Banks
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Jaiz Bank Plc | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| Nova Bank Limited | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| Optimus Bank Limited | Bbb- | Jun 30 , 2025 | Stable | Nigeria |
| FBNQuest Merchant Bank Limited | A- | Jun 30 , 2025 | Stable | Nigeria |
| Coronation Merchant Bank Limited | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| Providus Bank Limited | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| Globus Bank Limited | A- | Jun 30 , 2025 | Stable | Nigeria |
| FSDH Merchant Bank Limited | A(NGA) B-(FCY) |
Jun 30 , 2025 | Stable | Nigeria |
| Lotus Bank Limited | Bbb- | Jun 30 , 2025 | Stable | Nigeria |
| Parallex Bank Limited | Bb+ | Jun 30 , 2025 | Stable | Nigeria |
| Greenwich Merchant Bank Limited | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
| Access Bank Plc | Aa | Jun 30 , 2025 | Stable | Nigeria |
| Rand Merchant Bank Nigeria Limited | Aa | Jun 30 , 2025 | Stable | Nigeria |
| Wema Bank Plc | ‘Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
| United Bank for Africa Plc | Aa- | Dec 31 , 2024 | Stable | Nigeria |
Bank Bonds
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Wema Funding SPV Plc’s Series II ₦17.7 billion bond | A- | Sep 10 , 2025 | Stable | Nigeria |
| NOVAMBL Investments SPV Plc’s ₦10 Billion Bond | Bbb- | May 25 , 2025 | Stable | Nigeria |
| FBNQ MB Funding SPV Plc’s ₦8 Billion Bond | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
| Coronation MB Funding SPV Plc’s ₦25 billion Bond | Bbb- | Jun 25 , 2025 | Stable | Nigeria |
| Access Bank Plc’s ₦30 billion 7-year 15.5% Unsecured Notes | Aa- | Jun 30 , 2025 | Stable | Nigeria |
Corporates
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Dangote Industries Limited | A+ | Jun 30 , 2025 | Stable | Nigeria |
| Nigerian Breweries PLC | A+ | Jun 30 , 2025 | Stable | Nigeria |
| Flour Mills of Nigeria PLC | A- | Sep 30 , 2025 | Stable | Nigeria |
| Saro Lifecare Limited | A- | Jun 30 , 2025 | Stable | Nigeria |
| Jimcol Resources Nigeria Limited | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
| Coleman Technical Industries Limited | A- | Jun 30 , 2025 | Stable | Nigeria |
| Dangote Sugar Refinery PLC | A+ | Jun 30 , 2025 | Negative | Nigeria |
| MTN Nigeria Communications PLC | Aa+ | Jun 30 , 2025 | Negative | Nigeria |
| Zeenab Foods Limited | A | Jun 30 , 2025 | Stable | Nigeria |
| Lagos Free Zone Company | Bbb | Jun 30 , 2025 | Stable | Nigeria |
Corporate Bonds
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| LFZC Funding SPV Plc’s ₦25 Billion Bond | Aaa | Mar 16 , 2025 | Stable | Nigeria |
| LFZC Funding SPV Plc’s ₦10.5 Billion Bond | Aaa | Sep 16 , 2025 | Stable | Nigeria |
| LFZC Funding SPV Plc’s ₦17.5 Billion Bond | Aaa | Mar 16 , 2025 | Stable | Nigeria |
| River Jamieson SPV Limited’s ₦15.306 billion Series 1 and ₦2.25 billion Series 2 Bonds | A | Mar 14 , 2025 | Stable | Nigeria |
| River Jamieson SPV Limited’s ₦24.5 Billion Bond | Bbb | Dec 31 , 2024 | Stable | Nigeria |
| Sundry Foods Funding SPV PLC’s ₦2.5 bil+B47lion 5-Year 13.5% Fixed Rate Bond Due 2026 | A- | Dec 15 , 2024 | Stable | Nigeria |
| BUA Cement PLC’s ₦115 billion 7.5% Seven-Year Senior Unsecured Fixed Rate Bond Due 2027 | A+ | Dec 31 , 2024 | Stable | Nigeria |
| Flour Mills of Nigeria PLC’s ₦4.89 billion 5-Year 5.5% Fixed Rate Senior Unsecured Bond and ₦25 billion 7-Year 6.25% Fixed Rate Senior Unsecured Bond | A- | Dec 15 , 2024 | 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 Series II ₦20 billion Sukuk | Aa- | Sep 19 , 2025 | Stable | Nigeria |
| Family Homes Sukuk Issuance Program Plc’s Series I ₦10 billion Sukuk | Aa | Jul 15 , 2025 | Stable | Nigeria |
| Shelter Afrique | A+(ken)/ Aa-(ngr) |
Jun 30 , 2025 | Stable | Nigeria |
| Nigeria Mortgage Refinance Company Plc’s Series II ₦11 billion Bond | Aaa(NG) | Mar 13 , 2025 | Stable | Nigeria |
| Infrastructure Credit Guarantee Company Limited | Aaa | Jun 30 , 2025 | Stable | Nigeria |
| Family Homes Funds Limited | Aa- | Jun 30 , 2025 | Stable | Nigeria |
| Nigeria Mortgage Refinance Company Plc | Aa | Jun 30 , 2025 | Stable | Nigeria |
| Development Bank of Nigeria Plc | Aaa | Jun 30 , 2025 | Stable | Nigeria |
| DBN Series I Bond | Aaa | Apr 18 , 2025 | Stable | Nigeria |
Finance & Leasing
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Fast Credit Limited | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| Fewchore Finance Company Limited | Bbb- | Jun 30 , 2025 | Stable | Nigeria |
| Credit Direct Finance Company Limited | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
Funds
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Vetiva Money Market Fund | A+(f) | Nov 12 , 2025 | N/A | Nigeria |
| EDC Nigeria Money Market Fund | A+(f) | Oct 31 , 2025 | N/A | Nigeria |
| Legacy Money Market Fund | Aa-(f) | Sep 29 , 2025 | N/A | Nigeria |
| United Capital Money Market Fund | A+(f) | Aug 19 , 2025 | N/A | Nigeria |
| Coral Money Market Fund | A(f) | Aug 08 , 2025 | N/A | Nigeria |
| Zedcrest Money Market Fund | Bbb+(f) | Aug 08 , 2025 | N/A | Nigeria |
| GDL Money Market Fund. | Bbb+(f) | Jun 26 , 2025 | N/A | Nigeria |
| First Ally Money Market Fund. | A(f) | Jun 26 , 2025 | N/A | Nigeria |
| ValuAlliance Money Market Fund | A+(f) | May 22 , 2025 | N/A | Nigeria |
| AXA Mansard Money Market Fund | A+(f) | Dec 31 , 2024 | N/A | Nigeria |
| Chapel Hill Denham Money Market Fund | A+(f) | Apr 03 , 2025 | N/A | Nigeria |
| Zenith Money Market Fund | A(f) | Mar 19 , 2025 | N/A | Nigeria |
| Cordros Money Market Fund | A-(f) | Mar 14 , 2025 | N/A | Nigeria |
| Guaranty Trust Money Market Fund | A+(f) | Dec 31 , 2024 | N/A | Nigeria |
| First Trustees ARM Money Market Fund | Aa-(f) | Dec 31 , 2024 | N/A | Nigeria |
| Coronation Money Market Fund | A+(f) | Dec 20 , 2024 | N/A | Nigeria |
| Stanbic IBTC Money Market Fund | Aa-(f) | Dec 31 , 2024 | N/A | Nigeria |
| Page Money Market Fund | Bbb(f) | Dec 25 , 2024 | N/A | Nigeria |
| Anchoria Money Market Fund | Bbb-(f) | Dec 10 , 2024 | N/A | Nigeria |
Guarantee Companies
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Impact Credit Guarantee Limited | Aa- | Jun 30 , 2025 | Stable | Nigeria |
Investment Managers
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| FCMB Asset Management Limited | A-(IM) | Nov 24 , 2025 | Stable | Nigeria |
| Trium Limited | A-(IM) | Oct 27 , 2025 | Stable | Nigeria |
| Emerging Africa Asset Management Limited | BBB+(IM). | Aug 27 , 2025 | Stable | Nigeria |
| FSDH Asset Management Limited | BBB+(IM) | Aug 05 , 2025 | Stable | Nigeria |
| Quantum Zenith Asset Management and Investments Limited | A-(IM) | Aug 13 , 2025 | Stable | Nigeria |
| ARM Investment Managers Limited | AA(IM) | Aug 15 , 2025 | Stable | Nigeria |
| Vetiva Fund Managers Limited | A(IM) | Aug 04 , 2025 | Stable | Nigeria |
| CrusaderSterling Pensions Limited | A+(PFM) | Jun 05 , 2025 | Stable | Nigeria |
| PAC Asset Management Limited | BB+(IM) | Jun 02 , 2025 | Stable | Nigeria |
| CardinalStone Assset Management Limited | A(IM) | Apr 28 , 2025 | N/A | Nigeria |
| SCM Capital Asset Management | BBB+(IM) | Apr 29 , 2025 | N/A | Nigeria |
| ValuAlliance Asset Management Limited | A(IM) | Apr 14 , 2025 | N/A | Nigeria |
| AVA Global Asset Managers Limited | BBB(IM) | Feb 28 , 2025 | N/A | Nigeria |
| United Capital Asset Management Limited | A(IM | Dec 31 , 2024 | Stable | Nigeria |
| FCMB Asset Management Limited | A-(IM) | Dec 31 , 2024 | Stable | Nigeria |
| Chapel Hill Denham Management Limited | AA-(IM) | Jan 15 , 2025 | Stable | Nigeria |
| Coronation Asset Management Limited | A-(IM) | Dec 27 , 2024 | N/A | Nigeria |
| Stanbic IBTC Asset Management Limited | AA(IM) | Dec 31 , 2024 | Stable | Nigeria |
| Growth and Development Asset Management Limited | BBB+(IM) | Dec 31 , 2024 | Stable | Nigeria |
| First Ally Asset Management Limited | A-(IM) | Dec 26 , 2024 | Stable | Nigeria |
| FBNQuest Asset Management Limited | A+(IM) | Dec 31 , 2024 | Stable | Nigeria |
Insurance Companies
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Unitrust Insurance Company Limited | A- | Jun 30 , 2025 | Stable | Nigeria |
| Stanbic IBTC Insurance Limited | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
| Zenith General Insurance Company Limited | Aa- | Jun 30 , 2025 | Stable | Nigeria |
Microfinance Banks
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Addosser Microfinance Bank Limited | Bbb- | Jun 30 , 2025 | Stable | Nigeria |
| LAPO MFB SPV Plc’s Series II ₦6.2 Billion Bond | Bbb- | Mar 30 , 2025 | N/A | Nigeria |
| LAPO Microfinance Bank Limited | Bbb- | Jun 30 , 2025 | Stable | Nigeria |
| AB Microfinance Bank Limited | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
Mortgage Institutions
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| AG Mortgage Bank Plc | Bb+ | Jun 30 , 2025 | Stable | Nigeria |
| Abbey Mortgage Bank Plc | Bbb- | Jun 30 , 2025 | Stable | Nigeria |
| Living Trust Mortgage Bank Plc | Bbb- | Jun 30 , 2025 | Stable | Nigeria |
| Infinity Trust Mortgage Bank Plc | SR3 | Jan 19 , 2025 | Stable | Nigeria |
| Jubilee-Life Mortgage Bank Plc | SR 3 | Jan 16 , 2025 | N/A | Nigeria |
Municipals
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|
No Current Ratings
Municipal Bonds
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Kogi State Government's ₦5 billion Series 1 Bond | Bbb+ | Dec 29 , 2024 | Stable | Nigeria |
| Lagos Sate Government’s ₦97.3 billion Series II Tranches I-IV Bond | Aa- | Dec 31 , 2027 | Stable | Nigeria |
| Kogi State's 17% ₦3 Billion Bond | Bbb+ | Mar 31 , 2025 | 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 |
|---|---|---|---|---|
| Coronation Group Limited | A- | Jun 30 , 2025 | Stable | Nigeria |
| Coronation Registrars Limited | A- | Jun 30 , 2025 | Stable | Nigeria |
| Marathon Asset and Fund Management Limited | Bbb- | Jun 30 , 2025 | Stable | Nigeria |
| Afrinvest (West Africa) Limited | Bbb | Nov 30 , 2025 | Stable | Nigeria |
| Coronation Securities Limited | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
| Adino Global Markets Limited | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| Adino Capital Limited | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
| Parthian Partners Funding SPV ₦10 billion Bond | Bbb | Jul 27 , 2025 | Stable | Nigeria |
| Parthian Partners Limited | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| CardinalStone Financing SPV Plc’s Series I ₦5 billion Bond | Bbb+ | Dec 31 , 2024 | Stable | Nigeria |
| Marathon Asset and Fund Management Limited | Under Review | -- | Stable | Nigeria |
Sovereigns & Supranationals
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|
No Current Ratings
Trustee Firms
| COMPANY | RATING | EXPIRY | OUTLOOK | COUNTRY |
|---|---|---|---|---|
| Greenwich Trustees Limited | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| Coronation Trustees Limited | Bbb | Jun 30 , 2025 | Stable | Nigeria |
| UTL Trust Management Services Limited | Bbb+ | Jun 30 , 2025 | Stable | Nigeria |
