Dangote Cement Plc has opened a ₦100 billion Commercial Paper offer, the first tranche under its larger ₦500 billion issuance programme. The offer opened on November 17, 2025, and will close on November 19, 2025. The company is offering two series: a 181-day paper with a yield of 17.50% and a 265-day paper with a yield of 19%. The minimum subscription is ₦50 million, and funds raised will be used to support the company’s working capital needs.
Over the years, Dangote Cement has demonstrated strong financial performance. Its revenue has grown from ₦1.03 trillion in 2020 to ₦3.58 trillion in 2024, reflecting consistent expansion. Profit after tax also increased from ₦276 billion in 2020 to ₦503.25 billion in 2024. For the nine months ending September 2025, the company recorded revenue of ₦3.15 trillion, up from ₦2.56 trillion in the same period of 2024. Profit before tax rose sharply to ₦1.04 trillion, while profit after tax reached ₦743.3 billion compared to ₦279.1 billion previously. Operating cash flow also improved significantly to ₦1.29 trillion, and total borrowings were reduced by nearly half, dropping to ₦1.32 trillion from ₦2.5 trillion at the end of 2024. The company’s interest coverage ratio strengthened from 3.3 to 4.4.
Dangote Cement maintains strong credit ratings, with DataPro affirming an “AA” long-term rating and an “A1” short-term rating, citing the company’s strong earnings, solid management structure, and market position. However, GCR Ratings downgraded the company to “A+(NG)” in October 2025 due to the parent company’s group-cap effect, not because of weaknesses in Dangote Cement’s operations. Analysts also highlighted certain risks, including foreign-exchange exposure, operational challenges in some African markets, and lower asset utilisation.
For investors, the yields of 17.50% and 19% make the offer attractive, especially within the current fixed-income environment. The company’s strong financials, improved cash flow, and reduced debt levels provide added confidence. However, prospective investors should note that the company recorded lower production volumes in 2025, indicating that recent revenue growth was driven mainly by price increases rather than rising output. There are also risks tied to currency fluctuations and challenges in some of its regional operations.
Overall, the Dangote Cement Commercial Paper offer provides an appealing option for investors seeking short-term, high-yield instruments backed by one of Nigeria’s strongest corporate performers.