By Yunus Yusuf
Falcon Corporation Ltd., an oil and gas firm, has secured an ‘A’ long-term and ‘A1’ short-term corporate credit rating, both with a stable outlook, from Agusto & Co.
The rating, by Augsto & Co, a Pan-African credit rating agency. was disclosed by Ms Osamema Ogedegbe, Senior Communications Consultant on Monday in Lagos.
Ogedegbe said that the ratings reflected the company’s strong financial position and its role in the evolving energy landscape.
Agusto & Co. said the ratings were supported by sustained demand for natural gas, driven by industrial growth, expanding domestic power generation and energy transition pressures, as well as Falcon’s exclusive gas distribution rights within its franchise areas.
The agency also cited Falcon’s robust operating cash flow, backed by favourable trading terms and long-term gas supply contracts with a diversified industrial and commercial customer base.
Reacting, Falcon’s Chief Executive Officer, Dr Audrey Joe-Ezigbo, said the ratings validated the resilience of the company’s business model and long-term strategy.
Falcon currently operates a 25 million standard cubic feet per day gas distribution network in the Ikorodu Natural Gas Distribution Zone.
It supplies over 21 industrial and commercial customers, and has expanded into the liquefied petroleum gas subsector.
The company said the ratings further strengthen confidence in its financial stability and growth outlook as a key player in Nigeria’s gas infrastructure.
Edited by Olawunmi Ashafa
