President Bola Ahmed Tinubu has approved the appointment of Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BOA), effective immediately.
The Presidency announced this appointment in a statement issued on Friday by the Special Adviser to the President on Information & Strategy, Bayo Onanuga.
The statement highlighted Mr. Sotinrin’s extensive experience in both the private and public sectors, positioning him as a key figure in the administration’s drive to revitalize Nigeria’s agricultural sector.
A track record of agricultural and financial leadership
According to the statement, before his new role, Mr. Sotinrin served as the Group Chief Executive Officer of SAO Group, where he spearheaded transformative agribusiness initiatives.
- Under his leadership, SAO Agro developed a 20,000-hectare oil palm plantation and expanded into large-scale poultry, aquaculture, maize, and cassava farming in Ondo State.
- His financial expertise was further demonstrated at SAO Capital, where he secured over $750 million in infrastructure and development financing, including a landmark $200 million deal for the Akure Water Supply Project.
- Mr. Sotinrin’s public sector experience includes serving as Special Adviser (Environment & Urban Development) to the Minister of State for the Federal Capital Territory (FCT) from 2011 to 2015.
- He has also consulted for major global development institutions such as the World Bank, African Development Bank (AfDB), DFID, and USAID, advising on critical federal and state-level projects.
His international career spans roles at Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency, reinforcing his expertise in finance, sustainability, and infrastructure development.
Academic Credentials
Mr. Sotinrin holds an Executive MBA from Oxford University’s Said Business School, an Advanced Diploma in Environmental Conservation, and a Master’s in Engineering Business Management from Warwick University.
President Tinubu emphasized that Mr. Sotinrin’s appointment aligns with the administration’s commitment to food security, sovereignty, and rural prosperity.
“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 agricultural transformation,” the President stated.
What this means for Nigeria’s agricultural sector
The Bank of Agriculture (BOA) Limited was incorporated as Nigerian Agricultural Bank (NAB) in 1972 and became operational in 1973 to carry out the functions of a Development Finance Institution for the Agriculture and Rural Development sector.
The Bank plays a pivotal role in financing farmers and agribusinesses across Nigeria.
With Mr. Sotinrin’s leadership, the bank is expected to drive greater investment, efficiency, and innovation in the sector, supporting smallholder farmers and large-scale agro-industrial projects alike.
