In a bold bid to bridge the information gap in Africa’s financial landscape, American credit behemoth S&P Global Ratings has sealed a controlling interest in Lagos-based evaluation firm Agusto & Co. The transaction, announced on Tuesday, marks a significant push by the US giant to plant deeper roots in a continent that international rating agencies have long overlooked.
While the dollar value of the equity purchase remains under wraps, S&P Global described the partnership as a “strategic milestone” that will bolster its African growth agenda. The move is widely seen as a direct response to years of criticism from African governments and supranational bodies like the UN, who have argued that foreign agencies often miss the nuances of local economies due to shallow on-the-ground presence.
Agusto & Co, a veteran player in the domestic credit space since 1992, brings decades of indigenous expertise to the table. The firm has built a formidable reputation for evaluating corporate health not just in Nigeria, but also across East and West Africa—covering markets such as Kenya, Rwanda, and Ghana. Over its three-decade history, the company has churned out over 4,000 credit assessments, making it a trusted barometer for regional business risk.
This acquisition is not an isolated incident. It mirrors a broader trend among global raters scrambling to localize their operations. Just two years prior, Moody’s Investors Service executed a similar play by taking over Global Credit Rating Co., a South African firm with continental reach.
S&P Global’s chief, Yann Le Pallec, expressed optimism that fusing the company’s worldwide analytical firepower with Agusto’s hyper-local insights would spark richer market conversations and lure greater foreign portfolio flows into the region.
Despite the change in ownership, S&P has confirmed that Agusto will retain its independent operational structure and continue issuing its proprietary ratings to comply with regional regulatory standards. The finalization of the deal, however, hinges on the green light from relevant authorities, with an expected closing date set for the latter half of 2026.
