Tinubu Names Ayo Sotinrin as Managing Director of Bank of Agriculture

President Bola Ahmed Tinubu has approved the appointment of Mr. Ayo Sotinrin as the new Managing Director and Chief Executive Officer of the Bank of Agriculture (BOA), in a strategic move aimed at revitalizing Nigeria’s agricultural sector and boosting food security.

The announcement was made on Thursday through a statement issued by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity. According to the statement, Sotinrin’s appointment is part of a broader reform initiative by the Tinubu administration to reposition Nigeria’s agricultural institutions and promote agribusiness-driven growth.

Sotinrin, a seasoned banker and development finance expert with over 25 years of experience, is expected to bring a wealth of expertise in financial restructuring, rural development, and institutional reform to his new role at the apex agricultural finance institution in Nigeria.

“In line with the Renewed Hope Agenda of the Tinubu administration, Mr. Ayo Sotinrin is expected to deliver transformative leadership at the Bank of Agriculture, ensuring that the bank becomes a central pillar of food security, agro-industrial growth, and rural development,” the statement read.

Background and Credentials

Ayo Sotinrin: A Profile of Competence and Vision

Before his appointment, Mr. Ayo Sotinrin served in executive positions across several commercial banks and multilateral development finance institutions. He held key roles in agricultural financing, rural enterprise development, and smallholder support programs.

Sotinrin is a graduate of Agricultural Economics from the University of Ibadan and holds a Master’s degree in Development Finance from the University of Manchester, UK. He is also an alumnus of the Lagos Business School (LBS) Executive Management Program.

Colleagues and industry professionals describe Sotinrin as a reform-minded technocrat with a passion for empowering small-scale farmers, improving access to credit in rural communities, and leveraging technology to modernize agriculture.

During his tenure as Director of Agribusiness at a leading Nigerian bank, he was credited with facilitating over N200 billion in credit support to small and medium-scale agro-entrepreneurs across the country, with a special focus on value chain development and post-harvest processing.

His work in promoting financial inclusion for rural women and youth through digital loan platforms was recognized internationally and earned him the 2023 African Development Finance Award for Innovation in Agricultural Lending.

National Impact and Stakeholders' Reaction

Stakeholders Welcome the Appointment, Call for Urgent Reforms

Stakeholders in Nigeria’s agricultural and finance sectors have lauded the appointment of Mr. Sotinrin, describing it as a bold and timely step toward transforming the ailing Bank of Agriculture.

Speaking to journalists, the President of the All Farmers Association of Nigeria (AFAN), Architect Kabir Ibrahim, expressed optimism that Sotinrin’s leadership would “restore credibility and operational efficiency” to the BOA.

“We believe Mr. Sotinrin understands the challenges facing the agricultural sector and has the vision to align the bank’s mandate with the current realities. Farmers have suffered for too long due to lack of accessible financing, and we are hopeful that his tenure will reverse that trend,” he said.

Similarly, the Nigerian Agritech Alliance (NAA) released a statement urging the new MD to prioritize digital transformation, ensure transparency in loan disbursements, and collaborate with private sector players to scale innovation in food systems.

Analysts note that the Bank of Agriculture, once envisioned as a cornerstone of national development, has struggled with inefficiencies, poor capitalization, and allegations of corruption in recent years. As part of his mandate, Sotinrin is expected to lead a comprehensive overhaul of the bank's structure, strengthen loan recovery mechanisms, and drive partnerships with state governments and international donors.

President Tinubu, in his 2025 budget address, emphasized agriculture as one of the key sectors for diversifying the Nigerian economy away from oil dependency. With the appointment of Ayo Sotinrin, expectations are high that the Bank of Agriculture will finally deliver on its founding promise: to empower Nigerian farmers, ensure food sovereignty, and foster rural prosperity.