President Bola Tinubu has approved the appointment of Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, marking a key step in his administration’s bid to overhaul Nigeria’s agricultural finance system.
The announcement was made Friday through a statement by presidential spokesperson Bayo Onanuga, who said Sotinrin’s appointment takes immediate effect.
According to the statement, Sotinrin brings a wealth of experience from both the private and public sectors. “Before this appointment, he held the position of Group Chief Executive Officer at SAO Group. His leadership at SAO Agro, an agribusiness company, was marked by groundbreaking agricultural initiatives, including developing a 20,000-hectare oil palm plantation and large-scale poultry, aquaculture, maize, and cassava operations in Ondo State,” the statement read.
It further highlighted his success in capital mobilisation through SAO Capital, where he raised over $750 million in financing, including $200 million for the Akure Water Supply Project. His background also includes time in public service as a Special Adviser on Environment & Urban Development to the Minister of State in the Federal Capital Territory between 2011 and 2015.
Sotinrin’s professional journey spans roles in global development and finance institutions, having worked on projects with the World Bank, the African Development Bank (AfDB), DFID, and USAID. Internationally, he held positions at Deutsche Bank, Royal Bank of Scotland International, and the UK Environment Agency.
On the academic front, 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.
The Presidency emphasized that Sotinrin’s leadership at the Bank of Agriculture is a crucial part of its wider economic strategy.
“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 statement concluded.
