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Tag: greater transparency

  • NGX Records First Commercial Paper Listing with Dangote Cement’s ₦119.87bn Issuance

    NGX Records First Commercial Paper Listing with Dangote Cement’s ₦119.87bn Issuance

    Nigerian Exchange Limited (NGX) has recorded its first Commercial Paper (CP) listing with the admission of Dangote Cement Plc’s Series 1 and Series 2 Commercial Papers under its ₦500 billion Commercial Paper Issuance Programme.

    The two series, with a combined value of ₦119.87 billion, were admitted to trading on NGX on 18 February 2026, following the Exchange’s introduction of the Commercial Paper listing framework last year.

    Dangote Cement’s ₦19.95 billion Series 1 Commercial Paper carries a tenor of 181 days and matures on 20 May 2026, while the ₦99.92 billion Series 2 issuance has a tenor of 265 days and will mature on 12 August 2026. Both series were issued at a discount and will be redeemed at par value of ₦1,000 upon maturity. Series 1 and Series 2 Commercial Papers was offered implied yields of 17.50% and 19.00%, respectively.

    The Vice Chairman of Highcap Securities Limited, David Adonri, described the development as a sign of growing sophistication in Nigeria’s short-term debt market, noting: “Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market. The attractive yields of these instruments highlight strong investor appetite for high-quality, short-tenor corporate debt, and provide a benchmark for future issuances.”

    The listing represents a strategic expansion of NGX’s product offerings, deepening the Exchange’s fixed income market and providing issuers with enhanced visibility, liquidity, and transparency for short-term funding instruments. By admitting Commercial Papers to its platform, NGX is strengthening the efficiency of price discovery while broadening investment options for institutional and qualified investors seeking diversified short-term instruments.

    Commercial Papers are unsecured short-term debt instruments issued by corporates to meet working capital and other short-term financing needs. Their admission to trading on the Exchange introduces greater transparency to a market segment that has traditionally operated over-the-counter, while improving secondary market tradability.

    The listing of Dangote Cement’s CP reflects continued issuer engagement with NGX’s platform and supports ongoing efforts to deepen Nigeria’s domestic debt capital market. It also reinforces NGX’s commitment to innovation, product diversification, and the creation of a more robust, accessible, and globally competitive marketplace.

    With this transaction, NGX continues to position itself as a comprehensive capital-raising and trading hub, supporting corporates across the funding spectrum, from equities and bonds to short-term commercial instruments.

  • Trump tariffs have caused “the greatest disruption in trade in 80 years”: WTO’s Dr. Ngozi Okonjo-Iweala

    Trump tariffs have caused “the greatest disruption in trade in 80 years”: WTO’s Dr. Ngozi Okonjo-Iweala

    This week, Dr. Ngozi Okonjo-Iweala sat down with CNN’s Christiane Amanpour at the network’s first Global Perspectives event in London to discuss the big picture on global trade before zeroing in on Africa.

    The Nigerian economist and World Trade Organisation (WTO) director-general called the ripple effect of Trump administration tariffs “the greatest disruption in trade in 80 years.” She also said that she agreed with some of the criticisms levelled at the organisation by the US.

    “The crisis is an opportunity to reform (the WTO),” she said, calling for greater transparency and conceding that decision-making “sometimes … does result in paralysis.”

    “In this modern world with AI, we need to find a way to be flexible, faster,” she added.

    Okonjo-Iweala noted that the US isn’t the only nation critiquing the WTO, and developing nations also have legitimate gripes. “I think they are coming to the fore because of the crisis we’re in,” she said.

    Beyond the bureaucracy, the director-general was bullish about the continent’s prospects, pointing to an IMF projection of 4% growth in Africa in 2025 and 2026.

    “Most of Africa’s mineral resources are yet to be discovered,” she said, while pointing to the continent containing “67% of the world’s arable land,” and 22% of the world’s working population.

    “But how do we make this work for us?” she added.

    Okonjo-Iweala called for “careful thinking” on tensions in Nigeria, after US President Donald Trump suggested the United States may take military action there to protect the nation’s Christians.

    Okonjo-Iweala, who previously served as Nigeria’s finance minister, said “This is an incredibly complex question. The situation is very difficult and needs careful thought.

    “It has religious issues involved in it, it has resource issues involved in it, it has different complexities. So, I just think we need careful thinking through.”