S&P Global to Acquire Majority Stake in Nigeria’s First Credit Rating Agency Agusto & Co.

S&P Global Inc. has agreed to acquire a majority stake in Agusto & Co, Nigeria’s first credit rating agency and a leading Pan-African player, in a move that significantly expands the global ratings giant’s presence in Africa’s fast-growing local debt markets.

The transaction, announced on July 28, 2026, will combine S&P Global Ratings’ international expertise with Agusto & Co.’s strong on-the-ground presence and deep regional knowledge. Agusto & Co. operates in Nigeria, Kenya, Rwanda, and Ghana and has issued more than 4,000 ratings on banks, corporates, bonds, and other entities across the continent since its founding in 1992.

Following the deal, Agusto & Co. will continue to operate as a standalone ratings entity, issuing its own credit ratings and maintaining independent methodologies in line with local regulatory requirements. Financial terms were not disclosed. The transaction is subject to regulatory approvals and is expected to close in the second half of 2026. S&P Global said the deal is not expected to have a material impact on its financial results.

“This partnership is a transformational milestone for Agusto & Co. and African capital markets,” 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 with S&P Global Ratings’ global expertise, resources and affiliate network, we believe this partnership will create new opportunities and support the continued development of transparent and resilient credit markets across the continent.”

Yann Le Pallec, President of S&P Global Ratings, added: “We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa. 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 move closely mirrors Moody’s strategy with Global Credit Rating Company (GCR). Moody’s acquired a 51% majority stake in GCR in 2022 and completed a full buyout in 2024. GCR, another major player with operations in Nigeria and several other African countries, continues to issue its own ratings as a Moody’s affiliate.

Agusto & Co. holds the distinction of being Nigeria’s first credit rating agency. Licensed by the Securities and Exchange Commission (SEC) in 2001, it pioneered the domestic ratings industry in the country alongside later entrants DataPro and GCR.