Dangote Cement Plc, Africa’s largest cement producer, says it has issued commercial papers (CPs) worth a total of N450 billion since 2018, naijabusiness.com.ng can authoritatively reveal.

The submission was made by the Chief Executive Officer of Dangote Cement Plc, Michel Puchercos, during the launching of a new N150 billion Commercial Paper (CP) programme.

In a note sent to the Nigerian Exchange Limited (NGX) today, the cement manufacturing giant noted that the new CP programme alongside an existing N300 billion multi-instrument issuance Bond programme, will help broaden the firm’s funding sources and further ease access to capital market funding.

It is pertinent to note that the bulk of the proceeds from the commercial paper issuances initiated by the firm since 2018, have been mostly used to meet working capital requirements general corporate expenses.

READ: DangoteCem Takes Steps to Bring Down Price of Cement

Commenting on the fact revealing exercise, Michel Puchercos 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.”

Naijabusiness.com.ng gathered that majority of the CP Issuances since the aforementioned period, have been registered with either the Nigerian Exchange Limited (NGX) or FMDQ Securities Exchange. As at the period of reporting this, Dangote Cement Plc is currently trading at N245 per share.