️ NGX Market Bulletin: Dangote Cement Plc Lists ₦119.87bn Commercial Paper
On 18 February 2026, the Nigerian Exchange Limited (NGX) announced the listing of two new Commercial Paper (CP) series issued by Dangote Cement under its massive ₦500 billion Commercial Paper Issuance Programme.
Here’s a clear breakdown of what this means
Overview of the Issuance
Dangote Cement successfully listed:
• Series 1: ₦19.95 billion
• Series 2: ₦99.92 billion
Total listed this round: ₦119.87 billion
Programme limit: ₦500 billion
Instrument type: Short-term Commercial Paper
Redemption: At par (₦1,000 per unit at maturity)
What Is Commercial Paper?
Commercial Paper (CP) is a short-term debt instrument issued by companies to raise working capital.
• Sold at a discount to face value
• Investors receive full par value at maturity
• Typically issued for periods under 1 year
Series Breakdown
Series 1 – 181 Days
• Symbol: DANGCEM 181D CP 20MAY 2026 (S1)
• Size: ₦19,946,649,000
• Units Issued: 19,946,649
• Issue Price: 92.0149% of par
• Discounted Value Raised: ₦18.35 billion
• Tenor: 181 days
• Maturity: 20 May 2026
• Implied Yield: 17.50%
• Discount Rate: 16.10%
Investors buy at a discount and receive ₦1,000 per unit at maturity.
Series 2 – 265 Days
• Symbol: DANGCEM 265D CP 12AUG 2026 (S2)
• Size: ₦99,922,835,000
• Units Issued: 99,922,835
• Issue Price: 87.8779% of par
• Discounted Value Raised: ₦87.81 billion
• Tenor: 265 days
• Maturity: 12 August 2026
• Implied Yield: 19.00%
• Discount Rate: 16.70%
This longer tenor offers a higher yield (19%).
Key Parties Involved
• Lead Issuing & Placing Agent: Stanbic IBTC Capital Limited
• Paying Agent: Stanbic IBTC Bank Limited
What This Means for the Market
Strong Corporate Funding Activity
Dangote Cement is actively tapping the debt market, signaling continued operational funding needs or expansion financing.
Attractive Yields
With implied yields of 17.5% and 19%, the CP reflects Nigeria’s high interest-rate environment.
Liquidity Management Strategy
Commercial Papers are often used for:
• Working capital
• Short-term obligations
• Refinancing existing debt
Investor Confidence
The successful listing suggests strong investor appetite for high-grade corporate paper.
Big Picture
Dangote Cement has now utilized roughly 24% of its ₦500bn programme in this issuance alone.
This move strengthens its short-term funding base while offering institutional investors high-yield, short-duration exposure.
On 18 February 2026, the Nigerian Exchange Limited (NGX) announced the listing of two new Commercial Paper (CP) series issued by Dangote Cement under its massive ₦500 billion Commercial Paper Issuance Programme.
Here’s a clear breakdown of what this means
Overview of the Issuance
Dangote Cement successfully listed:
• Series 1: ₦19.95 billion
• Series 2: ₦99.92 billion
Total listed this round: ₦119.87 billion
Programme limit: ₦500 billion
Instrument type: Short-term Commercial Paper
Redemption: At par (₦1,000 per unit at maturity)
What Is Commercial Paper?
Commercial Paper (CP) is a short-term debt instrument issued by companies to raise working capital.
• Sold at a discount to face value
• Investors receive full par value at maturity
• Typically issued for periods under 1 year
Series Breakdown
Series 1 – 181 Days
• Symbol: DANGCEM 181D CP 20MAY 2026 (S1)
• Size: ₦19,946,649,000
• Units Issued: 19,946,649
• Issue Price: 92.0149% of par
• Discounted Value Raised: ₦18.35 billion
• Tenor: 181 days
• Maturity: 20 May 2026
• Implied Yield: 17.50%
• Discount Rate: 16.10%
Investors buy at a discount and receive ₦1,000 per unit at maturity.
Series 2 – 265 Days
• Symbol: DANGCEM 265D CP 12AUG 2026 (S2)
• Size: ₦99,922,835,000
• Units Issued: 99,922,835
• Issue Price: 87.8779% of par
• Discounted Value Raised: ₦87.81 billion
• Tenor: 265 days
• Maturity: 12 August 2026
• Implied Yield: 19.00%
• Discount Rate: 16.70%
This longer tenor offers a higher yield (19%).
Key Parties Involved
• Lead Issuing & Placing Agent: Stanbic IBTC Capital Limited
• Paying Agent: Stanbic IBTC Bank Limited
What This Means for the Market
Strong Corporate Funding ActivityDangote Cement is actively tapping the debt market, signaling continued operational funding needs or expansion financing.
Attractive YieldsWith implied yields of 17.5% and 19%, the CP reflects Nigeria’s high interest-rate environment.
Liquidity Management StrategyCommercial Papers are often used for:
• Working capital
• Short-term obligations
• Refinancing existing debt
Investor ConfidenceThe successful listing suggests strong investor appetite for high-grade corporate paper.
Big Picture
Dangote Cement has now utilized roughly 24% of its ₦500bn programme in this issuance alone.
This move strengthens its short-term funding base while offering institutional investors high-yield, short-duration exposure.