Rating Release
Agusto & Co. affirms the “A-“ rating assigned to African Non-Ferrous Industries Limited, with a stable outlook
The rating expires on 30 June 2026.
Agusto & Co. hereby affirms the “A-” rating assigned to African Non-Ferrous Industries Limited (‘ANFIL’ or ‘the Company’). The rating affirmation reflects our expectation of stable earnings and cash flows for ANFIL, recognising that the exceptional gains recorded in 2024, primarily from translation of export proceeds, have not occurred in 2025 as exchange rates have remained relatively stable. This outlook also factors in the anticipated operational disruptions from the scheduled kiln turnaround maintenance in the first half of 2025. The rating is supported by the Company’s low leverage metrics, good profitability, stable and experienced management team and strong technical and financial support from the African Industries Group (AIG)[1]. However, the rating is constrained by ANFIL’s governance structure that requires further strengthening in line with best practices, its exposure to volatility in the global commodities market and the substantial intercompany receivables that continue to weigh on the Company’s short-term funding buffer.
African Non-Ferrous Industries Limited is one of Nigeria’s leading producers and exporters of high-purity refined lead. The Company is part of the African Industries Group (AIG), a diversified conglomerate with operations across several sectors in Nigeria. ANFIL operates a fully integrated lead manufacturing plant in Ogijo, Ogun State, with an installed capacity of 40,000 metric tonnes per annum. ANFIL generates revenue predominantly from the sale of refined lead to commodity trading and metal manufacturing companies in North America, the Middle East, Asia and Europe, largely under off-take agreements. As a result, about 95% of the Company’s revenue is earned in foreign currency.
[1] AIG is a leading player in the metals manufacturing industry in Nigeria with its long track record of business operation and a well-diversified portfolio of industrial products in Nigeria