President Bola Tinubu has appointed Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BOA), effective immediately.
The appointment was confirmed in a statement released on Friday by Bayo Onanuga, the Special Adviser to the President on Information and Strategy.
Sotinrin, a seasoned expert in finance and agribusiness, brings extensive experience from both the private and public sectors. Prior to his appointment, he served as the Group Chief Executive Officer of SAO Group, where he led several pioneering agricultural projects, including the establishment of a 20,000-hectare oil palm plantation and large-scale operations in poultry, aquaculture, maize, and cassava in Ondo State.
The new BOA Managing Director also has a distinguished background in development finance. As the head of SAO Capital, Sotinrin facilitated the raising of over $750 million in infrastructure and development funding, including the notable $200 million Akure Water Supply Project. His expertise spans strategic financial planning, investment mobilization, and fostering growth in critical sectors.
In the public sector, Sotinrin has held notable roles, including serving as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory from 2011 to 2015. He has also worked as a consultant for major international development agencies, including the World Bank, African Development Bank, the Department for International Development, and the U.S. Agency for International Development. His career in international banking includes significant roles at the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.
Sotinrin holds an Executive MBA from Saïd Business School at 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 vision to revitalize Nigeria’s agricultural sector, aiming to enhance food security and foster economic growth.
“Mr. Sotinrin’s proven ability to mobilize capital, innovate within the agribusiness sector, and build partnerships across industries will be pivotal in repositioning the Bank of Agriculture as a catalyst for food security, sovereignty, and rural prosperity,” said the President.
The Bank of Agriculture plays a crucial role in Nigeria’s economic development by providing vital financial support to farmers and agribusinesses. Sotinrin’s appointment is expected to strengthen the bank’s capacity to attract investment in modern agriculture, enhance access to financing for smallholder farmers, and boost food production and rural development across the country.
With his extensive experience in both private investment and public sector advisory, stakeholders in the agricultural sector anticipate that Sotinrin will bring fresh strategies to reposition the BOA for greater impact. His leadership is expected to contribute significantly to the government’s broader economic agenda, particularly in leveraging agriculture as a key driver of national prosperity.
Sotinrin’s immediate focus will likely include implementing policies to improve farmers’ access to affordable credit, enhancing the bank’s operational efficiency, and fostering strategic partnerships with both local and international investors to strengthen Nigeria’s agribusiness ecosystem.
This appointment underscores the Tinubu administration’s renewed commitment to transforming Nigeria’s agricultural sector, utilizing expertise and financial resources to drive sustainable development and economic diversification.
