Renowned economist and founder of Nigeria’s pioneer credit rating agency, Agusto & Co, Bode Agusto, has passed away at 68.

Dele Momodu, a Chieftain of the People Democratic Party and media mogul, confirmed Agusto's demise in an Instagram post on Thursday.

In the post, he stated, “Mr Olabode Agusto, one of Nigeria’s foremost economic wizards, has passed on. He founded AGUSTO & CO Ltd., a credit rating company. His beloved wife, Edna, and children were in Portugal (his adopted country) when he passed on at close to 70. May his brilliant soul rest in peace.”

Prior to his passing, Agusto served as an independent consultant in economics, finance, and business strategy.

Established in 1992, Agusto & Co played a pivotal role in introducing credit rating services to Nigeria, becoming the nation’s first officially licensed credit rating agency by the Securities and Exchange Commission. Agusto led the company as managing director for 11 years.

Agusto also served as a director in the National Pension Commission and was a member of the Central Bank of Nigeria Monetary Policy Committee.

In 2003, ex-President Olusegun Obasanjo honored Agusto with the national title of Member of the Order of the Federal Republic for his significant contributions to the Nigerian economy.