Rating Release

 Agusto & Co. hereby assigns a “Bbb+” rating to Adino Capital Limited with a stable outlook

 The rating expires on 30 June 2025

Agusto & Co. hereby assigns a “Bbb+” rating to Adino Capital Limited (“Adino Capital”, “ACL” or “the Company”). The rating reflects Adino Capital’s good asset quality and liquidity and funding profile upheld by a conservative investment risk appetite and focus on stable funding sources. The rating is also supported by the Company’s experienced and competent management team who have demonstrated ability to select prime investments and raised ACL to one of the top alternative and traditional investment holding firms in Nigeria by size of asset under management. However, the rating is constrained by Adino Capital’s considerable reliance on volatile income sources and the significant concentration in ultimate beneficial ownership.

Adino Capital is a self-regulated investment holding company that commenced operations in 2017 and focuses on managing proprietary investments in alternative and traditional asset classes.