President Bola Tinubu has approved the appointment of Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, with immediate effect.
Announcing the appointment in a statement on Friday, Presidential spokesman Bayo Onanuga said Sotinrin brings a wealth of experience from both the private and public sectors.
Before his appointment, Sotinrin served as Group Chief Executive Officer of SAO Group, where he oversaw several agribusiness initiatives, including the development of a 20,000-hectare oil palm plantation and large-scale poultry, aquaculture, maize, and cassava farms in Ondo State.
He also led SAO Capital, raising more than $750 million in infrastructure and development finance. Notably, he spearheaded the $200 million Akure Water Supply Project.
In public service, Sotinrin was Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory between 2011 and 2015. He has also consulted for several global institutions including the World Bank, African Development Bank (AfDB), Department for International Development (DFID), and USAID.
His international work experience includes stints with the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.
Sotinrin holds an Executive MBA from the Saïd Business School at Oxford University, an Advanced Diploma in Environmental Conservation, and a Master’s degree in Engineering Business Management from the University of Warwick.
Onanuga stated that the appointment aligns with the Tinubu administration’s strategy to revitalise Nigeria’s agricultural sector.
“With his track record of mobilising capital, driving agribusiness innovation, and working across sectors, Mr. Sotinrin is well-positioned to reposition the Bank of Agriculture as a key driver of food security, sovereignty, and rural prosperity,” Onanuga said.
