President Bola Tinubu has appointed Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BOA), effective immediately. The appointment was announced by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Sotinrin, a finance and agribusiness expert, brings extensive experience from both the private and public sectors. Prior to this appointment, he was the Group CEO of SAO Group, where he led significant agricultural projects, including a 20,000-hectare oil palm plantation and large-scale poultry, aquaculture, maize, and cassava operations in Ondo State.
His background includes development finance, having facilitated over $750 million in infrastructure and development funding as head of SAO Capital, including the $200 million Akure Water Supply Project. He has also served as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory (2011-2015) and consulted for international agencies like the World Bank, African Development Bank, DFID, and USAID. His international banking experience includes roles at Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.
Sotinrin holds an Executive MBA from Saïd Business School, Oxford University, an Advanced Diploma in Environmental Conservation, and a Master’s degree in Engineering Business Management from Warwick University. President Tinubu emphasized that Sotinrin’s appointment aligns with his administration’s goal to revitalize Nigeria’s agricultural sector for enhanced food security and economic growth. “Mr. Sotinrin’s proven ability to mobilize capital, innovate in agribusiness, and collaborate across sectors will be instrumental in repositioning the Bank of Agriculture as a catalyst for food security, sovereignty, and rural prosperity,” stated the President.
The Bank of Agriculture plays a crucial role in supporting farmers and agribusinesses in Nigeria. Sotinrin’s appointment is expected to strengthen the bank’s capacity to drive investments in modern agriculture, improve financing access for smallholder farmers, and boost food production and rural development.
Stakeholders anticipate that Sotinrin’s combined private and public sector expertise will bring fresh strategies to BOA, supporting the government’s economic agenda. His immediate focus is expected to be on improving farmers’ access to affordable credit, enhancing operational efficiency, and fostering partnerships with local and international investors. The appointment reflects the Tinubu administration’s commitment to transforming Nigeria’s agricultural sector through strategic expertise and financial resources.
