Tinubu, Obaseki Mourn Demise of Bode Agusto, Founder of Nigeria’s First Credit Rating Firm

Deji Elumoye in Abuja and Nume Ekeghe in Lagos

President Bola Tinubu and Governor Godwin Obaseki have expressed  sadness over the demise of Mubasheer Olabode Agusto, who served as Adviser on Budget Matters to President Olusegun Obasanjo during his second term in office.
He was the founder of Agusto & Co., a prominent Pan-African Credit Rating Agency and a leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa.

Agusto passed away at age 68. His death occurred  in Portugal yesterday after a brief battle with pancreatic cancer.
A statement from the family stated: “With deep regret and heavy hearts, but with total submission to the will of Allah, we announce the passing on to glory of our husband, father, grandfather, brother, uncle and beloved friend, Mubasheer Olabode Agusto. He was 68 years old.

“He passed on in the Algarve, Portugal in the early hours of today, Thursday 19 October 2023, after a brief battle with pancreatic cancer. He was surrounded by his wife, children and grandchildren. He will be interred in Portugal according to Islamic rites. We will hold prayers and a memorial service in Lagos, Nigeria in due course. We thank all well-wishers for their calls and messages. We truly appreciate your love and support. We will communicate details of all funeral rites in the coming days.”

The President , according to a statement issued yesterday,  by his Media Adviser, Ajuri Ngelale, extended his heartfelt condolences to the Agusto family and their friends who are mourning in the wake of his passage into glory.
Tinubu acknowledged Agusto’s  unparalleled contributions to the financial world, as well as the public and private sectors of Nigeria.
Emphasising Agusto’s pursuit of sustainable economic growth in the public service,  the President noted that the distinguished Chartered Accountant continued to share his wealth of knowledge even when faced with serious medical challenges.

“Even in the face of formidable health challenges, Bode continued to generously share his time and wealth of knowledge on economics and business strategy. He was consistently eager to contribute to the growth of the Nigerian economy. His impact will resonate through generations, and I pray that God grants his soul eternal rest,” President Tinubu said.

For his part, Obaseki, described the late Agusto, as a quintessential analyst, who charted the path for the growth of ratings and economic risk analysis sector in the country.
The governor, in a statement, said the news of the passing of Agusto was shocking, as he was a leading light and a pioneer in Nigeria’s business information management space, particularly in industry research, credit risk management, and portfolio analysis/rating validation.
According to him, “I am deeply saddened by the news of the passing of my friend and brother, Olabode Agusto, a quintessential analyst, who led the way in credit risk management in the country and groomed many young professionals in the field, paving the way for the growth and development of the niche.

“A thorough-bred professional, he recorded impressive growth after setting up Agusto & Co. in 1992, building an impeccable reputation as the foremost credit rating business out of Nigeria, nay Africa.
“He was hardworking and honest, traits that have seen him set the pace and lead the industry over these years. His knack for excellence stood him out and made him the industry’s gold standard.”

He continued: “I mourn the passing of the analysts’ analyst, a standard bearer and indeed, a remarkable gentleman.
“He will be fondly remembered for his wit, intelligence, and knack for excellence, qualities that have stood his business out over these past 30 years.
“I commiserate with the Agusto family, management and staff of Agusto & Co., associates, friends and well-wishers and pray that God will grant all the fortitude to bear the irreparable loss

As an accountant with exceptional talent, Agusto served at various times as a former Assistant Vice President of Citibank Nigeria; a Partner in PriceWaterHouseCoopers (PwC); Non-Executive Director of the National Pension Commission (PenCom) and the Shell Nigeria Pension Fund; in addition to his service as a Member of the Monetary Policy Committee of the Central Bank of Nigeria.

He also made significant contributions as a non-executive Director of the National Pension Commission (PenCom), the Shell Nigeria Pension Fund, and as a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) and serves as a Non-Executive director is several companies.