Rating Release

Agusto & Co. assigns a “Bbb+“ rating to Greenpeg Nigeria Limited, with a stable outlook. 

The rating expires on 30 June 2027. 

Agusto & Co. hereby assigns “Bbb+” (long-term) and “A2” (short-term) ratings to Greenpeg Nigeria Limited (“Greenpeg”, “GNL” or “the Company”). The ratings reflect GNL’s good profitability, adequate working capital and satisfactory cash flow generation, underpinned by its expanding engineering, fabrication and switchgear assembly capabilities. The Company’s well-diversified revenue profile, supported by its extensive client base spanning power, oil and gas, manufacturing and infrastructure sectors, provides a relatively broad and stable demand base. In addition, Greenpeg’s ongoing localisation strategy further strengthens its competitive positioning by reducing import dependency and enhancing resilience to foreign exchange volatility and supply chain disruptions. Notwithstanding these strengths, the ratings remain constrained by the Company’s relatively weak governance framework, alongside elevated receivables levels that continue to weigh on working capital management.

Greenpeg Nigeria Limited (GNL) is an indigenous engineering procurement and technical services company incorporated in Nigeria in 2009. The Company supplies industrial spare parts and provides technical support to operators in the oil & gas, power, food & beverages, packaging, utilities, water, and wastewater industries. Its services span multiple stages of the industrial lifecycle, including system design, equipment supply, installation, commissioning, calibration, maintenance, troubleshooting, retrofitting, repairs, and technical support. GNL has executed projects across Nigeria, Ghana, Sierra Leone, Guinea, Cameroon, Angola, Kenya, Tanzania, the United States of America, and Guyana. In 2025, the Company made a strategic shift by reducing its involvement in equipment sourcing and brokerage services. Previously, Greenpeg assisted clients in identifying, procuring and importing specialised industrial and electrical components directly from original equipment manufacturers (OEMs) and international suppliers, earning revenue through sales mark-ups and commissions. The Company has now redirected its focus toward delivering engineering and technical support services, which provide stronger margins and greater value to its clients.