The life and times of Bode Agusto, founder of Nigeria’s pioneer credit rating agency

Nigerian economist Bode Agusto has passed away at the age of 68. 

He was the visionary behind Nigeria’s pioneer credit rating agency, Agusto & Co.

He was not only a Chartered Accountant, but also an independent researcher and consultant with expertise in economics, finance, and business strategy.

His position as the founding Managing Director at Agusto & Co drew upon his extensive work experience spanning over three decades in both the private and public sectors.  

His contributions extended to coaching business leaders in the art of building companies that generated value for shareholders while maintaining a balanced approach that catered to all stakeholders. 

Academic background 

He had a bachelor’s degree in Accounting from the University of Lagos from 1974 to 1977. In 1981, he became a Fellow of the Institute at the Institute of Chartered Accountants of Nigeria. 

He later obtained certifications an Executive Certificate in Strategy and innovation, which he earned from the prestigious Massachusetts Institute of Technology (MIT) Sloan School of Management in 2015.

In the same year, he also completed a Certificate of Professional Development (CPD) in Finance and Strategy at the University of Pennsylvania’s esteemed Wharton School.  


Agusto worked at PwC as a Senior Manager, and then later as a Partner. He then moved to serve as an Assistant Vice President at Citibank Nigeria, where he played a crucial role in the banking sector.  

Notably, during President Obasanjo’s second term in office, Bode Agusto held the position of Director-General and Adviser, Budget Matters.  

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In addition, he also served as a non-executive Director of the National Pension Commission (PenCom), and later lent his expertise to the Shell Nigeria Pension Fund, contributing to the stability and growth of the institution. 

Agusto later became a member of the Monetary Policy Committee of the Central Bank of Nigeria. In this capacity, he played a role in shaping and implementing monetary policies critical to the country’s economic stability and growth. 

Founding Augusto & Co 

Agusto & Co. was founded in 1992 and was a pioneer in Nigeria, being the first to offer credit rating services. It got official approval from the Securities and Exchange Commission, making it the first credit rating agency in Nigeria.

Bode Agusto became the Managing Director for 11 years. 

In 2023, Agusto & Co. expanded their services to countries like Kenya and Rwanda. Bode Agusto became highly respected in the finance industry for his research on politics, economics, and business in African countries.

He advised many Nigerian companies and served as a non-executive Director for Agusto & Co. Ltd and Guaranty Trust Bank Plc. 

In 2002, President Obasanjo conferred on Bode Agusto the title of Member of the Order of the Federal Republic (MFR) for his significant contributions to Nigeria’s economy.  

His legacy in finance and economics is celebrated. 

Source: Nairametrics

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