FG inaugurates BoI’s board of directors, charges members to “rebuild” institution

Omeiza Bilal

The Federal Government has inaugurated Board of Directors for the Bank of Agriculture, with a charge to reposition the institution as the primary vehicle for overhauling agricultural financing and food security initiatives in the country.  

Speaking during the Inauguration ceremony held in Abuja on Friday 3rd July 2026, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari said that members would rebuild the institution into a stronger development finance bank capable of accelerating food security, expanding access to agricultural finance, creating jobs and driving the country’s agricultural transformation under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The Minister pointed out that ‘’ “You are not being invited to preside over an institution. You are being charged to rebuild one.”

He added that “the work of renewal has already begun; your task is to give it scale and permanence. And from today there is no old guard and no new arrivals: one Board, one management, one institution, one mandate,”

Kyari revealed that the Bank of Agriculture as the nation’s foremost agricultural development finance institution, established to provide financing for farmers, cooperatives, processors and agribusinesses across the country.

He traced the bank’s history from its establishment in Kaduna in 1972 as the Nigerian Agricultural Bank, noting that although it had undergone several structural changes over the years, its mandate of providing financial support to Nigerian farmers had remained unchanged.

He further that revealed that President Tinubu had approved the recapitalization of the bank, describing the intervention as the boldest commitment to agricultural finance in Nigeria’s history.

He noted that the restructuring process was currently being supervised by the Bureau of Public Enterprises with the Ministry of Finance Incorporated and the Central Bank of Nigeria serving as shareholders.

He advised the board to consolidate on the reforms already initiated by the bank’s management under Managing Director and Chief Executive Officer, Ayodeji Oludare Sotinrin.

According to him, ‘’the bank has commenced a comprehensive digital transformation covering loan appraisal, disbursement and recovery to ensure faster, more transparent and efficient access to credit for farmers’’.

The Minister disclosed that the Bank of Agriculture is leading the implementation of the Renewed Hope National Agricultural Mechanization Programme, which is the largest agricultural mechanization initiative in Africa and designed to serve more than one million farmers annually.

He urged the board to integrate the bank’s operations with key Federal Government agricultural programmes, including the Special Agro Industrial Processing Zones, the IFAD-supported Value Chain Development Programme and the World Bank-financed AGROW initiative, to expand financing opportunities across agricultural value chains.

He assured stakeholders that the board would provide sound strategic oversight anchored on integrity, transparency, accountability, professionalism and good governance while working closely with management, shareholders and development partners to strengthen institutional capacity, improve operational efficiency and deepen stakeholder confidence.

He pointed out that ‘’the board’s success would not be measured solely by financial performance but by its ability to empower farmers, support agribusinesses, create jobs and improve livelihoods across Nigeria’’.

On conduct in office, he stressed, “You assume it under a Board Charter that is clear and exacting. To the Board as a body, it gives the work of governance: set strategy, approve the risk appetite, hold management to account, and leave the daily running of the Bank to management. On each of you individually, it places duties no colleague can carry for you: declare and avoid conflicts of interest, keep the Bank’s information confidential, and attest to the Directors’ Code of Conduct every year. Directors, hold yourselves to that standard before anyone else has to.”

Kyari announced that the Ministry will, in the coming weeks, convene a retreat for the Board to study the Charter and be sensitized on their duties, powers and operating environment. He charged the Bank to align with the Special Agro-Industrial Processing Zones, the Value Chain Development Programme with IFAD, and the World Bank-financed AGROW programme. “The days of fragmented intervention are behind us,”

He concluded: “Mr Chairman, distinguished directors, on behalf of His Excellency, President Bola Ahmed Tinubu, GCFR, I hereby inaugurate the Board of Directors of the Bank of Agriculture Limited. I congratulate you once again and wish you a successful and consequential tenure.”

In his remarks, the Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi said that the board’s assignment was not to manage a ready-made institution but to rebuild it under the Renewed Hope Agenda, where food security remains a national priority.

He expressed confidence that Nigeria possesses the resources to become an agricultural powerhouse if the bank succeeds in delivering financial services to genuine farmers and value chain operators involved in production, processing and transportation.

“The market is available. What is left is for you to establish strong processes and procedures that will ensure the bank delivers financing to genuine farmers and value chain actors involved in production, processing and transportation,” he said, adding that the experience and pedigree of the board members provided confidence that they could restore the institution’s relevance and unlock greater opportunities for Nigerian farmers, he added. 

Earlier in his welcome remarks, Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr. Marcus Olaniyi Ogunbiyi described the Bank of Agriculture as a strategic institution at the heart of Nigeria’s agricultural transformation agenda, saying it is expected to provide accessible, affordable and innovative financial services that will empower farmers, agribusinesses, cooperatives, women, youths and other actors across the agricultural value chain.

Ogunbiyi reaffirmed the ministry’s commitment to working closely with the board and management to strengthen institutional collaboration, improve service delivery and ensure agricultural financing reaches those who need it most, particularly smallholder farmers and emerging agribusinesses.

He urged all stakeholders to embrace partnership, transparency, innovation and accountability in advancing Nigeria’s food security agenda, expressing optimism that the newly inaugurated board would provide the leadership required to reposition the Bank of Agriculture as a stronger vehicle for agricultural financing and rural development.

Responding on behalf of the Board, the Chairman, Alhaji Muhammad Babangida described the Bank of Agriculture as ‘’ the nation’s foremost agricultural development finance institution’’, with a critical role in expanding access to finance for farmers, cooperatives, agribusinesses, and rural entrepreneurs.

He noted that at a time when ‘food security, economic diversification and inclusive growth’ remain national priorities, the importance of the institution ‘cannot be overstated’  

Babangida disclosed that the inauguration ‘marks a renewed commitment to strengthening the Bank for Nigeria’s agricultural transformation. The Board, he stated, is fully committed to strategic oversight anchored on integrity, transparency, accountability and good governance ‘,and will work with Management and Stakeholders to improve capacity, efficiency and impact   

`Our success will be measured not only by financial performance, but by real impact in empowering farmers, supporting agribusinesses and improving livelihoods, ` he said. 

The Chairman also expressed gratitude to President Bola Ahmed Tinubu, for the appointment and the Hon. Ministers, for providing leadership on the agricultural agenda

The members of the newly inaugurated Board are as follows: Alhaji Muhammad Babangida, CON as Chairman; Mr. Ayodeji Oludare Sotinrin as Managing Director and Chief Executive Officer; Hajiya Fatima Garba as Executive Director, Corporate Services; Mr. Hakeem Oluwatosin Salami as Executive Director, Operations and Information Technology; Hajiya Ka’amuna Ibrahim Khadi as Executive Director, Risk Management; and Alhaji Rabiu Idris Funtua, Mr. Kpochi Donald Iorgyer, Alhaji Aminu Malami Mohammed, Mr. Oladejo Odunuga, and Mr. Charles Amuchienwa as Non-Executive Directors