Agusto & Co Upgrades Norrenberger’s Crediting Rating to ‘BBB’

James Emejo in Abuja

Global credit ratings agency, Agusto & Co Limited, has upgraded Norrenberger to ‘BBB (IM)’.

This was contained in the 2023 Investment Manager Rating report released by the ratings body.

Norrenberger, a leading integrated financial services group had its ratings upgraded compared to the prior assessment, following the remarkable increase in its assets under management, streamlined operations, improved risk surveillance tools, team stability, and strong research and experienced decision-making committees.

The upgrade reflected Norrenberger’s continued commitment to delivering exceptional financial products and services and its unwavering dedication to client satisfaction.

The company’s gross earnings grew by 63 per cent in 2022 compared to 2021 as Assets under Management (AuM) stood at about N58 billion, indicating a remarkable 132 per cent increase from N25 billion in the preceding year.

The substantial growth demonstrated Norrenberger’s ability to consistently deliver value to its clients while effectively managing their investments. 

The company’s Managing Director/Chief Executive, Anthony Edeh, said, “We are truly honoured by these upgraded ratings from Augusto & Co and Data Pro alike.

They reaffirm our dedication to our clients and our commitment to deepening our market influence. We own this market, and we are intentional about proving it.

“We are guided by our mission to positively unlock the opportunities in society for our clients and stakeholders. By 2025, we hope to have delivered at least one financial solution to every household.”

In a statement, he said the ratings, valid for a year, were in line with international best practice.

Edeh reaffirmed the company’s core values, noting that the combined achievement provides further assurance to clients and stakeholders that the company continues to operate at the highest levels of professionalism, committing to its strategic goal.

The Business Head, Asset Management, Abigail Utomi expressed the company’s excitement over the elevation.

She said, “This is a great achievement for us, it reflects our growing presence in the asset management business, streamlined focus on fund and portfolio management activities, enhancements in the tools for risk surveillance, and stability within our core teams.”

“Our unrelenting efforts to maintain the highest standards of professionalism and transparency have resulted in this well-deserved recognition. I could not be prouder.”