S&P Global Acquires Majority Stake In Nigerian Ratings Firm, Agusto & Co
S&P Global has acquired a majority stake in the Nigerian credit ratings agency Agusto & Co. to expand its footprint in the African market. The deal aims to improve transparency in local credit markets across the continent.
Why it matters
This acquisition represents a significant move by a major global financial institution to integrate more deeply into African domestic credit markets.
S&P Global said Tuesday it had acquired a majority stake in Lagos-based credit ratings agency Agusto & Co. to expand its presence in Africa’s domestic credit ratings market.
The acquisition comes as African leaders and finance ministers argue the world’s leading credit ratings agencies overstate political and economic risks across the continent, raising borrowing costs and constraining economic growth.
Global ratings agency S&P said the investment would support the growth strategy of its African business, for which it currently depends primarily on its South African office.
Agusto & Co., founded in 1992 by Nigerian economist Olabode Agusto, operates in Nigeria, Kenya, Ghana and Rwanda.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in