S&P Global buys majority stake in Nigeria’s  Agusto & Co

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•Move to deepen Africa’s debt markets, boost credit transparency

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By Babajide Komolafe

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S&P Global has agreed to acquire a majority stake in Agusto & Company Limited, a leading Pan-African credit rating agency, in a move aimed at strengthening its presence in Africa’s domestic debt markets and enhancing credit transparency across the continent.

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The transaction, which is subject to regulatory approvals, will support the expansion strategy of S&P Global Ratings in Africa by combining its global expertise with Agusto & Co.’s established operations in Nigeria, Kenya, Rwanda and Ghana.

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Commenting on the development, President of S&P Global Ratings, Yann Le Pallec, said the acquisition reflects the company’s long-term commitment to Africa’s capital markets.

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“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,” he said.

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Le Pallec added: “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.”

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Managing Director of Agusto & Co., Yinka Adelekan, described the partnership as a landmark achievement for the company and African capital markets.

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“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,” Adelekan said.

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He added: “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.”

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Following completion of the transaction, Agusto & Co. will continue to operate as an independent ratings entity, issuing its own credit ratings and methodologies in line with applicable regulatory requirements.

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The deal is expected to close in the second half of 2026 after obtaining the required regulatory approvals. Financial terms of the transaction were not disclosed.

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