Nigerian economist, founder of nation’s pioneer ratings agency, Bode Agusto, dies at 68

Mr Bode Agusto, the founder of one of Nigeria’s pioneering local credit rating agencies, Agusto & Co has passed away at the age of 68.

He led the establishment of agency 11 years as managing director and the company currently operates in Rwanda and Kenya.

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

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, former President Olusegun Obasanjo recognised Agusto’s outstanding contributions to the Nigerian economy by awarding him the national honour of Member of the Order (MON) of the Federal Republic. 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. 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.