Rating Release

Agusto & Co. hereby upgrades the rating assigned to NCNI Limited’s ₦13.2 Billion 15.5% Seven-Year Fixed Rate Bond Due 2029 (“the Bond”, “Series 2 Bond” or “the Issue”) to “A”

The rating expires on 1 February 2026.

Agusto & Co. hereby upgrades the rating assigned to NCNI Limited’s (“NCNI”, “the Issuer” or “the Company”) ₦13.2 Billion 15.5% Seven-Year Fixed Rate Bond Due 2029 (“the Bond”, “Series 2 Bond” or “the Issue”) to “A”. This rating upgrade reflects the improved fiscal position of the Niger State Government (“Niger State”, “the Sponsor”, or “the Guarantor”), supported by higher allocations from centrally distributed revenues following the removal of subsidy on fuel and the unification of exchange rates. The upgrade further underscores the consistent fulfilment of the Irrevocable Standing Payment Order (ISPO), which mandates the monthly deduction of ₦296.5 million from the Niger State Government’s share of centrally allocated revenue into a designated Sinking Fund Account (SFA) for the purpose of servicing the Series 2 Bond obligations.

NCNI Limited is a special purpose vehicle (SPV) incorporated on 27 July 2020 as a private-sector led and operated finance company to facilitate the issuance of private bonds for infrastructure development across Nigeria’s North Central region. The Company adopts Build-Operate-Transfer (BOT) and other Public-Private Partnership (PPP) models to deliver its projects. NCNI has successfully raised funding through two bond issuances in collaboration with the Niger State Government; a ₦10.5 Billion Seven-Year 14% Fixed-Rate Series 1 Bond Due 2027, and a ₦13.2 Billion Seven-Year 15.5% Fixed-Rate Series 2 Bond Due 2029, which is the primary focus of this report.

The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information