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JUST IN: S&P Global to acquire majority stake in Agusto & Co.

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S&P Global announced Tuesday that it has agreed to acquire a majority stake in Agusto & Co., a leading Pan-African rating agency with operations in Nigeria, Kenya, Rwanda and Ghana.

The investment, a strategic step for both companies, will complement and support the growth strategy of the S&P Global Ratings division in Africa.

The company said in a statement that by combining S&P Global’s international expertise and resources with Agusto & Co.’s strong Pan-African presence and reputation for excellence, the partnership aims to expand market insights, strengthen credit transparency, and support market participants across the region.

“We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa,” said Yann Le Pallec, President, S&P Global Ratings. “This transaction underscores our commitment to supporting growth and transparency in local credit markets throughout the continent. Africa’s opportunity is extraordinary, and by combining our global expertise with Agusto & Co.’s deep local insights, together we can foster informed analysis, constructive market dialogue, and greater investor confidence both regionally and internationally.”

“This partnership is a transformational milestone for Agusto & Co. and African capital markets, fulfilling our late founder’s vision of affiliating with a leading global rating agency,” said Yinka Adelekan, Managing Director of Agusto & Co.

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“For more than 30 years, we have built a trusted credit rating institution across Africa. By combining our deep Pan-African market knowledge and analytical independence with S&P Global Ratings’ global expertise, resources and affiliate network, we believe this partnership will create new opportunities, enhance value for market participants, and support the continued development of transparent and resilient credit markets across the continent.”

Agusto & Co. is a leading Pan-African credit rating agency with a strong presence in Nigeria and other key African markets, rating financial institutions, corporates and other entities. Following the transaction, Agusto & Co. will continue to operate as a separate ratings entity and issue its own credit ratings and methodologies in accordance with applicable regulatory requirements.

ALSO READ: Agusto & Co. projects 19% profit fall for Nigerian banks in 2025

The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.

The terms of the transaction were not disclosed.

Subject to obtaining all required regulatory approvals, the transaction is expected to close during the second half of 2026.

The transaction is not expected to have a material impact on the financial results of S&P Global or S&P Global Ratings, the agency said.

Agusto & Co. was founded in 1992 by the late Nigerian economist and chartered accountant, Olabode (Bode) Agusto. It was established as the first credit rating agency in Nigeria.

Mr Agusto, who served as the firm’s first managing director for 11 years, died in October 2023.

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NAICOM Reaffirms Support for Takaful Growth ahead of Noor Takaful’s 10th Anniversary

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BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has restated its commitment to nurturing the growth of Takaful and micro insurance in Nigeria, positioning them as vital tools for financial inclusion.

The Commissioner for Insurance, Olusegun Ayo Omosehin, disclosed this today when the Board and Management of Noor Takaful led by the Chairman of the Company, Amb. Shuaibu Ahmad, visited  the commission.

Speaking during the visit, the Commissioner for Insurance commended the company’s progress and urged greater ambition in expanding market reach, driving product innovation, and raising public awareness.

As Noor Takaful approaches its 10th anniversary, the Commissioner encouraged the leadership to accelerate outreach and customer education, highlighting Takaful’s role in broadening access to protection for underserved communities.

Both institutions expressed optimism about strengthening collaboration to promote trust, innovation, and inclusive insurance for all Nigerians.

The post NAICOM Reaffirms Support for Takaful Growth ahead of Noor Takaful’s 10th Anniversary appeared first on Business Today NG.

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Aviation workers threaten nationwide protest over unpaid ticket sales charges

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Nigeria’s aviation workers have issued a fresh seven-day ultimatum to airline operators and other organisations that have failed to remit the statutory five per cent Ticket Sales Charge (TSC), warning that they will embark on nationwide picketing if the outstanding debts are not settled.

The notice, jointly issued by the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the National Union of Air Transport Employees (NUATE), follows the expiration of an earlier 14-day ultimatum served on 8 July, which lapsed on 23 July without compliance from the affected operators.

The five per cent Ticket Sales Charge is a statutory levy imposed on every airline ticket sold in Nigeria. The proceeds are remitted to the Nigeria Civil Aviation Authority (NCAA) and shared among aviation agencies to fund regulatory oversight, safety, security and other statutory responsibilities.

The latest warning comes months after airline operators announced they would no longer collect and remit the five per cent Ticket Sales Charge on behalf of the NCAA, arguing that the arrangement had become unsustainable. PREMIUM TIMES reported at the time that the decision raised concerns over the funding of aviation agencies and the future administration of the statutory levy.

In a statement jointly signed by ATSSSAN General Secretary, Frances Akinjole, and NUATE Deputy General Secretary, Odinaka Igbokwe, the unions accused defaulting operators of failing to remit the charges despite repeated warnings.

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“Our earlier 14-day ultimatum has expired, and regrettably, willful non-compliance has been recorded,” the unions said.

According to them, the continued failure to remit the statutory deductions is depriving aviation agencies of funds required to carry out their responsibilities effectively.

“The aviation agencies remain starved of the required funds to keep our skies safe, while the conditions of service of our members in the various agencies continue to be jeopardised because of the non-remittance of the Ticket Sales Charge,” the statement added.

The unions argued that the prolonged withholding of the funds has weakened the financial capacity of the agencies and adversely affected workers’ welfare.

They warned that the situation could ultimately pose risks to aviation safety and security.

“This unnecessary demotivation factor to the air transport worker is a security and safety risk,” they said.

Declaring that they could no longer remain passive, the unions issued what they described as a final seven-day notice to all defaulting airline operators and other indebted organisations.

READ ALSO: NCAA threatens sanctions as Royal Air Maroc allegedly defies regulatory authority

“We can no longer helplessly fold our hands and allow the safety of our airspace to remain compromised,” the statement said.

It added: “We hereby issue a seven-day notice to every TSC defaulter to remit the total debt owed to the agencies. Failure to do so will result in our unions taking concrete actions at their various premises.”

If the dispute remains unresolved after the expiration of the ultimatum, the planned picketing could disrupt airline operations and other aviation activities nationwide, adding to recent operational challenges in the sector.
Neither the Airline Operators of Nigeria (AON) nor the NCAA had publicly responded to the unions’ latest ultimatum as of the time of filing this report.


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