NGX lists N10bn NGN Gram Commercial Paper, 296,464 units of NIDF

The Nigerian Exchange Limited (NGX) has listed a fresh N10 billion commercial paper issuance by NGN Gram Limited, alongside 296,464 additional units of Chapel Hill Denham’s Nigeria Infrastructure Development Fund (NIDF).

According to the Exchange’s emailed Weekly Market Report dated Wednesday, March 18, 2026, the listing took effect on March 17, 2026.

The development marks another step in NGX’s efforts to deepen its fixed income market while expanding investment options for institutional investors.

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What the data is saying

The NGN Gram Limited commercial paper comprises Series 1, Tranches A, B, and C valued at N809.3 million, N472.4 million, and N8.72 billion respectively, under the company’s N10 billion programme. The offer structure shows a strong preference for longer tenors, with the 364-day tranche accounting for the bulk of the issuance.

• The 364-day Tranche C dominates the issuance, accounting for over 85% of the total size and reflecting investor appetite for locking in higher yields over longer durations.
• The tranche was priced at 80.36% of par, offering an implied yield of 24.5%, compared with 23.0% for the 270-day Tranche B and 21.5% for the 182-day Tranche A.
• Discount rates ranged between 19.4% and 19.7%, indicating relatively tight pricing bands despite differences in tenor.

The transaction was arranged by Comercio Partners Capital Limited, with Fidelity Bank Plc acting as the paying agent, reinforcing the role of financial intermediaries in facilitating corporate debt issuance.

**More insights **

A closer look at the issuance highlights the continued attractiveness of discounted commercial paper structures in Nigeria’s fixed income market.

• These instruments are sold below par and redeemed at face value, providing predictable returns for investors.
• Institutional investors are increasingly favoring longer-dated instruments amid expectations of a potential decline in interest rates.
• The dominance of the 364-day tranche signals confidence in locking yields at current elevated levels.

This trend reflects broader market dynamics where corporates and investors are aligning strategies to navigate tightening liquidity and evolving monetary conditions.

What you should know

The latest listings represent the second commercial paper admission on NGX after Dangote Cement’s CP Listing, reinforcing the Exchange’s strategic push to expand its product offerings and strengthen the fixed income segment.

• At the same time, NGX also admitted an additional 296,464 units of Chapel Hill Denham’s NIDF following its 2025 fourth-quarter scrip dividend issuance.
• The additional units increased the fund’s total outstanding units from 1.196 billion to approximately 1.197 billion, reflecting continued reinvestment by unitholders.
• Scrip dividends allow investors to receive payouts in the form of additional units instead of cash, helping fund managers conserve liquidity while enhancing market depth.
• Commercial papers remain a key funding channel for corporates seeking short-term financing amid high borrowing costs and limited access to bank credit.
• The listing of such instruments improves transparency, liquidity, and price discovery within Nigeria’s debt market.

Overall, the dual listing underscores growing investor sophistication and the increasing role of structured instruments in Nigeria’s capital markets, particularly for infrastructure financing and short-term corporate funding.