President Bola Ahmed Tinubu has appointed Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, with immediate effect.
The appointment was announced on Friday in a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
Sotinrin’s appointment is part of President Tinubu’s strategy to reposition the country’s agricultural sector as a key driver of food security, economic development, 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,” said Tinubu.
Before his appointment, Sotinrin served as Group Chief Executive Officer of SAO Group. Under his leadership, SAO Agro launched several major agricultural initiatives, including a 20,000-hectare oil palm plantation, and expanded operations in poultry, aquaculture, maize, and cassava in Ondo State.
Furthermore, he also led SAO Capital, where he successfully raised over $750 million in development and infrastructure finance. Among his achievements is the $200 million Akure Water Supply Project, described as a landmark in regional development.
Sotinrin’s public service record includes a tenure as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory between 2011 and 2015. He has also served as a consultant to global development institutions such as the World Bank, African Development Bank (AfDB), the UK’s Department for International Development (DFID), and the United States Agency for International Development (USAID).
His professional experience also spans international institutions, having worked with the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.
Academically, Sotinrin holds an Executive MBA from the Said 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.
However, his appointment is expected to bring in a new phase for the Bank of Agriculture as the federal government seeks to harness agriculture as a sustainable pathway to economic growth and rural development.
