Rating Release

Agusto & Co. hereby affirms the “Bbb-“ rating assigned to Continental Transfert Technique Limited with a Stable Outlook

The rating expires on 31-08-22

Agusto & Co. hereby affirms the “Bbb-“ rating assigned to Continental Transfert Technique Limited (“CTTL” or “the Company”). The assigned rating reflects the Company’s good profitability and strong cash-generating capacity as well as a stable, qualified and experienced management team. In addition, CTTL operates in a niche technology market with a longstanding contractual relationship with the Federal Government of Nigeria (FGN) as the sole provider of the Combined Expatriate Residence Permit and Alien Cards (CERPAC) for and on behalf of the Nigerian Immigration Service. However, the Company’s performance in the period under review was constrained by rising intercompany receivables especially interest-free Loans to Directors, high finance cost, concentrated ownership structure and corporate governance framework which requires improvement.

Continental Transfert Technique Limited is a member of the Contec Global Group (“Contec Global” or “the Group”) offering different security technology solutions for e-governance and the authentication of people, objects and documents. The Company’s flagship project in Nigeria which it has operated since 1999 was based on a contract awarded by the Federal Government of Nigeria (“FGN”) through the Ministry of Internal Affairs (now Ministry of Interior). The contract was to develop the Combined Expatriate Residence Permit and Alien Cards (CERPAC) Scheme to provide highly secure documents and cards for the identification and tracking of foreign national residents in Nigeria.

The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.