Nigeria’s finance industry mourns the loss of Olabode Agusto, a pioneering economist and the founder of Agusto & Co., Nigeria’s first credit rating agency. Agusto passed away at the age of 68 after a brief battle with pancreatic cancer in Algarve, Portugal. He was surrounded by his family during his final moments.
Agusto was a highly respected figure in the Nigerian economic landscape, known for his significant contributions to the finance sector. He played a pivotal role in introducing credit rating services to Nigeria through Agusto & Co., which he founded in 1992. Under his leadership, the company became the nation’s first credit rating agency, officially licensed by the Securities and Exchange Commission.
Born on September 15th,1955, Agusto had a distinguished career that included a decade at PwC, where he eventually became a Partner in 1991. He also worked at Nigeria International Bank (now Citibank Nigeria) as the Assistant Vice President and Head of the World Corporations Group.
In 2003, Agusto was awarded the national honour of Member of the Order of the Federal Republic by President Olusegun Obasanjo for his significant contributions to the Nigerian economy. Subsequently, he served as the Director General and Special Advisor to the President on Budget Matters during President Obasanjo’s administration. During his tenure, Nigeria achieved budget surpluses every year, leading to debt relief and the repayment of US$32 billion of the national debt.
Apart from his role as the founder and managing director of Agusto & Co., Agusto served as a Non-Executive Director on the boards of Agusto & Co. Limited and Grand Cereals Limited, a subsidiary of UACN Plc. He was also a member of the Monetary Policy Committee of the Central Bank of Nigeria and a Non-Executive Director of GT BANK, Shell Nigeria CPFA, and Nigerian Agip CPFA.
Agusto was passionate about knowledge sharing and dedicated time to researching Sub-Saharan Africa’s key economies, focusing on politics, economics, banking systems, and shareholder value creation within businesses. He frequently conducted financial seminars to educate the next generation of leaders.
He leaves behind a legacy of excellence, innovation, and dedication to the Nigerian finance industry. He will be interred in Portugal according to Islamic rites. Details about funeral rites and memorial services will be communicated by the Agusto family in the coming days.
The entire nation joins in mourning the loss of this influential figure, acknowledging his profound impact on Nigeria’s economic development. The entire nation joins in mourning the loss of this influential figure, acknowledging his profound impact on Nigeria’s economic development.
Kiki Garba.
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