Olabode Agusto, Nigerian credit rating pioneer, is dead

Olabode Agusto, the founder of Agusto & Co. Limited, Nigeria’s first credit rating agency, is dead.

A source at the company confirmed the development to TheCable on Thursday.

Agusto passed at the age of 68. The cause of death is yet to be known at the time of filing this report.

Prior to his demise, he was an independent researcher and consultant on economics, finance and business strategy, and also coached business leaders on how to build businesses that create value for shareholders while maintaining a fair stakeholder balance.

Although Agusto was a chartered accountant with over three decades of professional work experience in both the private and public sectors, he also had a keen interest in speaking engagements covering politics, and other economics matters.

His expertise granted him the privilege to serve as an adviser to various companies in Nigeria.

The economist was a non-executive director of Agusto & Co. Ltd and Guaranty Trust Bank Plc until April 2022.

Agusto also served as an assistant vice-president in Citibank Nigeria, a Partner in PricewaterhouseCoopers (PwC)), and director-general and adviser (budget matters) to former President Olusegun Obasanjo during his second term in office.

He had also served as a non-executive director of the National Pension Commission (PenCom), the Shell Nigeria Pension Fund, and was a member of the monetary policy committee of the Central Bank of Nigeria.

His firm, Agusto & Co., was established in 1992 and played a crucial role in introducing credit rating services to Nigeria.

The company was officially licensed by the Securities and Exchange Commission, making it the nation’s very first credit rating agency.

The deceased led the company as managing director for 11 years.