President Bola Ahmed Tinubu has approved the appointment of Mr. Ayo Sotinrin as the new Managing Director and Chief Executive Officer of the Bank of Agriculture (BOA), with immediate effect.
The appointment, which underscores the President’s renewed commitment to revitalizing Nigeria’s agricultural sector, is expected to bolster the operational efficiency and strategic direction of the Bank of Agriculture in line with the Federal Government’s food security agenda.
Mr. Sotinrin, a seasoned professional with extensive experience in banking, agribusiness, and rural development, is expected to drive the bank’s mandate of providing accessible credit facilities and financial services to farmers, cooperatives, and agro-allied enterprises across the country.
His appointment comes at a critical time as the Tinubu-led administration intensifies efforts to diversify the economy through agriculture and ensure sustainable development in rural communities.
Before his appointment, Mr. Sotinrin was the Group Chief Executive Officer of SAO Group, where he provided visionary leadership to SAO Agro, one of Nigeria’s leading agribusiness firms. Under his watch, the company embarked on several high-impact agricultural projects, including the development of a 20,000-hectare oil palm plantation, and major poultry, aquaculture, maize, and cassava farming operations across Ondo State.
In the financial space, Mr. Sotinrin also served as the head of SAO Capital, where he successfully mobilized over $750 million in development and infrastructure financing. Notably, he spearheaded the $200 million Akure Water Supply Project — a landmark initiative aimed at improving water access and public health outcomes.
His experience in public service includes his tenure as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory (FCT) between 2011 and 2015. He has also played advisory roles on various development projects at the federal and state levels, and has consulted for top international development organizations including the World Bank, African Development Bank (AfDB), the UK Department for International Development (DFID), and the United States Agency for International Development (USAID).
With an international career that has spanned institutions like the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency, Mr. Sotinrin brings a global perspective to the role. Academically, he holds an Executive MBA from the prestigious Saïd Business School, University of Oxford; a Master’s degree in Engineering Business Management from the University of Warwick; and an Advanced Diploma in Environmental Conservation.
President Tinubu expressed confidence in Mr. Sotinrin’s ability to reposition the Bank of Agriculture to better serve Nigeria’s developmental goals.
“Mr. Sotinrin’s proven ability to mobilise capital, innovate in agribusiness, and foster strategic collaborations will be instrumental in repositioning the Bank of Agriculture as a catalyst for food security, sovereignty, and rural prosperity,” the President said.
With this appointment, stakeholders in the agriculture and development finance sectors are optimistic that the BOA will be reenergized to fulfill its critical mandate of supporting farmers, boosting local food production, and contributing to national economic growth.
The Bank of Agriculture plays a pivotal role in facilitating agricultural investments and ensuring food sufficiency. With Mr. Sotinrin at the helm, stakeholders anticipate a renewed focus on transparency, innovation, and support for grassroots agricultural initiatives.
Further details regarding his assumption of office and strategic plans are expected in the coming days, stay tuned to Parrot Reporters for more information regarding that.
