The Nigerian Alternate Restricted (NGX) has recorded its first-ever Business Paper (CP) itemizing, admitting Dangote Cement Plc’s N119.87 billion issuance to its platform on Wednesday, February 18, 2026.
The event was introduced by the Alternate, marking the primary time in its historical past {that a} industrial paper instrument has been formally listed and admitted for buying and selling.
The transaction, which covers Collection 1 and Collection 2 CPs underneath Dangote Cement’s N500 billion Business Paper Programme, alerts a significant growth of NGX’s product suite into exchange-listed short-term company debt and introduces a brand new funding channel for issuers and traders alike.
Dangote Cement’s issuance spans two collection with distinct tenors and pricing, setting a benchmark for short-term company funding on the Alternate.
The devices had been issued at low cost charges with implied yields reflecting present market situations and institutional danger urge for food.
The yields of 17.50% for Collection 1 and 19.00% for Collection 2 mirror length sensitivity, with traders demanding larger returns for longer publicity even inside sub-one-year maturities.
Mr. David Adonri, a senior dealing member of the Alternate, confirmed Dangote Cement CP itemizing as NGX’s first CP itemizing. He famous that the introduction of exchange-listed CPs aligned with the agenda of market regulators, which they conveyed firstly of this yr.
For issuers, change itemizing platform supplies pricing effectivity and enhanced market visibility in comparison with conventional non-public placements.
The NGX mentioned the event aligns with its broader technique of product diversification and market deepening, successfully bridging the hole between cash market devices and exchange-traded securities.
The admission of Dangote Cement’s CP marks the primary exchange-listed Business Paper on NGX, representing a structural shift in how short-term company debt is built-in into Nigeria’s capital markets.
The Dangote Group have all the time relied on the home capital markets for a lot of its funding wants, significantly the native forex denominated funding.
In an financial system the place the price of borrowing from industrial banks is simply too excessive, exchange-listed CPs may turn into a sport changer for corporations, particularly producers in want of long-term credit score with extra handy reimbursement flexibility. This might additionally turn into a defining function of Nigeria’s subsequent capital market growth cycle.
