Rating Release 

Agusto & Co. upgrades TAJBank Sukuk Issuance Programme SPV Plc’s Series II ₦57 billion perpetual Mudarabah Sukuk to ‘Bbb+’, with a “stable” outlook. 

The rating expires on 23 December 2026

Agusto & Co. upgrades TAJBank Sukuk Issuance Programme SPV Plc’s (“the Issuer” or “the Rab-al-Maal”) Series II ₦57 billion perpetual Mudarabah Sukuk (“the Issue” or “the Sukuk”) rating to “Bbb+”. The rating reflects adequate capacity to meet the principal and rental income obligations relating to the Sukuk, relative to other debt instruments in Nigeria. The rating is a notch lower than TAJBank Limited’s (“the Bank” or “TAJBank” or “the Sponsor” or “the Mudarib”) stand-alone rating of ‘A-’ assigned by Agusto & Co., given its subordinated status relative to other senior debt obligations of the Bank. The Sponsor’s good profitability, growing market share in Nigeria’s non-interest banking segment, good shareholders’ support and adequate refinancing capacity are positive rating factors. However, offsetting the rating are the concentration in the financing portfolio and the rising volume of strained (stage 2 and 3) financing contracts.