The Bank of Agriculture (BOA) is bracing for a bold transformation as its newly appointed Managing Director, Mr Ayo Sotinrin, vows to tackle the lingering issue of non-performing loans with a mix of tech and field supervision. Sotinrin made his plans public during his assumption of duties in Kaduna on Wednesday, where he thanked President Bola Ahmed Tinubu for trusting him with what he called a “daunting but critical” role in Nigeria’s food and finance system.
The BOA’s pivot from its loan default crisis will be driven by smart systems, including baseline data, real-time farm tracking, and tech-supported lending models. According to Sotinrin, the bank is taking a fresh direction that prioritises transparency, performance monitoring, and modern extension services. “Big data is going to be our friend. Without technology, we won’t be able to track where funds are going or measure growth,” he explained.
In what could signal a major shift in Nigeria’s agricultural financing, BOA is placing emphasis on on-ground collateral management and support agents to ensure that disbursed funds yield measurable results. This tech-led monitoring will be paired with support for the entire input value chain — from homegrown fertiliser production to seed systems and arable land expansion.
“Mechanisation is key both for smallholder and large-scale farmers,” Sotinrin said, underlining the bank’s ambition to modernise farming from the ground up. His strategy leans heavily on data, identity tracking, and real-time analysis — a far cry from the bank’s previous loose lending models. With the central role BOA plays in Nigeria’s rural economy, many are watching closely to see if this digital transformation can breathe new life into agricultural credit.
I am passionate about crafting stories, vibing to good music (and making some too), debating Nigeria’s political future like it’s the World Cup, and finding the perfect quiet spot to work and unwind.
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