S&P Global to acquire majority stake in Nigeria’s first credit rating agency

Global financial intelligence giant S&P Global is acquiring a majority stake in Agusto & Co., Nigeria’s first credit rating agency, in a deal that signals growing international confidence in Africa’s expanding capital markets.

The transaction, announced on Tuesday, will give S&P Global a stronger foothold in domestic credit markets across Africa while allowing Agusto & Co. to retain its independent ratings operations.

Financial terms of the deal were not disclosed. The acquisition remains subject to regulatory approvals and is expected to close in the second half of 2026.

Why the deal matters

For more than three decades, Agusto & Co. has been one of the most influential institutions in Nigeria’s financial sector, providing credit ratings for banks, insurance companies, corporations, investment firms, municipal and corporate bonds, as well as sovereign issuers across Africa.

Its ratings help investors assess the creditworthiness and default risk of borrowers, influencing lending decisions and the cost of raising capital.

The partnership gives S&P Global Ratings, a global leader in credit assessments covering governments and companies worldwide, a direct presence in African domestic ratings through an established regional player.

The move also reflects increasing international interest in African debt markets as governments and businesses seek to diversify sources of financing.

“We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa,” said Yann Le Pallec, President of S&P Global Ratings.

“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.”

Agusto to retain independence

Despite the change in ownership, Agusto & Co. said it will continue operating as a separate credit rating agency, maintaining its own methodologies and issuing ratings independently in accordance with regulatory requirements.

Managing Director Yinka Adelekan described the investment as the fulfilment of a long-held ambition for the company.

“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,” he said.

“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.”

Founded in 1992 by the late economist and chartered accountant Olabode Agusto, Agusto & Co. was Nigeria’s first indigenous credit rating agency.

Since then, it has assigned more than 4,000 ratings covering banks, corporates, insurance companies, investment managers, structured finance products, sovereigns and supranational institutions across Africa.

Beyond traditional credit ratings, the firm has also become a recognised player in sustainable finance. It is an approved verifier under the Climate Bonds Standard and is listed by the International Capital Market Association as an external reviewer for green, social, sustainability and sustainability-linked bonds.

The agency currently holds rating licences in Nigeria, Kenya, Rwanda and Ghana.

For S&P Global, the acquisition strengthens its ability to serve issuers and investors seeking deeper insights into African markets at a time when governments across the continent are increasingly turning to domestic debt markets and private capital to finance infrastructure, energy and industrial development.

The company said the transaction is not expected to have a material impact on its financial results.