Rating Release
The rating expires on 11 January 2023
Agusto & Co hereby assigns an SR4 servicer rating to Jigawa Savings & Loans Limited
Agusto & Co. hereby assigns Jigawa Savings and Loans Limited (“Jigawa Savings & Loans”, “JSL” or “the Servicer”) an “SR4” rating. The rating is supported by an experienced management team and a satisfactory asset administration process. The rating is, however, constrained by weak corporate governance practice, inadequate collection process, weak risk management structure and manual credit administration processes and document management systems. Jigawa Savings & Loans’ information technology infrastructure and business continuity plan also require improvement.
The Servicer, which was incorporated in 1999, is licensed as a primary mortgage institution by the Central Bank of Nigeria (CBN). Jigawa Savings & Loans provides residential mortgage financing and other loan services largely to the staff of the Jigawa State Government. JSL is owned by the Jigawa State Government (86%) and the 27 local government areas in the State (14%).
