S&P Eyes Nigeria’s Foremost Rating Agency, Agusto & Co.

Global credit ratings giant S&P Global has moved to deepen its footprint in Africa’s domestic debt markets with an agreement to acquire a majority stake in Nigeria’s foremost credit rating agency, Agusto & Company Limited, in a deal expected to strengthen credit transparency and boost investor confidence in Nigeria and across the African continent.

The proposed acquisition, announced on Tuesday, will combine S&P Global Ratings’ international expertise with Agusto & Co.‘s more than three decades of experience in Africa’s credit rating industry, positioning both institutions to support the continued development of local capital markets.

Agusto & Co., which originated from Nigeria and operates beyond the country to Kenya, Rwanda and Ghana, is one of Africa’s leading credit rating agencies, providing ratings on financial institutions, corporates and other entities. Under the arrangement, the company will continue to operate as an independent ratings agency, issuing its own credit ratings and methodologies in line with applicable regulatory requirements.

President of S&P Global Ratings, Yann Le Pallec, said the investment underscores the company’s long-term commitment to strengthening domestic credit markets across Africa.

“We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa. This transaction underscores our commitment to supporting growth and transparency in local credit markets throughout the continent. Africa’s opportunity is extraordinary, and by combining our global expertise with Agusto & Co.’s deep local insights, together we can foster informed analysis, constructive market dialogue, and greater investor confidence both regionally and internationally,” he said.

Also commenting on the development, managing director of Agusto & Co., Yinka Adelekan, described the transaction as a landmark moment for both the company and the African capital market ecosystem.

“This partnership is a transformational milestone for Agusto & Co. and African capital markets, fulfilling our late founder’s vision of affiliating with a leading global rating agency.

“For more than 30 years, we have built a trusted credit rating institution across Africa. By combining our deep Pan-African market knowledge and analytical independence with S&P Global Ratings’ global expertise, resources and affiliate network, we believe this partnership will create new opportunities, enhance value for market participants, and support the continued development of transparent and resilient credit markets across the continent,” Adelekan stated.

Industry stakeholders believe the transaction could further enhance the credibility of African debt markets by improving access to globally recognised credit assessment standards while preserving local market expertise.

The partnership is also expected to support issuers and investors through expanded market insights and stronger analytical capabilities, at a time when African economies are seeking to attract more long-term domestic and international capital.

According to S&P Global, the transaction remains subject to customary closing conditions, including regulatory approvals. Financial terms of the deal were not disclosed.

The company expects the acquisition to be completed in the second half of 2026, adding that the investment is not expected to have a material impact on the financial performance of either S&P Global or its ratings division.