President Bola Ahmed Tinubu has appointed Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BOA), effective immediately. This strategic move is seen as a critical step in revitalising Nigeria’s agricultural sector, with Sotinrin bringing a wealth of experience and expertise to the position.
Ayo Sotinrin, a seasoned professional with vast experience in both the private and public sectors, takes on the challenge of leading one of Nigeria’s most important financial institutions dedicated to supporting the agricultural industry. His appointment was officially announced in a statement issued by the State House on April 4, 2025, underscoring his strong credentials and the confidence President Tinubu has in his abilities.
Before his appointment, Mr. Sotinrin had a distinguished career in agribusiness and finance. He previously served as the Group Chief Executive Officer (CEO) of SAO Group, a conglomerate with notable operations in agriculture. Under his leadership, SAO Agro, the agribusiness arm of the group, made significant strides in large-scale farming, including the establishment of a 20,000-hectare oil palm plantation and major operations in poultry, aquaculture, maize, and cassava farming in Ondo State.
In addition to his work in agribusiness, Sotinrin also made a mark in infrastructure development, raising over $750 million in financing for various projects. One of his major achievements was securing $200 million for the Akure Water Supply Project, which continues to have a significant impact on the region’s water supply and infrastructure.
His experience is not limited to the private sector. From 2011 to 2015, Sotinrin served as the Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory (FCT). During his tenure, he played a key role in advising on policies and projects aimed at enhancing the urban environment and sustainability in Nigeria’s capital city.
Sotinrin’s expertise extends internationally as well. He has consulted for several global development partners, including the World Bank, the African Development Bank (AfDB), the UK’s Department for International Development (DFID), and the United States Agency for International Development (USAID). His international experience includes roles with the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency, where he gained a deep understanding of financial systems, development finance, and environmental issues.
Sotinrin holds an Executive MBA from Said Business School, Oxford University, one of the world’s leading institutions for business education. He also has an Advanced Diploma in Environmental Conservation, which complements his extensive experience in environmental management. Additionally, he holds a Master’s degree in Engineering Business Management from Warwick University. These qualifications, combined with his diverse work experience, position him as a highly qualified individual to lead the Bank of Agriculture.
The appointment of Mr. Sotinrin comes at a critical time for Nigeria’s agricultural sector. Under the leadership of President Tinubu, the Nigerian government is making a concerted effort to reposition agriculture as a central pillar of the country’s economic growth. Agriculture has long been identified as a key sector for the diversification of Nigeria’s economy, and revitalising it is a key priority of the Tinubu administration.
The Bank of Agriculture, which has historically played a central role in financing agricultural projects, is set to play a more active role under Sotinrin’s leadership. President Tinubu has expressed his confidence in Sotinrin’s ability to innovate and mobilise capital to support the agricultural sector, which is essential for food security, rural prosperity, and the overall economic development of the nation.
In his statement, President Tinubu emphasised that Sotinrin’s proven track record of leading large-scale agribusiness ventures and his expertise in financing and infrastructure will be invaluable in reshaping the BOA. “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 noted.
The president’s focus on food security is especially critical in the context of Nigeria’s economic challenges. With millions of Nigerians depending on agriculture for their livelihoods, the sector has the potential to provide not only food for the nation but also employment and income opportunities for rural communities. By empowering the Bank of Agriculture to lead in financing agricultural projects and fostering innovation, the government hopes to enhance productivity, create jobs, and ultimately reduce poverty in rural areas.
The Bank of Agriculture, established to provide financial services to the agricultural sector, plays an essential role in the growth and development of Nigeria’s farming industry. It provides loans, grants, and financial support to farmers, agribusinesses, and other players in the agricultural value chain. The bank’s services are particularly important for smallholder farmers, who often face challenges in accessing credit and financial resources to expand their operations.
However, in recent years, the bank has faced challenges, including a need for modernisation and a more focused approach to addressing the needs of the agricultural sector. Under Sotinrin’s leadership, there is a strong expectation that the bank will become more efficient in channeling funds to the right projects and supporting the growth of modern, sustainable farming practices.
In addition to financing, the bank is also expected to play a more active role in promoting agricultural innovation and technological adoption. The Nigerian agricultural sector, while rich in resources, is still behind in adopting modern farming techniques and technologies. By leveraging his experience in agribusiness, Sotinrin is expected to drive the adoption of technologies that can improve yields, reduce waste, and ensure that Nigerian farmers can compete on the global stage.
