S&P Global has agreed to buy control of Agusto & Co, a Lagos credit rating agency, and Moody's already owns GCR. Two of Nigeria's three licensed rating firms are now foreign-owned, and almost nobody noticed it happen.In Nigeria, a company cannot sell a bond to the national pension pool without a minimum "A" grade from two agencies licensed by the Securities and Exchange Commission. Only three firms hold that licence. Behind that rule sits ₦31.48 trillion belonging to over 11 million Nigerian workers.This investigation follows what happened to those licences. Moody's bought 51% of GCR in 2022 and the rest in 2024, absorbed WARA in francophone West Africa, and moved on MERIS in Egypt in 2025. S&P announced its agreement to buy Agusto in July 2026. Four acquisitions, one continent, four years.We also look at Senegal, which borrowed over $5 billion from its own West African neighbours at around 7% and was downgraded partly for doing it. And we test the bias argument honestly. The IMF found limited evidence that rating agencies treat Africa unfairly once fundamentals are accounted for, and Senegal's own $11 billion of undisclosed debt tells its own story.Africa's answer, AfCRA, launches in Mauritius in October 2026, into a market the global agencies have already been buying into for four years.The S&P–Agusto deal is agreed but not complete. Regulators in Nigeria, Kenya, Rwanda and Ghana still have to approve it.TO JOIN OUR MEMBERSHIP CLICK THE LINK https://www.patreon.com/AfricaTodayClub763SOURCESInformation in this video is drawn from public statements and documents by S&P Global and Moody's Corporation; GCR Ratings corporate publications; the National Pension Commission of Nigeria (PenCom), including its investment regulations and list of approved rating agencies; the African Union and its African Peer Review Mechanism, including the AfCRA brief; the UN Economic Commission for Africa's Africa Sovereign Credit Rating Outlook (2026); IMF Working Paper 25/139 (2025); the World Bank; the OECD Africa Capital Markets Report (2025); UNDP research on African credit ratings; Chatham House; Brookings; and reporting by Reuters, Bloomberg and CNBC Africa.DISCLAIMERThis video is an independent journalistic analysis produced for educational and informational purposes. It is based on publicly available documents, official statements and reputable published reporting available at the time of production. The S&P Global and Agusto & Co transaction described here was announced as agreed and subject to regulatory approval, and had not completed at the time of publication. Where figures are illustrative examples rather than reported data, this is stated on screen. Where the evidence is contested, competing interpretations are presented. Nothing in this video is financial, investment, legal or tax advice, and no company, security or investment is being recommended. Views expressed are analytical commentary, not statements of fact about the intentions or conduct of any individual or organisation. Facts may change after publication. Viewers are encouraged to consult the original sources named above and to seek qualified professional advice before making any financial decision. Africa Today is not affiliated with, sponsored by, or endorsed by any company, government or institution mentioned.#Africa #Nigeria #FinanceWelcome to Africa Today a place where we showcase Africa's financial potential and help you obtain financial freedomTO JOIN OUR MEMBERSHIP CLICK THE LINKhttps://www.patreon.com/AfricaTodayClub763BOOK A SESSION WITH US THROUGHhttps://www.patreon.com/AfricaTodayClub763/shop/one-on-one-consultation-129020?source=storefront JOIN OUR MEMBERSHIP THROUGHhttps://www.youtube.com/channel/UCQhku_T68i-szD9Qjv9YmTA/joinOUR PAYPALhttp://paypal.me/AfricaTodayDon't forget to Like, Share and Subscribe0:00 The Hidden Rule Behind Nigerian Pensions1:14 The Quiet Takeover of Local Grading Firms3:18 Why African Borrowing Is Coming Home7:13 The Race for Control Over African Credit11:21 The Future of Independent African Grading
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