Dangote to issue shares as part of its NGN150bn Commercial Paper Programme

Dangote Cement Plc has announced the issuance of NGN50bn (US$13.9m) series 1 and 2 notes under its NGN150bn Commercial Paper Programme, announced on 27 June 2018.

The series 1 and 2 notes will be listed on Nigeria's FMDQ OTC Securities Exchange on 19 July 2018. Funds raised in the Commercial Paper (CP) Programme will be used for capital expenditure, working capital and general corporate purposes.

Joe Makoju, Group CEO, said: "This landmark transaction is the largest-ever Commercial Paper issuance by a corporate issuer in Nigeria. It allows us to broaden our sources of funding and combine established bank lines of credit with access to capital market funding, which will lower our overall cost of borrowing.

"The success of this programme reflects the high quality of our business and its strong cash generation, made possible by our market-leading positions in Nigeria and across sub-Saharan Africa, where demand for cement is growing rapidly."