Nigeria’s President Bola Ahmed Tinubu has appointed Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BOA), in a move aimed at revitalising the country’s agricultural sector. The appointment, which takes immediate effect, underscores the administration’s broader agenda to achieve food security, rural development, and economic diversification through agriculture.
The announcement was made in a statement released by Presidential Spokesperson Bayo Onanuga, who noted that Sotinrin’s appointment reflects Tinubu’s strategy to transform the BOA into a dynamic institution capable of catalysing agribusiness innovation and driving rural prosperity.
President Tinubu expressed confidence in Sotinrin’s capacity to reposition the Bank of Agriculture. He highlighted Sotinrin’s track record in raising capital, executing large-scale agricultural projects, and forging partnerships across sectors as key qualities for the role.
Sotinrin’s background spans both public and private sectors, with a blend of experience in agriculture, infrastructure development, finance, and environmental management. He holds an Executive MBA from Said Business School at Oxford University, a Master’s degree in Engineering Business Management from Warwick University, and an Advanced Diploma in Environmental Conservation.
Before his new role, Sotinrin was Group Chief Executive Officer at SAO Group. Under his leadership, the company’s agribusiness arm, SAO Agro, developed major agricultural projects, including a 20,000-hectare oil palm plantation and expansive poultry, aquaculture, maize, and cassava ventures in Ondo State. He also led SAO Capital in securing over $750 million in development and infrastructure financing, including the notable $200 million Akure Water Supply Project.
His extensive experience includes consulting for global institutions such as the World Bank, African Development Bank, DFID, and USAID. Sotinrin also played advisory roles on federal and state government initiatives. Internationally, he held roles at the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.
In the public sector, he previously served as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory between 2011 and 2015.
With Sotinrin’s appointment, the Tinubu administration signals a renewed focus on leveraging agribusiness as a driver of national development. The new BOA leadership is expected to strengthen access to finance for farmers, scale up agricultural productivity, and deepen Nigeria’s capacity to ensure food sovereignty and reduce import dependence.
