Latest Ratings

Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Nova Bank Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
United Bank for Africa Plc Aa-/A1+ Dec 31 , 2026 Stable Nigeria
Union Bank of Nigeria Plc Bbb/A2 Jun 30 , 2026 Stable Nigeria
Parallex Bank Limited Bb+/B Jun 30 , 2026 Stable Nigeria
Coronation Merchant Bank Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Jaiz Bank Plc A-/A1 Jun 30 , 2026 Stable Nigeria
Providus Bank Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Access Bank Plc Aa/A1+ Jun 30 , 2026 Stable Nigeria
Merchant Bank Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
FSDH Merchant Bank Limited A(NGA)
B-(FCY)		 Jun 30 , 2026 Stable Nigeria
FBNQuest Merchant Bank Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Globus Bank Limited A/A1 Jun 30 , 2026 Stable Nigeria
Keystone Bank Limited B/B Jun 30 , 2026 Stable Nigeria
Greenwich Merchant Bank Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Rand Merchant Bank Nigeria Limited Aa/A1+ Jun 30 , 2026 Stable Nigeria
Wema Bank Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Optimus Bank Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
FCMB Limited A- Jun 30 , 2026 Stable Nigeria

Bank Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
NOVAMBL Investments SPV Plc’s ₦10 Billion Bond Bbb- May 20 , 2026 Stable Nigeria
Union Bank of Nigeria Plc’s ₦30 billion Bond Bbb- Jun 27 , 2026 Stable Nigeria
FBNQ MB Funding SPV Plc’s ₦8 billion Bond Bbb+ Jun 30 , 2026 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Benue Investment and Property Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Axxela Limited Aa- Jun 30 , 2026 Stable Nigeria
Zeenab Foods Limited A Jun 30 , 2026 Stable Nigeria
Nigerian Breweries PLC A+ Jun 30 , 2026 Stable Nigeria
Premium Cocoa Products (Ile-Oluju) Limited Bbb Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communication PLC Aa+ Jun 30 , 2026 Stable Nigeria
Cutix PLC Bbb+ Oct 31 , 2026 Stable Nigeria
Johnvents Industries Limited Bbb+ Jun 30 , 2026 Stable Nigeria
Payaza Africa Limited Bbb Jun 30 , 2026 Stable Nigeria
NGN Gram Limited Bbb Jun 30 , 2026 Stable Nigeria
Food Concepts PLC A Jun 30 , 2026 Stable Nigeria
Odu'a Investment Company Limited  Aa- Jun 30 , 2026 Stable Nigeria
UAC of Nigeria PLC A- Jun 30 , 2026 Stable Nigeria
Vitafoam Nigeria Plc A Mar 31 , 2026 Stable Nigeria
Lagos Free Zone Company Bbb Jun 30 , 2026 Positive Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 PLC's ₦16.4 billion Bond Aa- Apr 12 , 2026 Stable Nigeria
Axxela Funding 1 PLC's ₦11.5 Billion Bond Aa- May 20 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦17.1 Billion Bond A May 31 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦40.975 Billion Bond A- Mar 22 , 2026 Stable Nigeria
Aradel Holdings PLC's  ₦10.318 billion Bond Aa Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communications PLC’s ₦110,001,000,000 Series 1 Bond Aa+ Apr 30 , 2026 Stable Nigeria
LFZC Funding SPV PLC’s ₦25 billion Bond Aaa Mar 16 , 2026 Stable Nigeria
NCNI Limited's ₦13.2 Billion Bond A Feb 01 , 2026 Stable Nigeria
PAT Digital Infra Fund SPV PLC Aaa Feb 02 , 2026 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria

Development Finance Institution

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Family Homes Sukuk Issuance Program Plc's ₦10 Billion Bond Aa Jul 15 , 2026 Stable Nigeria
Nigeria Sovereign Investment Authority ‘Aaa (NGA)/ A1+ (NGA) Jun 30 , 2026 Stable Nigeria
Family Homes Sukuk Issuance Program Plc' ₦20 billion Ijara Lease Sukuk Aa Sep 15 , 2026 Stable Nigeria
Nigeria Mortgage Refinance Company Plc's Bond Aaa(NGA) Mar 15 , 2026 Stable Nigeria
Shelter Afrique’s Bonds Aa(ngr) Apr 20 , 2026 Stable Nigeria
Shelter Afrique A+(ken) /Aa-(ngr) Jun 30 , 2026 Stable Nigeria
Family Homes Funds Limited Aa/A1+ Jun 30 , 2026 Stable Nigeria
Nigeria Mortgage Refinance Company Plc Aa Jun 30 , 2026 Stable Nigeria
Development Bank of Nigeria Plc Aaa Jun 30 , 2026 Stable Nigeria
DBN’s Senior Unsecured Series I Bond Aaa Apr 18 , 2026 Stable Nigeria

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
C&I Leasing Plc's ₦10 Billion Bond A- Jun 30 , 2026 Stable Nigeria
C&I Leasing Plc Bbb/A2 Jun 30 , 2026 Stable Nigeria
FundQuest Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Fast Credit Finance Company Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Fewchore Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Credit Direct Finance Company Limited Bbb+ Jun 30 , 2026 Stable Nigeria
LECON Finance Company Limited A+ Jun 30 , 2026 Stable Nigeria

Funds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Meristem Money Market Fund A+(f). Nov 21 , 2026 N/A Nigeria
Guaranty Trust Money Market Fund Aa(f) Nov 04 , 2026 N/A Nigeria
Anchoria Money Market Fund A-(f) Nov 20 , 2026 N/A Nigeria
Vetiva Money Market Fund Aa-(f) Oct 27 , 2026 N/A Nigeria
Legacy Money Market Fund Aa-(f) Sep 25 , 2026 N/A Nigeria
Zedcrest Money Market Fun Bbb+(f) Aug 03 , 2026 N/A Nigeria
Coral Money Market Fund A(f) Aug 28 , 2026 N/A Nigeria
United Capital Money Market Fund A+(f) Aug 17 , 2026 N/A Nigeria
First Ally Money Market Fund A(f) Jun 01 , 2026 N/A Nigeria
GDL Money Market Fund Bbb+(f) Jun 30 , 2026 N/A Nigeria
CardinalStone Money Market Fund A(f) Jun 18 , 2026 Stable Nigeria
ValuAlliance Money Market Fund A+(f) May 26 , 2026 N/A Nigeria
RMBN Money Market Fund A-(f) May 13 , 2026 N/A Nigeria
Cordros Money Market Fund A-(f) Apr 02 , 2026 N/A Nigeria
Chapel Hill Denham Money Market Fund A+(f) Mar 25 , 2026 N/A Nigeria
Zenith Money Market Fund A(f) Mar 05 , 2026 N/A Nigeria
FSL Money Market Fund Bbb+(f) Feb 16 , 2026 N/A Nigeria

Guarantee Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Guarantee Limited Aa/A1+ Jun 30 , 2026 Stable Nigeria
Infrastructure Credit Guarantee Company Plc Aaa/A1+ Jun 30 , 2026 Stable Nigeria

Investment Managers

Our investment manager rating reflects our opinion on the risk management and investment capabilities of an asset management company. Our investment manager rating is NOT a credit assessment and does not express our opinion on the ability of a Manager to meet its financial obligations as and when due.
COMPANY RATING EXPIRY OUTLOOK COUNTRY
FCMB Asset Management Limited A(IM) Dec 01 , 2026 Stable Nigeria
CardinalStone Partners Limited A-/A1 Jun 30 , 2026 Stable Nigeria
RMB Nigeria Asset Management Limited A-(IM) Oct 06 , 2026 Stable Nigeria
ARM Investment Managers Limited AA(IM) Oct 21 , 2026 Stable Nigeria
Vetiva Fund Managers Limited A(IM) Sep 10 , 2026 Stable Nigeria
MBO Capital Management Limited A(IM) Aug 20 , 2026 Stable Nigeria
Africa Plus Partners Nigeria Limited A(IM) Aug 28 , 2026 N/A Nigeria
Quantum Zenith Asset Management A-(IM) Sep 04 , 2026 Stable Nigeria
CrusaderSterling Pensions Limited AA-(PFM) Aug 28 , 2026 Stable Nigeria
FSDH Asset Management Limited A-(IM) Aug 28 , 2026 Stable Nigeria
Emerging Africa Asset Management Limited A-(IM) Aug 14 , 2026 Stable Nigeria
CardinalStone Asset Managers Limited A(IM) Jun 18 , 2026 Stable Nigeria
ValuAlliance Asset Management Limited A+(IM) Jun 05 , 2026 Stable Nigeria

Insurance Companies

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Universal Insurance Plc Bbb-/A3 Jun 30 , 2026 Stable Nigeria
Coronation Life Assurance Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Mutual Benefits Assurance Plc Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Cornerstone Insurance Plc A-/A1 Jun 30 , 2026 Stable Nigeria
Coronation Insurance Plc Bbb/A2 Jun 30 , 2026 Stable Nigeria
Unitrust Insurance Company Limited A/A1 Jun 30 , 2026 Stable Nigeria
Stanbic IBTC Insurance Limited A-/A1 Jun 30 , 2026 Stable Nigeria
SUNU Assurances Nigeria Plc A-/A1 Jun 30 , 2026 Stable Nigeria
Heirs General Insurance Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Heirs Life Assurance A/A1 Jun 30 , 2026 Stable Nigeria
Zenith General Insurance Company Limited Aa-/A1+ Jun 30 , 2026 Stable Nigeria

Microfinance Banks

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Addosser Microfinance Bank Limited  Bbb/A2 Jun 30 , 2026 Stable Nigeria
ACTB Savings and Loans SL Limited Bbb(SL) / A2(SL) Jun 30 , 2026 Stable Sierra Leone
Advans La Fayette Microfinance Bank Limited Bbb-/A3 Jun 30 , 2026 Stable Nigeria
Infinity Microfinance Bank Limited Bbb Jun 30 , 2026 Stable Nigeria
DavoDani Microfinance Bank Limited Bbb- Jun 30 , 2026 Stable Nigeria
LAPO Microfinance Bank Limited Bbb- Jun 30 , 2026 Stable Nigeria

Mortgage Institutions

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Abbey Mortgage Bank Plc Bbb-/A3 Jun 30 , 2026 Stable Nigeria

Municipals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Municipal Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Lagos Sate Government’s ₦97.3 billion Series II Tranches I-IV Bond Aa- Dec 31 , 2027 Stable Nigeria
Bauchi State's 16.5% ₦10.4 Billion Bond (Formerly ₦15 Billion Bond) Bbb+ Dec 31 , 2026 Stable Nigeria

Securities & Investment Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
TrustBanc Holdings Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Afrinvest (West Africa) Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Cowry Asset Management Limited Bb+/B Jun 30 , 2026 Stable Nigeria
Coronation Registrars Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Coronation Group Limited A-/A1 Jun 30 , 2026 Stable Nigeria
United Capital Plc A-/A1 Jun 30 , 2026 Stable Nigeria
Comercio Partners Limited Bbb-/A3 Jun 30 , 2026 Stable Nigeria
Lotus Capital Limited A-/A1 Jun 30 , 2026 Stable Nigeria
CardinalStone Partners Limited A-/A1 Jun 30 , 2026 Stable Nigeria
 First Ally Capital Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
MBO Capital Management Limited Bbb- Jun 30 , 2026 Stable Nigeria

Sovereigns & Supranationals

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Federal Republic of Nigeria B+ Jul 16 , 2026 Stable Nigeria

Trustee Firms

COMPANY RATING EXPIRY OUTLOOK COUNTRY
UTL Trust Management Services Limited A-/A1 Jun 30 , 2026 Stable Nigeria
Coronation Trustees Limited A2/Bbb Jun 30 , 2026 Stable Nigeria

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Rwanda

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Ghana

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Download Methodology

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
C&I Leasing Plc's ₦10 Billion Bond A- Jun 30 , 2026 Stable Nigeria
C&I Leasing Plc Bbb/A2 Jun 30 , 2026 Stable Nigeria
FundQuest Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Fast Credit Finance Company Limited Bbb+/A2 Jun 30 , 2026 Stable Nigeria
Fewchore Finance Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Credit Direct Finance Company Limited Bbb+ Jun 30 , 2026 Stable Nigeria
LECON Finance Company Limited A+ Jun 30 , 2026 Stable Nigeria
Download Methodology

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Benue Investment and Property Company Limited Bbb/A2 Jun 30 , 2026 Stable Nigeria
Axxela Limited Aa- Jun 30 , 2026 Stable Nigeria
Zeenab Foods Limited A Jun 30 , 2026 Stable Nigeria
Nigerian Breweries PLC A+ Jun 30 , 2026 Stable Nigeria
Premium Cocoa Products (Ile-Oluju) Limited Bbb Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communication PLC Aa+ Jun 30 , 2026 Stable Nigeria
Cutix PLC Bbb+ Oct 31 , 2026 Stable Nigeria
Johnvents Industries Limited Bbb+ Jun 30 , 2026 Stable Nigeria
Payaza Africa Limited Bbb Jun 30 , 2026 Stable Nigeria
NGN Gram Limited Bbb Jun 30 , 2026 Stable Nigeria
Food Concepts PLC A Jun 30 , 2026 Stable Nigeria
Odu'a Investment Company Limited  Aa- Jun 30 , 2026 Stable Nigeria
UAC of Nigeria PLC A- Jun 30 , 2026 Stable Nigeria
Vitafoam Nigeria Plc A Mar 31 , 2026 Stable Nigeria
Lagos Free Zone Company Bbb Jun 30 , 2026 Positive Nigeria
Download Methodology

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 PLC's ₦16.4 billion Bond Aa- Apr 12 , 2026 Stable Nigeria
Axxela Funding 1 PLC's ₦11.5 Billion Bond Aa- May 20 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦17.1 Billion Bond A May 31 , 2026 Stable Nigeria
NEN Infrastructure Limited's ₦40.975 Billion Bond A- Mar 22 , 2026 Stable Nigeria
Aradel Holdings PLC's  ₦10.318 billion Bond Aa Jun 30 , 2026 Stable Nigeria
MTN Nigeria Communications PLC’s ₦110,001,000,000 Series 1 Bond Aa+ Apr 30 , 2026 Stable Nigeria
LFZC Funding SPV PLC’s ₦25 billion Bond Aaa Mar 16 , 2026 Stable Nigeria
NCNI Limited's ₦13.2 Billion Bond A Feb 01 , 2026 Stable Nigeria
PAT Digital Infra Fund SPV PLC Aaa Feb 02 , 2026 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria
Download Methodology