Rating Release 

Agusto & Co. hereby upgrades the rating assigned to Chapel Hill Advisory Partners Limited to “A” with a stable outlook. 

The rating expiration of 30 June 2025 has been extended to 22 September 2025 

Agusto & Co. hereby upgrades the rating assigned to Chapel Hill Advisory Partners Limited (“CHAPS” or “the Company”) to “A”. The upgrade reflects CHAPS and its subsidiaries’ (“Chapel Hill” or “the Group”) improved capitalisation and liquidity profile following the divestiture of its considerable equity stake in an unquoted telecommunications infrastructure provider in 2023. The rating is also upheld by Chapel Hill’s significant market share in the Nigerian investment banking and asset management industries, adequate capitalisation, diverse product offering, stable funding from shareholders and experienced and stable management team. However, the rating is constrained by the Group’s low profitability relative to comparable peers and the significant concentration in the shareholding structure..