President Bola Tinubu has appointed Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BOA), with immediate effect.
The appointment was confirmed in a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
Sotinrin, a seasoned finance and agribusiness expert, brings a wealth of experience from both the private and public sectors.
Before his appointment, he served as the Group Chief Executive Officer at SAO Group, where he spearheaded several groundbreaking agricultural projects, including the development of a 20,000-hectare oil palm plantation and large-scale poultry, aquaculture, maize, and cassava operations in Ondo State.
The new BOA MD also has an extensive background in development finance.
As the head of SAO Capital, he facilitated the raising of over $750 million in infrastructure and development funding, including the landmark $200 million Akure Water Supply Project. His expertise spans strategic financial planning and investment mobilization for critical sectors.
In the public sector, Sotinrin previously served as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory from 2011 to 2015. Additionally, he has worked as a consultant for international development agencies such as the World Bank, the African Development Bank, the Department for International Development, and the United States Agency for International Development. His international banking experience includes roles at the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.
His educational credentials include 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.
Tinubu emphasised that Sotinrin’s appointment aligns with his administration’s vision of revitalising Nigeria’s agricultural sector to enhance food security and economic growth.
“Mr. Sotinrin’s proven ability to mobilise 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,” the President stated.
The Bank of Agriculture plays a critical role in Nigeria’s economic development, particularly in providing financial support to farmers and agribusinesses. The appointment of Sotinrin is expected to strengthen the institution’s capacity to drive investments in modern agriculture, improve access to financing for smallholder farmers, and boost Nigeria’s food production and rural development.
With his background in both private investment and public sector advisory, stakeholders in the agricultural sector anticipate that Sotinrin will bring fresh strategies to reposition BOA for greater impact. His leadership is expected to support the government’s broader economic agenda, which includes leveraging agriculture as a key driver of national prosperity.
Sotinrin’s immediate focus will likely be on implementing policies to improve farmers’ access to affordable credit, enhancing the bank’s operational efficiency, and fostering partnerships with both local and international investors to strengthen Nigeria’s agribusiness ecosystem.
His appointment signals the Tinubu administration’s renewed commitment to transforming Nigeria’s agricultural landscape by leveraging expertise and financial resources to drive sustainable development and economic diversification.