Dangote Cement Plc has officially launched its N100 billion Commercial Paper (CP) offer, marking the first tranche under its broader N500 billion Commercial Paper Issuance Programme.
The offer, which opened on Monday, 17 November 2025, is set to close on Wednesday, 19 November 2025.
The CPs are available in two tranches:
The minimum subscription for the offer is N50 million, with additional subscriptions in multiples of N1,000.
Proceeds from the CP will be directed towards working capital needs, according to the company’s pricing documents.
Dangote Cement has consistently demonstrated robust financial performance, positioning itself as one of Nigeria’s most stable and profitable companies.
Over the last five years, the company’s revenue has surged from N1.03 trillion in 2020 to N3.58 trillion in 2024, reflecting an impressive annual growth rate of 37%.
This growth has been accompanied by a steady increase in profit after tax (PAT), which more than doubled from N276 billion in 2020 to N503.25 billion in 2024, reflecting a CAGR of 16.2%.
For the nine months ending September 2025, Dangote Cement’s financial performance remains equally impressive:
Despite these strong results, the company did face a decline in production volume in 9M 2025, indicating that pricing rather than volume growth was a key driver of performance; a potential risk moving forward.
Rating strengths & risks: What Agencies are saying
Recent assessments from leading rating agencies have reaffirmed Dangote Cement’s dominant position in the cement industry while noting some risks.
DataPro reaffirmed the company’s AA long-term and A1 short-term ratings, citing Dangote Cement’s strong brand, solid earnings track record, and experienced management.
GCR Ratings downgraded Dangote Cement to A+(NG) from AA+(NG) in October 2025, not due to weakened performance, but because of the group-cap effect tied to its parent company, Dangote Industries Limited.
Investor takeaway:
Dangote Cement’s strong financial track record and improving leverage make its N100 billion Commercial Paper (CP) offer a compelling investment.
Dangote Cement’s strong financial track record and improving leverage make its N100 billion Commercial Paper (CP) offer a compelling investment.
Risks to watch:
Bottom line:
Despite the risks, Dangote Cement’s strong cash flows and improving leverage make the CP offer an attractive investment for those seeking short-term, high-yield returns.