Rating Release
Agusto & Co. hereby upgrades the rating assigned to Africa Plus Partners Nigeria Limited (“APPNL” or “the Manager”) to A(IM).
The rating expires on 28 August 2026.
Agusto & Co. hereby upgrades the rating assigned to Africa Plus Partners Nigeria Limited (“APPNL” or “the Manager”) to ‘A(IM)’. The rating upgrade reflects the improvement in the governance framework with the establishment of distinct control and audit functions, the appointment of an independent director to chair the board of directors, as well as the expansion of internal capacity to meet the growing assets under management. The rating also reflects APPNL’s qualified and experienced decision-making committees, well-documented investment and risk management policies, a robust deal screening and selection process with support from a reputable third party. The rating is, however, constrained by sub-optimal board committee composition and overlapping functions across key teams.