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| Filename | AAML-Public-Credit-Report-Dec-2023.pdf |
| Filesize | 230.99 KB |
| Version | paid report |
| Date added | December 22, 2023 |
| Downloaded | 1 time |
| Category | Credit Rating Reports, Financial Institution |
| Tags | Nigeria |
Afrinvest (West Africa) Limited (Afrinvest or the Group) is a capital market holding company with operations in asset management, investment banking, investment research and consulting, securities trading, trust services and financial technology through its six subsidiaries, Afrinvest Asset Management Limited, Afrinvest Capital Limited, Afrinvest Research and Consulting Limited, Afrinvest Securities Limited, Afrinvest Trustees Limited and Andromeda Limited respectively. Afrinvest is owned by various institutional and individual investors. The Group’s shareholders with more than 5% ownership stakes as at 31 December were Balbirnie Global Investment Limited (20.0%), United Capital Trustees (15.0%), Financial Advisory Consultants (14.0%), Telar Nominees Limited (10.0%), Rabkam International Holdings (9.7%), Primus Capital Limited (6.8%), and Hosh and Dosh Limited (5.1%).
Afrinvest Asset Management Limited (AAML or the asset manager) is a major subsidiary of Afrinvest (West Africa) Limited which held 95% equity stake in the subsidiary as of 31 December 2022 while Ike Chioke (the Managing Director) owned the balance of 5%. Given that the asset manager accounted for a considerable c.36% and c.55% of the Group’s earnings and total assets in 2022, the creditworthiness of AAML (the legal entity being rated) reflects the strengths and weaknesses of the Group. We have adopted a group ratings approach in assigning a rating to AAML, focusing on the business and financial profile of the Group.