Ayo Sotinrin Appointed As New Managing Director Of Bank Of Agriculture.
President Bola Tinubu has approved the appointment of Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BOA). The announcement, made on Friday, 4 April 2025, marks a fresh chapter for the institution tasked with driving financial support for Nigeria’s farmers and agribusinesses. The appointment takes effect immediately, reflecting the urgency of the administration’s focus on revitalising agriculture as a cornerstone of economic growth.
Mr. Sotinrin, a seasoned expert in finance and agribusiness, brings a wealth of experience from both the private and public sectors. Prior to this role, he served as the Group Chief Executive Officer of SAO Group, where he spearheaded transformative agricultural projects. Under his leadership, SAO Agro developed a sprawling 20,000-hectare oil palm plantation and expanded operations into large-scale poultry, aquaculture, maize, and cassava farming in Ondo State. His tenure at SAO Capital was equally impressive, raising over $750 million (£570 million) in infrastructure and development funding, including the landmark $200 million (£152 million) Akure Water Supply Project.
The new Managing Director’s credentials extend beyond the private sector. From 2011 to 2015, he served as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory, showcasing his ability to navigate complex public sector challenges. His international experience includes consultancy roles with global institutions such as 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). Educated at prestigious institutions, Mr. Sotinrin holds an Executive MBA from Oxford University’s Saïd Business School, a Master’s in Engineering Business Management from Warwick University, and an Advanced Diploma in Environmental Conservation.
President Tinubu hailed the appointment as a strategic step towards achieving his administration’s vision for food security and rural prosperity. “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 said in a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga.
The Bank of Agriculture, established in 1972 as the Nigerian Agricultural Bank, plays a pivotal role in providing financial support to farmers and agribusinesses across the country. With Mr. Sotinrin at the helm, stakeholders are optimistic about a renewed focus on affordable credit for smallholder farmers, operational efficiency, and partnerships with local and international investors to bolster Nigeria’s agricultural ecosystem.
The appointment has been met with widespread approval from industry experts and farmers’ groups, who see it as a signal of the government’s commitment to tackling the challenges facing the sector. As Nigeria grapples with rising food prices and the need for sustainable agricultural development, Mr. Sotinrin’s leadership is expected to bring fresh strategies and innovation to the fore.
With his extensive background and a clear mandate from the President, Mr. Ayo Sotinrin steps into his new role at a critical time, poised to steer the Bank of Agriculture towards a brighter, more prosperous future for Nigeria’s rural communities and beyond.
