Rating Release 

Agusto & Co. upgrades TAJBank Sukuk Issuance Programme SPV Plc’s Series I ₦11.4 billion perpetual Mudarabah Sukuk to ‘Bbb+’, with a “stable” outlook. 

The rating expires on 24 July 2026

Agusto & Co. upgrades the rating assigned to TAJBank Sukuk Issuance Programme SPV Plc’s (“the Issuer”) Perpetual Series 1 ₦11.4 billion Mudarabah Sukuk (“the Issue” or “the Sukuk”) to “Bbb+”. The obligations emanating from the Sukuk are fully guaranteed by TAJBank Limited (“the Bank” or “the Sponsor” or “TAJBank”), given that the Issuer is a non-operational entity, incorporated for the Sponsor’s sukuk-raising activities. Thus, the Issue’s rating is a notch lower than the “A-” rating assigned to TAJBank by Agusto & Co., given the subordinated status of the associated obligations, relative to other senior debt obligations of the Bank. The rating upgrade is hinged on the Sponsor’s leading position in the non-interest banking segment, good deposit mix and good capitalisation. However, the concentration in the financing portfolio and increasing volume of strained financing (stage 2 and 3) contracts constrained the assigned rating.