Dangote Group

Dangote Cement Plc., has announced a new N150 billion commercial paper programme.

The programme, the company said, will allow it to broaden its funding sources, combined with its N300 billion multi-instrument issuance bond programme, and increase its access to capital market funding.

The management disclosed that the commercial paper will be used for working capital and general corporate purposes.

Commenting on the bond issuance, Michel Puchercos, Chief Executive Officer of Dangote Cement Plc, said: “The establishment of a new N150 billion 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 N450 billion in commercial papers since 2018. I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of the commercial paper programme.

“We look forward to the same warm reception as we engage with fixed income investors under this new programme.”