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.

“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.

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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.

FCMB Group deployed a mix of strategies, including top-line expansion and cost management, to deliver a 90.5 per cent increase in net profit for the six months to June, compared with a year earlier, the latest accounts of the bank holding company published on Monday showed.

Gross earnings climbed to N676.2 billion from N529.2 billion, with 88.8 per cent of it solely contributed by interest and discount income, setting the scene for the big earnings boost, which was partly driven by a reduction in some major expenses.

Cost-to-income ratio dropped to 41.4 per cent from 57 per cent one year prior, strengthening earnings.

FCMB Limited, the group’s commercial banking division, continued to dominate performance across key income streams and accounted for more than three-quarters of post-tax profit.

The other divisions, including Credit Direct, its consumer lending business that offers payroll-based loans to customers, are all currently profitable, contributing their share to the bottom line.

The financial institution managed to scale back interest expense by 2.7 per cent (N6.8 billion), even as interest and discount income rose by up to 31 per cent, attributable to an improved low-cost deposit mix and lower cost of funds.

That was a lever for a jump in net interest income from N207.4 billion to N356.3 billion.

In a separate statement on Monday, FCMB Group highlighted the role of its digital business – comprising payments, lending and wealth – in driving turnover growth. It noted that digital revenue, at N89.1 billion, added 13.2 per cent to gross earnings due to volume growth.

“Our first-half performance demonstrates the strength of our recapitalised and diversified business model,” said Ladi Balogun, the CEO.

“We delivered record profitability despite accelerating the normalisation of asset quality towards regulatory thresholds, reflecting our commitment to building a stronger balance sheet for long-term growth,” he added.

Net fee and commission improved by almost one-third, enabled by both a rise in fee and commission income and a drop in related expenses.

Net trading income took a blow from sharply weaker bond and treasury bills trading income, falling 65.7 per cent year on year.

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Likewise, impairment losses quickened to N85.9 billion from N36.2 billion, as the provision for other losses, apart from those on loans and advances, surged 2,427.6 per cent to N48.1 billion.

Profit before tax roughly doubled to N157.3 billion, while profit for the period stood at N139.9 billion, up from N73.4 billion in the same period last year.

Mr Balogun assured that return on equity will surpass 25 per cent this year, compared with 21.1 per cent for the financial year 2025.