By Nkiruka Nnorom
FMDQ OTC Securities Exchange yesterday listed Dangote Cement Plc’s N50 billion commercial papers, CPs, the biggest CP programme so far on the Nigeria debt capital market on its platform.
The CP is a dual tenure issuance under the company’s N150 billion CP programme established in November, 2017.
The CP comprises of N12.04 billion and N37.96 billion issuances and is series 1 & 2 under the N150 billion CP programme.
Speaking at the listing ceremony in Lagos, Bola Onadele Koko, Managing Director/Chief Executive, FMDQ, said the various efforts by the FMDQ to deepen the domestic debt capital market is yielding results, adding that the listing of Dangote Cement’s CP programme, the biggest CP programme in the market is an attestation to that success.
He said: “The listing couldn’t have been a better one because it is almost four years since I and some members of our staff travelled to Dangote Cement for the first time; then FMDQ was relatively unknown in the market and there was no CP market and we wanted to make CP market transparent and credible. In actual fact, this is now a CP market.”
He expressed optimism that Dangote Cement would up the ante by listing a dollar denominated CP on the FMDQ platform.
Also speaking, Engr. Joseph Makoju, Chief Executive Officer, Dangote Cement, commended FMDQ for organising the listing, saying that since inception, FMDQ has contributed significantly to the development of the domestic debt capital market in Nigeria.
“You have championed the development and reform of commercial paper issuance in the domestic market and has come to be recognised a leader in the area.
“In that process, you have been known to promote transparency, governance, integrity and efficiency in the commercial paper market and you succeeded in encouraging issuers like Dangote Cement to explore this alternative funding source in the Nigeria capital market for the first time,” he said.