Bode Agusto, Founder Of Nigeria’s First Credit Rating Firm Is Dead

Bode Agusto, Founder Of Nigeria's First Credit Rating Firm Is Dead
Bode Agusto

Bode Agusto, a former Director-General of the Budget Office of the Federation and founder of credit rating agency, Agusto & Co is dead.

BrandSpur Nigeria reports that Olufemi M. Awoyemi, who is the current CEO, Founder and Chairman of Proshare Nigeria, confirmed the death of Bode Agusto on Thursday via his X (formerly Twitter) handle.

The late Agusto’s legacy is marked by a journey that spanned various sectors of the Nigerian economy and left an imprint on the financial landscape of the nation.

He established Agusto & Co in 1992 and ran it for 11 years as managing director. The company currently operates in Rwanda and Kenya.

He was nominated to serve as a minister in the administration of the late President Umaru Yar’Adua.

Though his qualifications and competence were unquestionable, the Senate’s refusal to confirm his appointment fueled speculation that he had stood firm against the widespread practice of bribing senators for political favours.

Mr Agusto’s work extended far beyond fiscal finance and politics, he was also an astute banker. Before establishing Agusto & Co, he served in a decade-long stint at PricewaterhouseCoopers (PwC), ultimately ascending to the rank of partner in 1991.

He also served with distinction at Nigeria International Bank, now known as Citibank Nigeria, where he held the positions of Assistant Vice President and Head of the World Corporations Group.

In 2003, President Olusegun Obasanjo recognised Mr Agusto’s outstanding contributions to the Nigerian economy by awarding him the national honour of Member of the Order of the Federal Republic. Mr Obasanjo went a step further by appointing him as the director general and special adviser to the president on budget matters.

During his tenure, the country’s budget consistently posted surpluses, enabling the country to secure debt relief and repay a staggering $32 billion of the national debt. Mr Agusto’s team also introduced transformative reforms to the budget process, including spending limits and collaborations with key ministries to develop medium-term sector strategies.