The Federal Government has inaugurated the Board of Directors of the Bank of Agriculture (BOA), with Muhammad Babangida, son of former President Ibrahim Babangida, appointed as chairman.

Also inaugurated were 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; and Hajiya Ka’amuna Ibrahim Khadi as Executive Director, Risk Management.

Other members of the board are Alhaji Rabiu Idris Funtua, Mr Kpochi Donald Iorgyer, Alhaji Aminu Malami Mohammed, Mr Oladejo Odunuga and Mr Charles Amuchienwa, who will serve as Non-Executive Directors.

Speaking during the inauguration in Abuja, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, said Babangida’s appointment was based on his experience in development finance, corporate governance and more than two decades of service on the boards of financial institutions, including Unity Bank, Lotus Bank and the­Nigerian Export-Import Bank (NEXIM).

Kyari said the new board assumed office at a critical period following President Bola Tinubu‘s approval of the recapitalisation of the Bank and the ongoing restructuring of the institution under the supervision of the Bureau of Public Enterprises, with the Ministry of Finance Incorporated and the Central Bank of Nigeria as shareholders.

He urged the board to build on ongoing reforms initiated by the management, including the digitalisation of the bank’s operations, implementation of the Renewed Hope National Agricultural Mechanisation Programme and the distribution of agricultural inputs to smallholder farmers under the Renewed Hope Smallholder Support and Value Chain Fund.

Kyari charged the directors to uphold high standards of corporate governance, ensure prudent loan administration and support government programmes aimed at improving access to agricultural finance.

He also tasked them to work closely with existing agricultural initiatives, including the Special Agro-Industrial Processing Zones, the IFAD-supported Value Chain Development Programme and the World Bank-funded AGROW programme, to expand financing opportunities for farmers and agribusinesses.

The minister expressed confidence that the new board would reposition the Bank of Agriculture to effectively deliver on its mandate of supporting food security, job creation and agricultural development.

The Board Chairman in his response on behalf of the members applauded the President for the confidence reposed in them, saying they are fully conscious of the expectations that come with it.

He maintained that BOA, being a foremost agricultural development finance institution, play a critical role in expanding access to finance for farmers, cooperatives, agribusinesses, and rural entrepreneurs across the agricultural value chain.

Babangida said the inauguration mark a renewed commitment to strengthening the Bank and positioning it to deliver greater impact in support of Nigeria’s agricultural transformation.

He said “As a Board, we are fully committed to providing sound strategic oversight anchored on integrity, transparency, accountability, professionalism, and good governance.”