S&P Global Buys Majority Stake in Agusto Rating Firm

By Adedapo Adesanya

S&P Global has agreed to acquire a majority stake in Agusto & Co., a leading Pan-African rating agency with operations in Nigeria, Kenya, Rwanda and Ghana.

The investment, a strategic step for both companies, will complement and support the growth strategy of the S&P Global Ratings division in Africa. The terms of the transaction were not disclosed.

The company said in a statement on Tuesday that by combining S&P Global’s international expertise and resources with Agusto & Co.’s strong Pan-African presence and reputation for excellence, the partnership aims to expand market insights, strengthen credit transparency, and support market participants across the region.

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

“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,” said Yinka Adelekan, Managing Director of Agusto & Co.

“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.”

Agusto & Co. is a leading Pan-African credit rating agency with a strong presence in Nigeria and other key African markets, rating financial institutions, corporates and other entities. Following the transaction, Agusto & Co. will continue to operate as a separate ratings entity and issue its own credit ratings and methodologies in accordance with applicable regulatory requirements.

The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.

Subject to obtaining all required regulatory approvals, the transaction is expected to close during the second half of 2026.

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

Agusto & Co. was founded in 1992 by the late Nigerian economist and chartered accountant, Mr Olabode (Bode) Agusto. It was established as the first credit rating agency in Nigeria.

Mr Agusto, who served as the firm’s first managing director for 11 years, died in October 2023.