Bode Agusto, renowned Nigerian economist, dies at 68

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Bode Agusto, Nigerian economist, is dead.

Aged 68, Bode Agusto was a ministerial nominee by the President Umaru Yar’Adua administration.

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 was the founder of one of Nigeria’s pioneering local credit rating agencies, Agusto & Co, an establishment he led for 11 years as managing director. The company currently operates in Rwanda and Kenya.

Nominated to serve as a minister in the administration of the late President Yar’Adua, Agusto’s qualifications and competence were not in doubt, but the Senate did not confirm his appointment. This 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, 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.

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.