Rating Release

Agusto & Co. affirms the ‘Aa’ long term and ‘A1+’ short term rating assigned to Rand Merchant Bank Nigeria Limited, with a stable outlook 

The rating expires on 30 June 2026. 

Agusto & Co. affirms the “Aa” (long term) and “A1+” (short term) rating assigned to Rand Merchant Bank Nigeria Limited (‘RMBN’ or ‘the Bank’) reflecting membership of the FirstRand Group, a Pan-African financial services provider with a R2.5 trillion ($135.2 billion @ R18.8/$) asset base as at 31 December 2024. FirstRand Group provides technical, governance and funding support to RMBN. The ₦16 billion capital injection by FirstRand Group during the year under review reinforced the strong shareholders’ support and the Bank’s good capitalisation. Similarly, RMBN’s good profitability, good liquidity profile and cautious credit risk management framework were considered in the assigned rating. However, the lingering concentration in the loan book and deposit liabilities and the weak macroeconomic environment offset the positive rating factors. We have also affirmed the ‘2’ ESG score, denoting that environmental, social and governance issues have minimal contributions to the Bank’s credit risk.