruments demonstrate confidence in the company’s creditworthiness and highlight the growing appetite for structured short-tenor securities in Nigeria’s debt market.
David Adonri, vice chairman of Highcap Securities Limited, described the development as evidence of increasing sophistication within Nigeria’s financial system. He noted that Dangote Cement’s listing establishes a benchmark that could encourage other major corporates to explore similar funding channels, thereby broadening the country’s fixed-income market.
Commercial papers are unsecured short-term debt instruments typically used by companies to meet working capital needs or bridge temporary financing gaps. Their listing on an exchange platform introduces greater transparency, price discovery efficiency, and tradability compared to the traditional over-the-counter structure through which such instruments are usually issued.
Transaction represents more than a routine fundraising exercise
For Dangote Cement, the transaction represents more than a routine fundraising exercise. It signals a strategic expansion of financing options that allows the company to optimize liquidity management, reduce funding costs, and strengthen operational flexibility across its extensive manufacturing and distribution network in Africa.
The listing also highlights the exchange’s evolving role as a full-spectrum capital-raising hub capable of supporting corporations across multiple asset classes, from equities and bonds to short-term instruments. Analysts believe the move will deepen Nigeria’s domestic debt capital market and position it as a more competitive destination for institutional investment.
Industry observers further note that the milestone reinforces the influence of billionaire industrialist Aliko Dangote, whose flagship companies continue to pioneer financial and industrial innovations that shape the trajectory of Nigeria’s private sector and capital markets.
With this breakthrough listing, Dangote Cement has not only expanded its own funding toolkit but also opened a new pathway for other blue-chip companies to access structured short-term financing through formal exchange platforms, potentially transforming how corporates raise working capital in Nigeria.
