News
Agusto, GCR Affirm InfraCredit’s ‘AAA’ Long Term Credit Ratings

Rating agencies, Agusto & Co and Global Credit Ratings (GCR) have re-affirmed the “AAA” credit rating of Infrastructure Credit Guarantee Company Limited (InfraCredit), specialised infrastructure credit guarantee institution.

InfraCredit is backed by the Nigeria Sovereign Investment Authority, GuarantCo and InfraCo Africa (Private Infrastructure Development Group companies), KfW Development Bank, Africa Finance Corporation, and African Development Bank, to provide local currency guarantees and mobilise long term debt financing for infrastructure in Nigeria.
Assigning the highest credit rating on InfraCredit, GCR said: “The rating is underpinned by the uniqueness of InfraCredit operations as a credit guarantee provider, and the company’s strong capitalisation, liquidity, and asset quality position, albeit counterbalanced by its self-regulated status.”
According to the rating agency, InfraCredit posts a strong financial profile score of 5.25, one of the highest in the financial services industry underpinned by the company’s growing capital buffers, liquidity, and broader balance sheet strength, which are complemented by the sound governance and risk management culture; key fundamentals underscores the credibility of InfraCredit as a guarantor and more importantly the sustainability of the business model.
“InfraCredit grew its core capital by 64 per cent within the review period, following the equity investments of InfraCo Africa and retained earnings.
“The strength of the rating is also partly supported by the commitment of the capital providers and the prospect of InfraCredit to sustainably grow its capital base through internally generated capital by way of earnings retention and new capital injection from existing and prospective equity and debt capital providers,” the firm said.
According to Agusto, the rating takes cognisance of the technical, governance and capital support extended by the shareholders as well as GuarantCo Management Company Limited, the callable capital provider.
In affirming the “AAA” rating and reflecting InfraCredit’s unparallel credit quality, Agusto & Co. asserted: “The rating assigned also reflects the quality of InfraCredit’s guarantees and investment portfolios backed by an acceptable risk management framework, good return on investments during the year and an experienced management team.”
The affirmation of the rating reinforces the strength of InfraCredit’s transaction structuring, quality of guarantee portfolio and overall risk management practice, especially as it impressively sustains the history of zero delinquency, a proven quality of its instruments and obligors.
In addition, Agusto emphasised the increasing diversity of the equity base, noting the USD27mn investment of InfraCo Africa during the review period, as it reflects the capacity of InfraCredit to consistently scale up capital, as may be required in growing its guarantee portfolio.
Speaking on the ratings actions, Chinua Azubike, Managing Director/CEO, InfraCredit, said: “The simultaneous affirmations of InfraCredit’s “AAA”rating, with stable outlook, by Agusto and GCR is a validation of our balance sheet capacity and more importantly the credibility of our guarantee instruments.
“We will continue to leverage our unique capabilities and innovative approach in deepening the debt capital markets for infrastructure finance in the country, particularly as we strengthen our collaboration with domestic and multilateral partners in unlocking blended finance and latent capital for commercially viable infrastructure projects, targeted at enhancing standards of living and supporting inclusive growth in Nigeria,” it added.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
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