President Bola Tinubu has appointed Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BOA), effective immediately.
Bayo Onanuga, the President’s Special Adviser on Information and Strategy, confirmed the appointment in a statement made on Friday.
Sotinrin, a seasoned finance and agricultural professional, provides extensive experience in both the private and public sectors.
Prior to his appointment, he was the Group Chief Executive Officer of SAO Group, where he oversaw many groundbreaking agricultural initiatives, including the establishment of a 20,000-hectare oil palm plantation and large-scale poultry, aquaculture, maize, and cassava farms in Ondo State.
The new BOA MD has substantial experience in development finance.
As CEO of SAO Capital, he oversaw the raising of more than $750 million in infrastructure and development funding, including the historic $200 million Akure Water Supply Project. His experience includes strategic financial planning and investment mobilisation in important sectors.
Sotinrin formerly worked in the public sector as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory between 2011 and 2015.
He has also worked as a consultant for international development organisations such as the World Bank, the African Development Bank, the Department for International Development, and the US Agency for International Development.
His international banking expertise includes positions at Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.
He 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.
Tinubu underlined that Sotinrin’s appointment is consistent with his administration’s aim of revitalising Nigeria’s agriculture sector to improve 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 is crucial to Nigeria’s economic development, particularly by providing financial assistance to farmers and agribusinesses.
Sotinrin’s appointment is intended to increase the institution’s ability to push investments in modern agriculture, improve smallholder farmers’ access to funding, and boost Nigeria’s food production and rural development.
With a history in both private investment and public sector advising, players in the agricultural sector expect Sotinrin to introduce new methods to reposition BOA for increased impact.
His leadership is expected to assist the government’s overall economic goal, which includes promoting agriculture as a key engine of national growth.
Sotinrin’s initial priorities will most likely be to establish policies that improve farmers’ access to inexpensive financing, improve the bank’s operational efficiency, and create collaborations with both local and international investors to strengthen Nigeria’s agribusiness ecosystem.
His appointment demonstrates the Tinubu administration’s renewed commitment to altering Nigeria’s agricultural environment by using knowledge and financial resources to promote long-term growth and economic diversification.
