Bode Agusto is a name that resonates with many Nigerians who are interested in economics, finance, and business. He is the founder and first managing director of Agusto & Co., Nigeria’s first credit rating agency and a leading provider of economic research and industry analysis.
He is also an independent researcher and consultant who has contributed to the development of Nigeria’s economy and public sector. In this blog post, we will explore his life, career, and achievements, and learn from his insights and experiences.
Early Life and Education
Bode Agusto was born on September 14, 1955, in Lagos, Nigeria. He attended the University of Lagos, where he obtained a bachelor’s degree in Accounting in 1977. He then became a Fellow of the Institute of Chartered Accountants of Nigeria in 1981.
He later pursued further education at the Massachusetts Institute of Technology (MIT) Sloan School of Management, where he earned an Executive Certificate in Strategy and Innovation in 2015. He also completed a Certificate of Professional Development in Finance and Strategy at the University of Pennsylvania’s Wharton School in the same year.
Career in the Private Sector
Bode Agusto started his career at PwC, where he worked as a Senior Manager and then as a Partner for 10 years. He then joined Citibank Nigeria, where he served as an Assistant Vice President and as the Head of the World Corporations Group. In 1992, he founded Agusto & Co., Nigeria’s first credit rating agency and a leading provider of economic research and industry analysis.
He was the Managing Director of the company for 11 years, during which he established the company’s reputation and credibility in the Nigerian financial market. He also expanded the company’s services to other African countries, such as Kenya and Rwanda. Today, Agusto & Co. is recognized as one of the most influential and respected credit rating agencies in Africa.
Career in the Public Sector
In 2003, Bode Agusto was awarded the national honour of Member of the Order of the Federal Republic (MFR) by President Olusegun Obasanjo for his contributions to the Nigerian economy. He was then appointed as the Director General and Special Adviser to the President on Budget Matters. He served in this capacity for four years, during which he played a key role in reforming the budget process, achieving budget surpluses, building savings, obtaining debt relief, and repaying US$32 billion of the national debt.
He also served as a member of the Monetary Policy Committee of the Central Bank of Nigeria, where he helped shape and implement monetary policies that enhanced the stability and growth of the economy. He was also a non-executive Director of the National Pension Commission (PenCom), where he oversaw the regulation and supervision of the pension industry.
Current Activities and Interests
Bode Agusto is currently an independent researcher and consultant on economics, finance, and business strategy. He conducts research on the key economies of Sub-Saharan Africa, focusing on the politics, the economics, the banking system, and how key businesses create value for their shareholders.
He also shares his knowledge and experience with next-generation leaders through seminars, publications, and mentorship. He is a Non-Executive Director on the boards of Agusto & Co. Limited and Grand Cereals Limited (a subsidiary of UACN Plc). He was also a non-Executive Director of GT Bank, Shell Nigeria CPFA, and Nigerian Agip CPFA.
What Is The Impact Of Agusto & Co. On Nigeria's Economy?
Agusto & Co. is a pioneer of credit rating and economic research in Nigeria, and has had a significant impact on the country’s economy. Some of the ways that Agusto & Co. has influenced the economy are:
It has provided reliable and independent ratings and analysis of the creditworthiness and performance of various entities, such as banks, corporations, states, and municipalities. This has helped to enhance transparency, accountability, and confidence in the financial market, and to facilitate access to capital and funding for businesses and governments.
It has conducted and published in-depth research and reports on various sectors and industries, such as banking, insurance, oil and gas, telecommunications, agriculture, and manufacturing. This has helped to provide valuable insights and information for investors, policymakers, regulators, and stakeholders, and to support decision-making and planning.
It has contributed to the development of policies and reforms that have improved the macroeconomic and fiscal environment, such as the budget process, the debt management, the monetary policy, and the pension system. This has helped to achieve fiscal sustainability, debt relief, inflation control, and economic growth.
Therefore, Agusto & Co. has been a key player and partner in the Nigerian economy, and has helped to shape and strengthen its financial and economic landscape.
What Are Some Of Bode Agusto Notable Achievements?
Some of the notable achievements of Bode Agusto are:
He founded and led Agusto & Co., Nigeria’s first credit rating agency and a leading provider of economic research and industry analysis.
He served as the Director General and Special Adviser to the President on Budget Matters, where he reformed the budget process, achieved budget surpluses, obtained debt relief, and repaid US$32 billion of the national debt.
He was a member of the Monetary Policy Committee of the Central Bank of Nigeria, where he helped shape and implement monetary policies that enhanced the stability and growth of the economy.
He was awarded the national honour of Member of the Order of the Federal Republic (MFR) by President Olusegun Obasanjo for his contributions to the Nigerian economy.
What Is Bode Agusto Net Worth?
According to one source, Bode Agusto’s net worth was estimated at $190,000 as of 2024. He earned his fortune through his successful career in finance and business, as well as his contributions to the Nigerian economy and public sector. He was the founder and first managing director of Agusto & Co., Nigeria’s first credit rating agency and a leading provider of economic research and industry analysis.
He also served as the Director General and Special Adviser to the President on Budget Matters, and as a member of the Monetary Policy Committee of the Central Bank of Nigeria. He was a visionary and a leader who made a lasting impact on Nigeria and Africa.
Controversy And Activism Of Bode Agusto
Bode Agusto was not only a successful economist and businessman, but also a controversial and activist figure in Nigeria. He was known for his outspoken views and criticisms of the government, the political system, and the economic policies.
He also advocated for reforms and improvements in various sectors, such as education, health, infrastructure, and security. Some of the examples of his controversy and activism are:
He was a vocal opponent of the military dictatorship of General Sani Abacha, who ruled Nigeria from 1993 to 1998. He was one of the signatories of a letter that condemned Abacha’s human rights violations and called for a return to democracy. He also supported the pro-democracy movement led by Chief Moshood Abiola, who was widely believed to have won the annulled 1993 presidential election.
He was a critic of the corruption and mismanagement that plagued the Nigerian economy and public sector. He exposed and challenged the inefficiencies and loopholes in the budget process, the debt management, the revenue allocation, and the expenditure control. He also advocated for transparency, accountability, and fiscal responsibility in the government.
He was a champion of the Islamic faith and the Afro-Brazilian Muslim heritage in Nigeria. He was a descendant of the Aguda people, who were freed slaves from Brazil who settled in Lagos in the 19th century. He was proud of his ancestry and identity, and he promoted the cultural and religious diversity of Nigeria. He was also an Imam and a scholar of Islam, who engaged in theological debates and dialogues with Christian leaders.
Conclusion
Bode Agusto is a visionary and a leader who has made a lasting impact on the Nigerian economy and society. He is a pioneer of credit rating and economic research in Nigeria, and a champion of fiscal responsibility and monetary stability. He is also a lifelong learner and a generous teacher who inspires and empowers others to achieve their goals.
He is a role model and a mentor for many Nigerians who aspire to excel in economics, finance, and business. We hope you enjoyed reading this blog post and learned something new from his biography. If you have any comments or questions, please feel free to share them below. Thank you for reading!
