Nigeria’s Dangote Cement has announced a new NGN150bn (US$364.84m) Commercial Paper Programme. The programme is expected to allow the company to broaden its funding sources and, combined with its NGN300bn multi-instrument issuance Bond programme, increase its access to capital market funding.
The Commercial Paper will be used for working capital and general corporate purposes, according to a statement.
"The establishment of a new NGN150bn Commercial Paper confirms Dangote Cement Plc’s ambition to maintain its long and successful track record of accessing the Nigerian debt capital market. Dangote Cement has issued an aggregate of NGN450bn in Commercial Papers since 2018," said Michel Puchercos, Chief Executive Officer.
