Agusto & Co. Upgrades Axxela To ‘Aa-’

Axxela Limited, a leading gas and power portfolio company in sub-Saharan Africa, has received an upgrade in its corporate credit rating from ‘A’ to ‘Aa-’ by Agusto & Co., with a Stable Outlook.

This rating upgrade also applies to the N11.5 billion and ₦16.4 billion bond issuance programmes by Axxela Funding 1 Plc, reflecting the Group’s strong credit quality and capacity to meet its financial obligations.

In its report, Agusto & Co. noted that the rating upgrade directly reflects Axxela’s strong and sustained financial performance. The agency highlighted Axxela’s prudent balance sheet management, with moderate leverage, healthy working capital, and efficient funding structures. This is further reinforced by the company’s continuous investment in natural gas infrastructure in Lagos, Sagamu, and Port Harcourt, as well as its planned expansion across several industrial hubs in Nigeria and the region, and its growing role in power development.

Speaking on the new rating, the group chief executive officer of Axxela, Timothy Ononiwu, said, “This recognition by Agusto & Co. is a strong endorsement of our strategy and execution. It reflects confidence in our financial discipline, infrastructure investments, and long-term vision. As we expand our footprint, we remain focused on building a resilient enterprise that drives industrial growth in Nigeria and continues contributing to the region’s energy transition agenda.”

Also reflecting on the upgrade, the head of Corporate Finance & Treasury Management, Yetunde Demuren, noted, “In today’s challenging climate, this upgrade is a testament to our prudent capital management and robust treasury practices. It reinforces our ability to deliver value to all our stakeholders consistently”.

The new ‘Aa-’ rating places Axxela amongst the highest-rated corporates in Nigeria’s energy sector. With a robust project pipeline, strong regional partnerships, and a restructured business model, Axxela is well-equipped to deliver sustainable growth and deepen its impact across West Africa’s energy landscape.