President Bola Ahmed Tinubu has appointed Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture.
Sotinrin will take over from Alwan Ali Hassan, a seasoned banker who was appointed by former President Muhammadu Buhari in May 2020.
Read Also: FG to finalise BOA recapitalisation by Q1 2025 – Agric Minister
The Bank of Agriculture is a development bank that provides credit facilities to both small and large scale farmers and small businesses within rural areas. The bank was formed in 2000 and assumed the assets of the National Agriculture and Cooperative Bank, People’s Bank and the Family Economic Advancement Project.
Before Sotinrin appointment, he held the position of Group Chief Executive Officer at SAO Group. His leadership at SAO Agro, an agribusiness company, was marked by agricultural initiatives, including developing a 20,000-hectare oil palm plantation, large-scale poultry and boosting cassava operations in Ondo State.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement disclosed that the new MD also led SAO Capital, raising over $750 million in infrastructure and development finance, including the landmark $200 million Akure Water Supply Project.
He said Sotinrin’s appointment aligns with the Tinubu administration’s strategy to revitalise Nigeria’s agricultural sector.
“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 emphasised.
What to know about Ayo Sotinrin
Ayo Sotinrin is an ardent environmentalist turned development finance expert with a major interest in infrastructure development. After over a decade working in the finance and investment sector, he founded SAO Capital in 2015.
He has 16 years work experience which cuts across different sectors in more than 10 countries.
