Rating Release 

Agusto & Co. hereby upgrades the rating assigned to Afrinvest Group to “Bbb” with a stable outlook 

The rating expires on 30 June 2025 

Agusto & Co. hereby upgrades the rating assigned to Afrinvest Group (“the Group”) to “Bbb”. The upgrade reflects the Group’s established brand in the Nigerian financial services industry, which supports the ability to drive business volumes across the operating entities. The rating is also supported by Afrinvest Group’s experienced management team, sizeable holdings of high-quality foreign currency fixed income securities, sufficient liquidity position and improving funding profile with the greater spread of sources. However, the rating is constrained by the Group’s high-cost profile relative to most of the investment banking groups rated by Agusto & Co. and considerable exposures to unrated counterparties. We have also considered Afrinvest Group’s inadequate capitalisation relative to the level of business risks undertaken.