• Appoints Abdulsalam as Ajaokuta Steel Company MD
President Bola Ahmed Tinubu has approved the appointment of Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, with immediate effect.
Mr. Sotinrin, a seasoned executive with a rich blend of experience in both private and public sectors, is expected to spearhead the transformation of the institution as part of the administration’s broader strategy to revitalise Nigeria’s agricultural sector.
In a statement issued yesterday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the President expressed confidence in the new appointee’s capacity to reposition the Bank of Agriculture as a key driver of food security, agricultural innovation, and rural development.
“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,” President Tinubu stated.
Prior to this appointment, Mr. Sotinrin served as Group Chief Executive Officer of SAO Group, where he led major agribusiness ventures, including a 20,000-hectare oil palm plantation and large-scale operations in poultry, aquaculture, maize, and cassava in Ondo State.
He also headed SAO Capital, where he was instrumental in raising over $750 million for infrastructure and development projects, notably the $200 million Akure Water Supply Project.
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In the public sector, Mr. Sotinrin served as Special Adviser on Environment and Urban Development to the Minister of State for the Federal Capital Territory (FCT) from 2011 to 2015.
He has also worked as a consultant for several global development partners, including the World Bank, African Development Bank, DFID, and USAID.
His international experience spans roles at the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.
Academically, Mr. 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.
His appointment is seen as a strategic step in President Tinubu’s plan to harness agriculture as a cornerstone of Nigeria’s economic diversification and rural empowerment agenda.
In a related development, the President has also approved the appointment of Nasir Naeem Abdulsalam as the Managing Director of Ajaokuta Steel Company, effective April 3, 2025.
This was announced in a statement issued yesterday by the Director of Information and Public Relations in the Office of Secretary to the Government of the Federation (OSGF), Segun Imohiosen.
Abdulsalam, a seasoned expert in the steel industry, previously served as the Technical Adviser to the Honourable Minister of Steel Development and as Special Assistant (Academics) to the Director General of the National Institute for Legislative and Democratic Studies (NILDS).
His appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc.) Act 2008, as amended.
President Tinubu has charged Abdulsalam with revitalising Ajaokuta Steel Company to drive industrial and economic activities that will support Nigeria’s ambition to become Africa’s leading industrial hub.
The move is part of the administration’s broader Renewed Hope Agenda, which emphasises economic diversification and industrialization.
The Ajaokuta Steel Company, often regarded as Nigeria’s most ambitious industrial project, has long been positioned as a key player in the nation’s economic transformation