Rating Release
Agusto & Co. hereby assigns an A-(IM) rating to RMB Nigeria Asset Management Limited (“RMBN AML” or “the Manager”).
The rating expires on 6 October 2026.
Agusto & Co. hereby assigns an ‘A-(IM)’ rating to RMB Nigeria Asset Management Limited (‘RMBN AML’ or ‘the Manager’). The rating reflects the Manager’s good research capabilities, experienced decision-making committee members and documented investment and risk management processes. The rating is also upheld by RMBN AML’s membership of the FirstRand Group – a financial services group with operations across Africa and support from Rand Merchant Bank Nigeria (‘the Bank’). However, the rating is tempered by the lean structure of the portfolio management team and inadequate segregation of duties, with the Managing Director doubling as the Chief Investment Officer. We have also taken into consideration the Manager’s business model, which is tilted towards institutional clients and the impact that this can have on AuM growth and stability.
