Agusto & Co. hereby maintains the “SR3” servicer rating assigned to Citihomes Finance Company Limited
The rating expires on 24 November 2023
Agusto & Co. hereby maintains the “SR3” rating assigned to Citihomes Finance Company Limited (‘Citihomes’ or ‘the Servicer’). The rating is supported by the Servicer’s adequate governance structure and experienced management team, satisfactory loan administration and collection processes and adequate asset administration process. However, the rating is constrained by exit of key personnel with inadequate succession planning, manual credit administration process and the largely untested recovery framework.
Citihomes is a wholly owned subsidiary of the DLM Capital Group (‘the Group’) and is licensed as a finance company by the Central Bank of Nigeria (CBN). The Servicer provides Funds Management, Programme/Conduit Management, Asset Finance, Project Finance, Local and International Trade Finance, Debt Securitisation and Administration, Warehouse Receipt Finance, Loan Syndication and Financial Consultancy services.