S&P Global has announced plans to acquire a majority stake in Agusto & Co., Nigeria’s pioneering credit rating agency, in a landmark transaction that is expected to transform the country’s financial services landscape while expanding the global ratings giant’s influence across Africa. Although the financial value of the deal has not been disclosed, the move represents S&P Global’s first direct investment in an African company and underscores its growing confidence in the continent’s capital markets.
Founded in Lagos in 1992 by the late economist and chartered accountant Bode Agusto, Agusto & Co. has built a strong reputation as Nigeria’s first indigenous credit rating agency. Over the past three decades, the firm has become a trusted provider of credit ratings, research, and financial analysis for banks, corporate organizations, and financial institutions. Beyond Nigeria, the company has also established operations and served clients in Kenya, Ghana, and Rwanda, making it one of the region’s most respected financial research firms.
Despite the acquisition, Agusto & Co. will continue operating under its established brand, maintaining its independent rating methodologies while complying with all applicable regulatory requirements. The arrangement is expected to combine S&P Global’s international expertise with Agusto & Co.’s deep understanding of African markets, creating stronger credit assessment capabilities and providing investors with greater confidence when evaluating opportunities across the continent.
Speaking on the development, S&P Global Ratings President Yann Le Pallec described the acquisition as a strategic step toward improving transparency, efficiency, and long-term growth in Africa’s domestic credit markets. He noted that Africa offers significant investment potential and said the partnership would help strengthen financial markets by blending global best practices with valuable local insights. His remarks highlight the increasing attention international financial institutions are paying to Africa as economic reforms and capital market development continue to accelerate.
Agusto & Co.’s Managing Director, Yinka Adelekan, called the agreement a defining moment for both the company and Africa’s broader financial ecosystem. He said the partnership fulfills the long-held vision of the company’s founder to collaborate with a globally recognized credit rating institution while opening new opportunities for issuers, investors, and market participants across the region. Although details regarding the transaction’s valuation and future governance structure remain undisclosed, industry observers believe the acquisition could mark the beginning of a new chapter for Africa’s credit rating industry and further position Nigeria as a key player in the continent’s evolving financial markets.
source: The guardian
