Welcome to Dangote Cement Plc

Debt Information

Strong balance sheet with available liquidity



PricingsDraw downTenor
Bond 12.5%₦100B2025
₦150B Commercial
Paper Programme
Bank debtvarious₦208B2020-2022
Related parties7%-9%₦65B2021-2025
Power intervention fund 7%₦2B2021

Credit Rating


30th March 2021, Global Credit Ratings

  • Upgraded the long term Issuer rating to AAA (NG), and affirmed the short term issuer rating of A1+(NG), with outlook as Stable.
  • Upgraded the long term Issue rating of AAA (NG) accorded to DCPs existing N100bn Series 1 Fixed Rate Bond, and assigned an indicative rating of AAA (NG) to its proposed Up to N300bn Bond.

25th March 2021, Moody’s

  • Assigned a (P)B2 local currency rating and Aa3.ng national scale rating (NSR) to the NGN300 billion domestic medium-term programme issued by DCP.
  • Assigned a B2 local-currency rating and Aa3.ng NSR to the proposed series 1 notes to be issued under the programme.
  • Affirmed DCP’s B1 corporate family rating (CF

Strong track record of accessing the local debt market


In April 2020, we successfully completed the issuance of ₦100B series 1 fixed rate 5-year bond at a rate of 12.5%

Largest corporate bond issuance in Nigeria’s debt capital market at the time.

The bond was oversubscribed

DCP maintained the original target size of ₦100B

Commercial Paper Programme Programme 2020

Successfully issued ₦100B series 15 and 16
Successfully issued 50B series 17 and 18

Value (₦bn)PricingsDraw downTenor
Series 15 34.0175 days5.0%12-10-20
Series 1666.0266 days6.0%11-02-21
Series 1716.0266 days4.0%04-03-21
Series 1834.0266 days5.0%03-06-21

Largest commercial paper issuance in Nigeria’s debt capital market

Commercial paper was over oversubscribed

Attractive short-term rates