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 serious enlargement of NGX’s product suite into exchange-listed short-term company debt and introduces a brand new funding channel for issuers and buyers alike.
What the issuance knowledge is saying
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 have been issued at low cost charges with implied yields reflecting present market circumstances and institutional danger urge for food.
- The N19.95 billion Collection 1 CP has a tenor of 181 days and can mature on Could 20, 2026.
- The N99.92 billion Collection 2 CP carries a 265-day tenor and is scheduled to mature on August 12, 2026.
The yields of 17.50% for Collection 1 and 19.00% for Collection 2 mirror period sensitivity, with buyers demanding increased returns for longer publicity even inside sub-one-year maturities.
Extra insights
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 at first of this 12 months.
- In accordance with the Highcap Securities CEO, “the important thing goal is to ease capital formation for corporates and enhance value discovery to boost secondary market tradability for devices.”
- “The CP itemizing framework helps market liquidity and makes danger pricing extra clear,” he added.
- “Pension funds, asset managers, and treasury buyers now have extra asset class, short-term instrument, to commerce on,” Adonri confirmed.
For issuers, change itemizing platform supplies pricing effectivity and enhanced market visibility in comparison with conventional personal placements.
The NGX stated 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.
What you need to know
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 itemizing is in keeping with the 2026 market deepening agenda of the Securities and Alternate Fee, which prioritises product innovation and enlargement of Nigeria’s capital market choices to spice up the expansion technique of the Federal Authorities.
- It introduces a extra clear and tradable framework for short-term company funding devices.
- The transfer strengthens NGX’s positioning as a complete capital-raising hub spanning equities and debt devices.
The Dangote Group have at all times relied on the home capital markets for a lot of its funding wants, notably the native foreign money denominated funding.
In an financial system the place the price of borrowing from industrial banks is just too excessive, exchange-listed CPs might grow to be a recreation changer for firms, particularly producers in want of long-term credit score with extra handy reimbursement flexibility. This might additionally grow to be a defining function of Nigeria’s subsequent capital market enlargement cycle.
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