S&P Acquires Majority Stake in Agusto & Co. to Deepen African Presence

• Deal will foster informed analysis, market dialogue, says ratings agency 

•Agusto: Move is in fulfilment of our late founder’s vision

Emmanuel Addeh in Abuja and Nume Ekeghe in Lagos

S&P Global has agreed to acquire a majority stake in Agusto & Company Limited (Agusto & Co.), one of Africa’s leading credit rating agencies, in a move aimed at expanding its footprint in the continent’s domestic debt markets and strengthening credit transparency across Africa.

The transaction, announced in a joint statement yesterday, will bring together S&P Global Ratings’ international expertise and Agusto & Co.’s extensive Pan-African market experience. Agusto & Co. currently operates in Nigeria, Kenya, Rwanda and Ghana.

According to the companies, the investment represents a strategic step that will complement the growth strategy of S&P Global Ratings in Africa by combining S&P Global’s global resources with Agusto & Co.’s established regional presence to expand market insights, enhance credit transparency and support market participants across the continent.

Commenting on the transaction, President of S&P Global Ratings, Yann Le Pallec, said the deal will foster informed analysis, constructive market dialogue, and greater investor confidence both regionally and internationally.

“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,” the S&P chief executive stated.

For her part, the Managing Director of Agusto & Co., Yinka Adelekan, described the partnership as a landmark development for the company and Africa’s capital markets.

“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.

Agusto & Co. is one of Africa’s foremost credit rating agencies, providing ratings for financial institutions, corporates and other entities across the continent. Since its establishment more than three decades ago, the firm has assigned over 4,000 ratings covering banks, insurance companies, finance and leasing firms, mortgage institutions, investment managers, sovereigns, municipal bonds, corporate bonds and other debt instruments.

The agency is licensed to operate in Nigeria, Kenya, Rwanda and Ghana. It is also an Approved Verifier under the Climate Bonds Standard for green bonds, projects and assets in Africa and is recognised by the International Capital Market Association (ICMA) as an External Reviewer providing Second Party Opinions on sustainable finance instruments.

On the other hand, S&P Global is one of the world’s leading providers of credit ratings, market intelligence, benchmarks and financial data. Through S&P Global Ratings, the company assesses the creditworthiness of sovereigns, corporations, financial institutions and structured finance instruments across global markets, with its ratings widely used by investors, lenders and regulators in making investment and risk management decisions.

The company also operates businesses spanning commodities, mobility, indices and financial market analytics.

Following completion of the transaction, the statement stressed that Agusto & Co. will continue to operate as a separate ratings entity and will issue its own credit ratings and methodologies in line with applicable regulatory requirements.

However, the acquisition remains subject to customary closing conditions, including regulatory approvals. Financial terms of the transaction were not disclosed, while completion is expected during the second half of 2026.

S&P Global said the transaction is not expected to have a material impact on the financial results of either the company or S&P Global Ratings.