Rating Release

Agusto & Co. hereby upgrades the rating assigned to Wemabod Financing SPV Limited’s (“Wemabod Financing SPV” or “the Issuer”) ₦3 Billion 24% Fixed Rate Senior Guaranteed Bond Due 2027 (“Series 1 Bond”, “the Bond” or “the Issue”) to “Aa-”.

The rating expires on 21 May 2026. 

Agusto & Co. hereby upgrades the rating assigned to Wemabod Financing SPV Limited’s (“Wemabod Financing SPV” or “the Issuer”) ₦3 Billion 24% Fixed Rate Senior Guaranteed Bond Due 2027 (“Series 1 Bond”, “the Bond” or “the Issue”) to “Aa-”. This rating mirrors the “Aa-” rating of Odu’a Investment Company Limited (“Odu’a Investment” or “the Guarantor”), in accordance with Agusto’s credit substitution criteria for guaranteed instruments. The rating upgrade is independent of the financial condition of Wemabod Limited (“Wemabod” or “the Sponsor”), as the subsisting corporate guarantee provided by Odu’a Investment Company Limited serves as the decisive factor for the rating equalisation.

The rating reflects Odu’a Investment’s enhanced financial performance, with operating income and cash flows benefiting from increased dividend receipts, improved investment returns from non-equity assets and stronger rental income. It also captures the strategic benefits of the
Guarantor’s repositioning efforts, including the exit from non-performing assets and redeployment of capital into high-yield portfolios. The rating is further underpinned by a growing pool of investable and liquid assets, a well-diversified earnings base, a conservative capital structure, low leverage, and a portfolio of subsidiaries and associates with entrenched positions in Nigeria’s core industries. Nevertheless, the rating is tempered by subdued profitability, reflecting the drag from legacy assets and the nascent stage of recent investments.