The new Managing Director of the Bank of Agriculture (BOA), Ayo Sotinrin, has promised to restructure the bank and reposition it to better serve farmers and boost food production in Nigeria.
Mr. Sotinrin made this promise on Wednesday during the official handing-over ceremony at the bank’s headquarters in Kaduna, where he took over from the former MD, Alwan Ali Hassan.
His appointment was announced last week by President Bola Tinubu, and confirmed in a statement released on Friday by Bayo Onanuga, the Special Adviser to the President on Information and Strategy.
Sotinrin, who is an expert in finance and agribusiness, comes with many years of experience working both in government and private businesses. He told staff and stakeholders that the Bank of Agriculture under his leadership would move into a new era of smart and digital banking.
He said one of the biggest plans he has for BOA is to make all its branches across Nigeria go digital. He also wants to use new technology to monitor loans and make sure funds are used properly. According to him, this will stop the problems of non-performing loans where people collect money and fail to repay or use it for the right purpose.
Sotinrin explained that the bank will also help farmers grow crops like cocoa, ginger, and others that can boost Nigeria’s economy and foreign exchange. He said BOA would play a big role in making Nigeria’s agriculture sector more modern and productive.
“We want to move away from the days of giving loans without results,” he said. “We are bringing in proper Monitoring and Evaluation (M&E) systems. We will have extension services and collateral managers who will go to the farms to check what is happening with the money we give farmers.”
He said the bank will also support farmers with things like improved seeds, farming equipment, and locally made fertiliser. He added that both small and big farmers will benefit from the new plans of the bank.
Sotinrin also spoke on the need for financial inclusion and promised that BOA will reach more people in rural areas, especially the youth. He said many young Nigerians are into farming but don’t have access to banking services. He assured them that BOA would change that.
“We will take banking to the grassroots. We are bringing everyone into the finance net,” he said. “We are also calling on big farmers to come and do business with the Bank of Agriculture. The bank is going to be recapitalised soon, and we will be able to support more projects.”
He also praised President Tinubu and the Minister of Agriculture for their support and promised to work closely with them to grow Nigeria’s food production and create more jobs.
“The issue of food security is serious,” he added. “We must think of how to produce, process and even export. The value chain from farm to market must work.”
On his part, the outgoing MD, Alwan Hassan, gave a short report on his time in office. He said the bank recovered ₦8 billion from bad loans between 2020 and now, and out of that, ₦5 billion has been returned to the Central Bank of Nigeria (CBN).
He thanked the staff of BOA for their cooperation during his time and encouraged them to support the new leadership.
As Sotinrin begins his term, many stakeholders are watching to see how the Bank of Agriculture will transform under his leadership and if it will truly become a major driver of food production and rural development in the country.
