Agusto & Co Upgrades Globus Bank’s Credit Rating to “A”

Oluchi Chibuzor

Globus Bank Limited has announce the recent upgrade of its credit ratings by two leading agencies – Agusto & Co. and GCR Ratings – reinforcing the Bank’s strong financial fundamentals, prudent risk management, and commitment to sustainable growth.

Agusto & Co. upgraded the Bank’s Investment Grade rating from “A-”to “A” with an ESG score of 3. The long-term rating upgrade from“A-” to “A”, along with a Short-Term Rating of “A1” by Agusto & Co., reflects the bank’s strong asset quality, underpinned by a conservative approach to credit risk. The agency also highlighted robust shareholder support, healthy capitalisation, sound liquidity, and consistent profitability as key strengths. An ESG Score of 3 further underscores Agusto & Co.’s view that environmental, social, and governance considerations are material to the Bank’s credit profile.

Global Credit Ratings’ (GCR) also upgraded the Bank’s rating from “BBB-(NG)” to “BBB(NG)”, with a Stable Outlook, was driven by improved competitive positioning, stronger earnings performance, enhanced capital buffers, and sound asset quality. The Stable Outlook reflects expectations of sustained business growth supported by strong governance and disciplined risk management.

Speaking on the development, Mr. Elias Igbinakenzua, MD/CEO of Globus Bank, stated: “We are excited at the recent credit rating upgrades from foremost rating agencies Agusto & Co. and GCR. These upgrades reflect the disciplined execution of our strategy and the strength of our brand promise – to deliver superior value to all stakeholders. Since inception, we’ve focused on doing the fundamentals exceptionally well – building strong corporate relationships, maintaining prudent risk practices, and growing organically. This recognition underscores our sound governance, capital strength, and consistent performance. With these enhanced ratings, we are better positioned to deepen stakeholder trust and accelerate our journey towards becoming Nigeria’s most preferred financial services provider.”

Globus Bank successfully raised N52.9 billion in 2024, increasing its core capital to N98.6 billion at the end of the 2024 financial year. In 2025, the Bank further raised an additional N102 billion through rights issues and private placements, in line with the Central Bank of Nigeria’s N200 billion minimum capital requirement for a national commercial bank