AFC Receive A+ Rating from the Association of African Development Finance Insitutions(AADFI)-2017
10th November, 2017 Abuja, Nigeria Agricultural Finance Corporation was recognized as one of the best development finance institutions at the annual CEO Forum of the Association of African Development Finance Institutions held on 10th November, 2017 in Abuja, Nigeria. The A+ rating status is the highest approval status in terms of credit confidence and professional integrity. The award is as a result of AFC continued efforts to reform and sustain its governance, financial and operational standards The concerted efforts to enhance the Corporation’s efficiency and strengthen its creditworthiness have had a significant impact on its operations. These efforts have seen the Corporation move from a D rating in 2011 to A+ in 2017. The Agricultural Finance Corporation was assessed with the AADFI prudential standards, guidelines and rating system (PSGRS) during 2017 peer review exercise. The A+ rating was based on certified results of the assessments in the areas of governance, financial and operational standards, in which the Corporation scored a total of 88 per cent. The improved rating would position the Corporation favorably as it went out to mobilize resources to finance agricultural development within the country. The Peer Review is designed to improve the effectiveness of development banks in service delivery and benchmarking their standards with similar institutions outside Africa. The review focuses on governance and management, financial, prudential and operational standards. Specific parameters include management independence, commercial principles, accounting and auditing and management information systems and procedures. Others are corporate citizen governance standards, capital adequacy, profitability, asset quality, risk management and lending policies. The Agricultural Finance Corporation has been a member institution of AADFI for 10 years, and was one of the institutions involved in developing the standards.