Agusto & Co. upgrades TAJBank Limited ratings to “A-” (long term) and “A1” (short term), with a “stable” outlook. 

Rating Release 

Agusto & Co. upgrades TAJBank Limited ratings to “A-” (long term) and “A1” (short term), with a “stable” outlook. 

The rating expires on 31 December 2026 

Agusto & Co. upgrades TAJBank Limited’s (“TAJBank” or “the Bank”) ratings to “A-” (long term) and “A1” (short term), on the back of good profitability and the growing market share in Nigeria’s non-interest banking segment. The good capitalisation based on strong shareholders’ support, as reflected in the sustained year-on-year capital injections since inception, also supported the upgraded ratings. The expanding branch network, which has continued to support deposit mobilisation and the brand franchise, is also considered an additional rating positive. However, the ratings are constrained by the obligor concentration in the financing portfolio. We have also attached a ‘3’ ESG score to the ratings, which indicates that social and governance issues have a material impact on the Bank’s credit risk profile.