Nigerian economist, Bode Agusto dies at 68

OBINNA EZUGWU

Nigerian economist and founder of credit rating agency, Agusto & Co, Bode Agusto, has died at the age of 68.

His death was announced on Thursday, with several individuals, including Femi Awoyeni sending their condolences.

“CONDOLENCE
Olabode AGUSTO, MFR
(14 Sept 1955 – 19 Oct 2023)
@bodeagusto, the founder of @agustoandco, was the pioneer who taught us all how to respect facts and data in our engagements,” Awoyeni wrote via his X account, @OlufemiAwoyemi on Thursday.

“A great human being and a fabulous teacher you were. Your teachings, delivered with conviction, will always be with all of us our career paths were impacted by you.

“I pray to Almighty God to give enough strength to his family members to overcome this loss, and may his soul rest in peace.”

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.