Agusto & Co. has announced the upgrade of Axxela Limited’s corporate rating from ‘A’ to ‘Aa-’ with a stable outlook, a development that places the energy company among the highest-rated corporates in Nigeria. The credit rating agency explained that the decision reflects Axxela’s strong financial fundamentals, prudent capital structure, and consistent track record in delivering growth across the domestic and regional energy markets.
The upgrade also applies to Axxela Funding 1 Plc’s N11.5 billion and N16.4 billion bond programmes, further underscoring the company’s reputation as a credible issuer within Nigeria’s capital markets. Agusto highlighted that Axxela’s moderate leverage, healthy working capital, and efficient funding structures were key considerations in its assessment. The agency also noted that the company has continued to strengthen its market position through significant investments in natural gas infrastructure and distribution assets.
According to the rating report, Axxela’s operational footprint covering gas pipeline and distribution networks in Lagos, Sagamu, and Port Harcourt demonstrates the company’s commitment to expanding access to cleaner and more reliable energy sources for industrial hubs across Nigeria. Agusto further observed that Axxela’s expansion agenda, which targets new industrial clusters within Nigeria and other West African markets, positions the company as a critical enabler of regional energy transition efforts.
Speaking on the milestone, Axxela’s Group Chief Executive Officer, Timothy Ononiwu, described the recognition as a strong endorsement of the company’s long-term vision and strategic direction.
“This recognition by Agusto & Co. is a strong endorsement of our strategy and execution. It reflects confidence in our financial discipline, infrastructure investments, and long-term vision. As we expand our footprint, we remain focused on building a resilient enterprise that drives industrial growth in Nigeria and continues to contribute to the region’s energy transition agenda,” he said.
He added that the improved credit rating would not only boost stakeholder confidence but also enable the company to unlock more opportunities for financing its growth initiatives, especially as energy demand across the region continues to rise.
Also commenting, the company’s Head of Corporate Finance and Treasury Management, Yetunde Demuren, said the development is a testament to Axxela’s prudent financial and treasury practices despite a challenging operating environment.
“In today’s climate, where businesses face economic headwinds and liquidity pressures, this upgrade is a clear demonstration of our resilience and disciplined approach to capital management. The new ‘Aa-’ rating places Axxela amongst the highest-rated corporates in Nigeria’s energy sector. With a robust project pipeline, strong regional partnerships, and a restructured business model, Axxela is well-positioned to sustain growth, deliver long-term value, and deepen its impact across West Africa’s energy landscape,” she said.
Industry observers believe that the upgrade not only reflects Axxela’s current performance but also strengthens its credibility as a leading gas and energy infrastructure company in West Africa. As governments and private sector players intensify efforts to accelerate the energy transition, the company’s improved credit profile could pave the way for larger-scale investments in clean energy infrastructure, industrial growth, and cross-border energy trade.
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Axella Ranked Among Nigeria’s top Energy Corporates
ShareAgusto & Co. has announced the upgrade of Axxela Limited’s corporate rating from ‘A’ to ‘Aa-’ with a stable outlook, a development that places the energy company among the highest-rated corporates in Nigeria. The credit rating agency explained that the decision reflects Axxela’s strong financial fundamentals, prudent capital structure, and consistent track record in delivering…
