S&P Global has agreed to acquire a majority stake in Nigerian credit rating agency Agusto & Company Limited, marking a significant move to strengthen its footprint in Africa’s growing domestic debt markets.
The acquisition, announced on Tuesday, combines S&P Global Ratings’ international expertise with Agusto & Co.’s more than 30 years of experience in African credit markets. The partnership is expected to enhance credit transparency, improve market intelligence, and support the continued development of local capital markets across the continent.
Agusto & Co. currently operates in Nigeria, Kenya, Rwanda, and Ghana, providing credit ratings for banks, corporate organisations, insurance companies, investment firms, sovereign entities, and debt instruments. Since its establishment, the company has assigned more than 4,000 credit ratings, earning recognition as one of Africa’s leading domestic rating agencies.
President of S&P Global Ratings, Yann Le Pallec, said the acquisition underscores the company’s long-term commitment to Africa and its rapidly evolving debt markets.
He noted that combining S&P Global’s global analytical capabilities with Agusto & Co.’s deep understanding of African financial markets would strengthen domestic credit ratings, improve transparency, and boost investor confidence across the region.
Agusto & Co.’s Managing Director, Yinka Adelekan, described the deal as a landmark achievement for both the company and Africa’s capital markets.
According to Adelekan, the transaction fulfils the vision of the firm’s late founder to establish a strategic partnership with a leading global credit rating agency. He added that the collaboration would merge Agusto’s extensive regional expertise with S&P Global Ratings’ international resources and affiliate network, creating greater value for issuers, investors, regulators, and other market participants.
He said the partnership would also contribute to building more transparent, resilient, and efficient credit markets across Africa.
Despite the acquisition, Agusto & Co. will continue operating as an independent credit rating agency, retaining its own rating methodologies and analytical processes in line with regulatory requirements in the jurisdictions where it is licensed.
The transaction remains subject to regulatory approvals and other customary closing conditions. It is expected to be finalised in the second half of 2026.
Neither company disclosed the financial value of the deal. However, S&P Global stated that the acquisition is not expected to have a material impact on its overall financial performance.
The acquisition comes at a time when African governments and businesses are increasingly relying on domestic bond markets to fund infrastructure projects, corporate expansion, and broader economic development, fueling demand for credible local credit ratings and greater market transparency.
