Biography of Bode Agusto
At the time of his birth, Bode had three older siblings: his brother Basheer Adetokunbo Agusto; his sister Harrisat Carole Atinuke Agusto; and his sister Mudafiat Olanrewaju Agusto-Brown.
Later on, he gained four younger siblings: his sister Olufunlola Kafayat Aderinokun née Agusto; his brother Oluwatofarati Najmudeen ‘Papai’ Agusto, his brother Obafunmilayo Shakirudeen Agusto and his youngest brother Abdulrahman Olaonipekun Agusto. He also had a sister-aunt, Mubarakat Abiola Agusto-Agoro.
Bode also grew up with many of his cousins including Dr. Tajudeen Ayodele Kekere-Ekun, Akin Kekere-Ekun, Kafayat Olabenjo née King, Gboyega Ademola, Busola Olotu née Ademola and Toyin Anifowoshe. In later years, he forged a close relationship with other cousins such as, Bisade Biobaku, Lekan Biobaku, Idunnu Oyebolu, Biola Ogunbiyi, Ade Odutola and Olubi Johnson.
Mubasheer Olabode Akangbe Agusto was born to Kudirat Olande Ashabi Agusto and Basheer-ud-Deen Adewale Agusto on the 14th of September 1955 at Creek Hospital, Lagos. His mother was from the Lawal-Kakawa family of Olowogbowo, Lagos. His father was from the Agusto family of Bamgbose Street, Brazilian Quarters/Popo Aguda, Lagos. He also had a stepmother, Edna May Agusto from Cambridge, England, who was affectionately known as Iya Rere. His maternal grandparents were Raliat Lawal-Kakawa and Murithalabi Lawal-Kakawa. His paternal grandparents were Hanat Agusto and the great Chief Imam Mohammed Lawal Basil Agusto, QC. His paternal great-grandmother, the mother of Chief Imam M L B Agusto, was Ajoke Aneedu.
Bode considered his grandfather, Chief Imam M L B Agusto, QC, to have had the greatest influence on his life. In his words, his grandfather “was the first generation of educated persons in our family, who worked hard to send himself to the school of pharmacy (and later on The Honourable Society of the Middle Temple, one of the four Inns of Court in England). Whatever we have achieved in this family today (referring to the Agusto family), it was because of him. A man who sent himself to school and got to the pinnacle of his career. That has always been a big inspiration for me”.
CHIEF IMAM MOHAMMED LAWAL BASIL AGUSTO QC.
Paternal Grandfather
Bode received his primary education at St. Peter’s Faji School, Lagos from 1961 to 1968. Some of his friends and classmates at St. Peter’s include the late Rotimi Otubela, the late Akin Osho, the late Prince Ademola Adeniji-Adele and notably his future wife, the late Adetoun Adebowale Adeyemi. While at St. Peter’s, he was a member of the Wolf Cub club – the junior Boy Scouts. He was also active in various sports such as football, table tennis and swimming. Bode was an outstanding scholar in primary school.
After his primary education, he went on to Methodist Boys’ High School (MBHS), Broad Street, Lagos for his secondary education. He attended MBHS for five years from 1968 to 1972, when he passed out with his O-Levels. While at MBHS, he was an active member of the Boy Scout Movement and the Historical Society. He also played football, tennis and basketball. His friends and classmates at MBHS include the late Rotimi Otubela, the late Tayo Kamson, Akin Akintoye, Stan Adeyemi, Tokunbo Famoroti, Aboaba Adeoye, Bolaji Ipaye, Tajudeen Animashaun, and notably Fola Adeola, with whom he walked the journey of life until the very end.
After MBHS, Bode went on to St. Gregory’s College, Lagos where he studied economics, history and English literature for his A-Levels. He played football, basketball and some chess. His friends at St. Gregory’s College include the late Tayo Aderinokun who went on to marry his younger sister, Deinde Brown who went on to marry his older sister, Nelson Bola Oyesiku – a lifelong friend who provided invaluable support to him in the final months of his life, Tosin Shobo, Jimi Agbaje, Aboaba Adeoye, Bode Karunwi, Philip Trimnell, Yemi Cardoso, Cyril Chukwumah, John Oshilaja, Bolaji Ipaye and Taiwo Soares amongst others. He passed out with his A-Levels in June 1974.
After St. Gregory’s College, Bode was admitted to the University of Lagos to study accounting, which was a bit unusual at the time, for someone who was considered an arts student in secondary school. He graduated from the University of Lagos with a Bachelor of Science in Accounting in 1977. Some of his friends at the University of Lagos were Lekan Belo and Diji Fashoro.
Upon graduation from university, he signed up for National Youth Service during which he served at UTC Motors, Aba in the then Imo State. Bode enjoyed his time in the East during his Youth Service immensely and picked up a working knowledge of the Igbo language. Even in his sixties, he still spoke fondly about how he traversed the length and breadth of the East and could still point out places like Control Post in Owerri.
After his National Youth Service, he started his professional career as an Articled Clerk at Price Waterhouse, Lagos in 1978. During his time at Price Waterhouse, he held a variety of roles in the audit, tax and consulting departments in the Lagos and London offices. Bode qualified as a chartered accountant in May 1981, winning Third Prize in the Overall Order of Merit. He was inducted as a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) in 1991. His colleagues and friends at Price Waterhouse include Femi Akingbe, Yemi Adeola, Fred Ashiabor, Oluwande Muoyo, Yemisi Ayeni, Remi Odunlami, Eyamba Henshaw, Emeka Ndu, Ben Akabueze, Kenneth Odusanya, Ede Osayande and Chukwuma Okolo amongst others.
Bode returned to Price Waterhouse in 1990 as Partner in charge of the Financial Services Group, providing services to the rapidly growing number of banks and other financial institutions in Nigeria at the time.
In the early 90s, Bode played a pivotal role in helping his childhood friends, Fola Adeola and Tayo Aderinokun, midwife Guaranty Trust Bank, where he was a founding shareholder and a constant presence. He supported the bank in its formative years, providing consulting services and training for the pioneer and subsequent cohorts of staff, many of whom he developed close friendships with. To old family friends including Femi Pedro, Mosun Olusoga and Segun Agbaje were added Aigboje Aig-Imoukhuede, Herbert Wigwe, Kafilat Araoye and many others.
On the 2nd of January 1992, Bode founded Agusto & Co. Ltd, commencing business from the dining table of our home at 69 Macpherson Avenue, Ikoyi. The pioneer staff of Agusto & Co. were Femi Edun and Dima Oruene who left Price Waterhouse with him. They were later joined by Bola Sobande, Titi Aboderin, his cousin Idunnu Oyebolu, Ade Shonubi, Toyin Adeola, Tayo Oduwole and Bola Ajomale amongst others.
From its beginnings as a consulting firm providing training, strategy and finance consulting, and industry analysis and research, Agusto & Co. pioneered credit ratings in Nigeria, publishing the first credit ratings of Nigerian banks and corporates in 1993. By 1998, Agusto & Co. had gained such market acceptance and regulatory recognition that it was licensed by the Securities & Exchange Commission as the first credit rating agency in Nigeria. His pioneering work was recognized with his investiture with the National Honour of Member of the Federal Republic, MFR by President Olusegun Obasanjo in 2002. In 2003, Bode left Agusto & Co to answer the call to public service and was succeeded as CEO by Vivien Shobo. She served as CEO until December 2019 when she handed over to Yinka Adelekan. Bode was privileged to see Agusto & Co. enter into its third generation of leadership and celebrate its thirtieth year as a thriving and respected pan-African rating agency.
In 2003, President Obasanjo invited Bode to serve as Director General of the Budget Office of the Federation and Special Adviser on Budget Matters. During his four years as Director General of the Budget, Nigeria ran budget surpluses every year and built savings that enabled the country to obtain debt relief and repay US$32 billion of the national debt. Bode was also a member of the President’s Economic Management Team and served on the Board of the National Pension Commission (PENCOM). He served the nation in these roles until the end of the Obasanjo administration in May 2007. He was ably supported at the Budget Office of the Federation by volunteers from the private sector including Muyiwa Balogun, Akin Akisanmi, Demola Odeyemi, Kunle Luqman, Tony Onwu, Mike Hugman and the late Jimi Lawal.
Bode was a faculty resource person at the Lagos Business School from 1993 to 2003. He led highly regarded sessions in the areas of accounting, financial statement analysis and understanding finance and the financial markets on the Chief Executive Program and several other executive education programmes.
In the years since 2007, Bode worked as an independent researcher and consultant on economics and finance, focusing on economies in Sub-Saharan Africa. At various times, he served as a Non-Executive Director at Finance & Commercial Limited, Shell Closed Pension Fund, Agusto & Co. Limited, Guaranty Trust Bank Plc and Agip Closed Pension Fund. He also served as the Chairman of the Board of Grand Cereals Limited and Greentree Limited.
From 2012 until 2015, Bode served as the Pro Chancellor & Chairman of the Governing Council of Lagos State University (LASU).
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They say all work and no play makes Jack a dull boy – Bode took this idiom to heart and lived by it. He was a very active member of the golf section of Ikoyi Club 1938. He replaced Dick Kramer as a member of the Board of Trustees Ikoyi Club 1938 in 2016 and served until his passing in October 2023. He was also a member of The Metropolitan Club Lagos – Table 6, the Lagos Yacht Club and the Lagos Lawn Tennis Club.
Bode loved golf! He loved golf so much that he fell in love with the Algarve region of Portugal, which is known for its spectacular golf courses. In the last decade of his life, he spent an increasing amount of time in the Algarve. He inspired a group of golfers to visit the Algarve every year, to play golf and share fellowship. This group came to be known as FOBA – Friends of Bode Agusto. The group has organized golf tournaments in Portugal, Spain, Ghana and Nigeria since 2008. Some members of FOBA include Aare & Mrs. Muyiwa Omisade, Arc. Charles & Mrs Carol Majoroh, Bashorun & Mrs. Fatai Arobieke, Asiwaju Tunde Oremule, Alhaji & Hajia Yusuf Njie, Paa Kwesi & Pamela Yankey, Wahab & Tinu Feshitan, Muyiwa & Bisola Obileye, Tayo & Faridah Babalakin, Yemi & Annabelle Johnson, Faye & Kate Iketubosin, Agele & Edith Alufohai, George & Efe Etomi, Tony & Peggy Onwu, Mr. & Mrs. Egbert Imomoh and Mr.& Mrs. Adelaja
Bode was an ardent football fan, supporting Stationery Stores FC from his primary school days and Arsenal from secondary school. He often said that supporting a football club was like being married – for better, for worse.
Bode served as the Chairman of the Board of First Cardiology Consultants from 2014 – 2021, supporting his friend Dr. Yemi Johnson with strategy and finance advice as well as corporate governance. They forged a close friendship which saw Dr. Johnson joining FOBA, Bode’s group of golf friends. Along with Professor Nelson Bola Oyesiku, Dr. Johnson provided invaluable support to Bode and his family in the final months of Bode’s life.
In 2016, Governor Akinwunmi Ambode invited Bode to chair the newly inaugurated twelve-member Lagos State Economic Advisory Committee. Bode (and other members of this committee) served pro bono in this role until 2019. Governor Ambode has been quoted as saying, “If we ever improved on any infrastructural outlook in Lagos State during my tenure, Bode Agusto was a major contributor to that.”
Bode placed great importance on the transfer of knowledge to the next generation and so he devoted a considerable amount of time and effort to teaching the next generation of our family about economics and finance. He facilitated courses for his children, nieces and nephews at the end of every year, teaching them the fundamentals of macroeconomics, business management and personal financial management.
Bode redefined what it means to be a devoted family man. No one and nothing was more important to him than his family. For him, no length was too far to go for family and nothing was too much to give for family and friends. He was a dutiful and loyal husband, an exceptional father and grandfather, a devoted brother and cousin, a kind and caring uncle and a steadfast friend. Despite his commitment to many professional and supporting causes, he was a family man to the core doting over his wife, children and lately grandchildren, and being a rallying point for his siblings and the wider family. Put simply, according to Bode’s children, their father was the most perfect human being that each of the five of them has ever known.
On the 20th of February 1982, Bode married his childhood friend, Adetoun Adebowale Adeyemi. Adetoun was from Erunwon, Ijebu-Ode in Ogun State. Their marriage was blessed with two children: a daughter Olande Ashabi Hanat; and a son Adebowale Ajasa Jubril. They were married until December 1985, when Adetoun went to be with the Lord.
On the 16th of September 1989, Bode married Edna Iyegbekokun Olotu. Edna is from Benin City in Edo State. Their marriage was blessed with three daughters: Motunrayo Abike Mudafiat, Oluwalanu Abeke Mujeebat and Olubunmi Abeni Rafiat. They were married until October 2023 when Bode went to be with the Lord.
Through his daughter Olande, Bode was blessed with a granddaughter Amal Adetoun Ayomikun Anike Oladayo. Through his son Adebowale’s marriage, he was blessed with a daughter Olubusayo Olive Balogun Agusto and a grandson Olusemilore Olabode David Ayodeji. Through his daughter Motunrayo’s marriage, he was blessed with a son Tahir Omoseni Sulyman and a granddaughter Aarinola Arike Hanan Abibayo Adjovi.
In June 2023, Bode was diagnosed with pancreas cancer. He faced this particular challenge with the same clarity of mind, temperance, courage and submission to God that he always demonstrated. With the unwavering support of his family, he fought a courageous battle against this disease. Without any sense of contradiction, he was convinced in his belief that it is God who rules over the affairs of men. Therefore, he submitted himself and his life to the will of God without any reservation, to the marvel of all those around him. To quote Professor Nelson Bola Oyesiku, “… his spirit was unshaken, his mind was clear and unbounded, his faith was steadfast and unbroken. He fought this sudden and terrible illness with every fibre of his being.”
Inna Lillahi wa inna ilayhi raji'un. Bode went to be with the Lord in the early hours of Thursday 19 October 2023. He was sixty-eight years old. He was surrounded by his wife, all his children and grandchildren.
Bode’s children consider him to be the Gold Standard for rectitude, duty to family, patriotism and professionalism; he lived a life of integrity, loved his family and friends boundlessly, served his country and his community with exceptional distinction, practiced his religion with sincere faith and without imposition on others, and in the universe of professionals - he was amongst the best of the best. He was always measured, exercising discipline and self-restraint in his affairs – a true gentleman’s gentleman.
Bode ran an excellent race. He fought a good fight. Now he has taken his crown of glory.
His family thanks the Almighty Allah for a blessed life. A life lived in full. A meaningful and impactful life. A life of service. A life devoted to family, friends and country.
Sun re o, Olabode Akangbe! May your memory always be a blessing.
