By Babajide Komolafe

Nigeria has lost nearly half of its dollar millionaires over the past decade, with the population of high-net-worth individuals falling by 47 per cent between 2015 and 2025, according to the 2025 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth.

Despite the sharp erosion in private wealth, Nigeria retained its position as Africa’s fourth-largest hub for dollar millionaires, with 7,200 millionaires, 20 centi-millionaires (individuals with investable wealth of at least $100 million) and three billionaires, trailing only South Africa, Egypt and Morocco.

The report showed that South Africa remained the continent’s wealthiest country by number of dollar millionaires, with 41,100 millionaires, 112 centi-millionaires and eight billionaires. Egypt followed with 14,800 millionaires, 49 centi-millionaires and seven billionaires.

Morocco ranked third with 7,500 millionaires, 35 centi-millionaires and four billionaires, narrowly ahead of Nigeria, while Kenya completed the top five with 6,800 millionaires, though it had no billionaires.

Mauritius occupied the sixth position with 4,800 millionaires, followed by Algeria with 2,700, Ghana 2,600, Namibia 2,500 and Ethiopia 2,400, completing the list of Africa’s top 10 countries by resident dollar millionaires.

Among the countries surveyed, Seychelles had the smallest millionaire population at 500, although it still recorded one billionaire and six centi-millionaires. Mozambique followed with 800 millionaires, while Rwanda and Zambia each had 1,000 millionaires. Uganda ranked fifth from the bottom with 1,600 millionaires.

The report attributed wealth trends across the continent to varying economic conditions, investment climates and capital market development, noting that several countries, including Tunisia and the Democratic Republic of Congo, were excluded from the ranking due to insufficient reliable data.

Nigeria’s decline in millionaire numbers underscores the impact of prolonged macroeconomic challenges, including currency depreciation, high inflation and weak economic growth, which have eroded private wealth over the past decade while other African markets have shown greater resilience.

•Move to deepen Africa’s debt markets, boost credit transparency

By Babajide Komolafe

S&P Global has agreed to acquire a majority stake in Agusto & Company Limited, a leading Pan-African credit rating agency, in a move aimed at strengthening its presence in Africa’s domestic debt markets and enhancing credit transparency across the continent.

The transaction, which is subject to regulatory approvals, will support the expansion strategy of S&P Global Ratings in Africa by combining its global expertise with Agusto & Co.’s established operations in Nigeria, Kenya, Rwanda and Ghana.

Commenting on the development, President of S&P Global Ratings, Yann Le Pallec, said the acquisition reflects the company’s long-term commitment to Africa’s capital markets.

“We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa. This transaction underscores our commitment to supporting growth and transparency in local credit markets throughout the continent,” he said.

Le Pallec added: “Africa’s opportunity is extraordinary, and by combining our global expertise with Agusto & Co.’s deep local insights, together we can foster informed analysis, constructive market dialogue, and greater investor confidence both regionally and internationally.”

Managing Director of Agusto & Co., Yinka Adelekan, described the partnership as a landmark achievement for the company and African capital markets.

“This partnership is a transformational milestone for Agusto & Co. and African capital markets, fulfilling our late founder’s vision of affiliating with a leading global rating agency,” Adelekan said.

He added: “For more than 30 years, we have built a trusted credit rating institution across Africa. By combining our deep Pan-African market knowledge and analytical independence with S&P Global Ratings’ global expertise, resources and affiliate network, we believe this partnership will create new opportunities, enhance value for market participants, and support the continued development of transparent and resilient credit markets across the continent.”

Following completion of the transaction, Agusto & Co. will continue to operate as an independent ratings entity, issuing its own credit ratings and methodologies in line with applicable regulatory requirements.

The deal is expected to close in the second half of 2026 after obtaining the required regulatory approvals. Financial terms of the transaction were not disclosed.

By Peter Egwuatu

The National Assembly has commended the Securities and Exchange Commission (SEC) for strengthening its fiscal sustainability through improved revenue generation and prudent cost management.

Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saeed Musa Abdullahi, gave the commendation during the 2026 Revenue Monitoring Exercise with the Commission in Abuja.

Addressing the SEC management, Abdullahi said: “DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well.”

He added: “This exercise is not to witch-hunt any agency. It is aimed at ensuring better performance, especially at a time when the country is facing serious fiscal challenges.”

The lawmaker challenged the Commission to exceed its revenue target, saying: “You have told us your revenue projection for 2026, but we believe you can do more. We urge you to surpass your projection by at least 20 per cent, or even more.”

Responding, SEC Director-General, Dr Emomotimi Agama, said the Commission remains financially independent in line with the principles of the International Organization of Securities Commissions (IOSCO).

“The SEC does not receive any funding from the government; rather, it pays money to the government. All the money used to run the Commission comes from the market,” he said.

Agama explained that statutory deductions are made automatically once the Commission’s revenue is paid into its Central Bank of Nigeria (CBN) account.

“When these funds hit our account with the CBN, deductions are made directly by the government. We do not have access to the funds before the deductions are effected,” he said.

He disclosed that the Commission secured approval from the Minister of Finance to retain 20 per cent of its income to support operations.

“We are regulators and are not expected to ask the market for money. The 20 per cent waiver ensures our operations are not hindered,” he said, adding that the SEC had also secured an African Development Bank grant to deploy a modern market surveillance system this year.