Dangote Cement Plc Establishes New ₦150 billion Commercial Paper Programme

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CBN

 

Dangote Cement Issuance of ₦ 50 billion Series 1 and 2 Notes under ₦ 150  billion Commercial Paper

Olusola Bello

 

Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, announces establishing a new ₦150 billion Commercial Paper Programme (Commercial Paper).

This programme allows the company to broaden its funding sources and, combined with its ₦300 billion multi-instrument issuance Bond programme, increases  the company’s access to capital market funding.

According to a Press statement posted on the website to the Nigeria Stock Exchange, 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 ₦150 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 ₦450 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. Thank you again for your continued trust in Dangote Cement.”

Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 48.6Mta across 10 African countries, inclusive of 32.3Mta in Nigeria. It operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement. Our

 

The company’s Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.3Mta of capacity across four lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta, and our Gboko plant in Benue state has 4Mta.

Dangote Cement has eliminated Nigeria’s dependence on imported cement through its current investment and has transformed the nation into an exporter of cement serving neighbouring countries.

In addition, it has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

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