By Dr. Tonye Clinton Jaja
In the year 1973, a musical group known as the OJays sang a memorable song entitled: “Now That We Found Love What Are We Gonna Do With It?”!!!
I have chosen the title of the said song as the sub-title of this write-up because it appears that finally, we, Nigeria as a whole, have found love in the person of Ayo Sotinrin.
The question is: What Are We Gonna Do With him, Ayo Sotinrin!!!
This write-up makes the argument that now that we found love in the person of Ayo Sotinrin, we ought to put him to good use by harnessing and unlocking the immense revenue potentials that can accrue from cultivation and export of medical cannabis!!!
Once in a while, President Bola Ahmed Tinubu (PBAT) deserves commendation when he makes appointments of professionally competent persons for certain key institutions!!!
At such moments, one cannot help but wonder if the PBAT is strictly following his medical doctor’s prescription and taking his meds!!!
4th April 2025 is one of those days when it is obvious that PBAT got it 100% with his appointment of Ayo Sotinrin as the Managing Director of the Bank of Agriculture of Nigeria.
Both from reading his resume (CV) and from previous experience of professional working with Ayo Sotinrin, he is a square peg inside a square hole in terms of this appointment.
Below is a brief summary of Ayo Sotinrin’s resume:
“Sotinrin is a seasoned professional whose career straddles agribusiness, finance, infrastructure development, and public service. With a track record that blends strategic leadership in the private sector and impactful roles in government, Mr. Sotinrin is positioned to play a pivotal role in transforming Nigeria’s agricultural landscape.
Professional background
Before his appointment, Sotinrin served as the Group Chief Executive Officer of the SAO Group. Under his leadership, the Group’s agribusiness arm, SAO Agro, spearheaded several transformative agricultural projects, including the development of a 20,000-hectare oil palm plantation and expansive poultry, aquaculture, maize, and cassava ventures in Ondo State.
Sotinrin also oversaw operations at SAO Capital, where he successfully raised over $750 million in infrastructure and development finance. One of the standout projects during this time was the $200 million Akure Water Supply Project, a landmark initiative aimed at improving water access and quality in southwestern Nigeria.”
Based on the foregoing summary description of his CV, resume Ayo Sotinrin is the perfect fit for the job of providing finance for the agricultural sector in Nigeria to unleash and harness revenue from cultivation and export of medical cannabis.
Medical cannabis is a species of Indian hemp that is cultivated and utilised for the production of medication used for treatment of cancer, epilepsy and hair growth.
Lesotho is the first African country that legalised the cultivation and export of medical cannabis.
According to Statista.com, it is projected that Lesotho would earn revenue of over $3,770,000 from cultivation and export of medical cannabis in the year 2025.
Nigeria which has a larger landmass than Lesotho has the potential of earning more.
Ghana is another African country that has tapped into the medical cannabis market/industry.
According to “The Chamber of Cannabis Industry CEO, Mark Darko, believes that Ghana could potentially generate up to $1 billion in revenue from cannabis.
The country has adopted the Narcotics Control Commission Bill, 2023, which authorizes the growing of cannabis for industrial uses”
“Despite its fertile land, well-suited for cannabis cultivation, Nigeria has failed to capitalize on this potential. The country is missing out on a booming global cannabis market projected to reach $102 billion by 2026 (Prohibition Partners, December 8, 2022).”
Interestingly, all that is required to tap into this market of medical cannabis is for Nigeria to activate an existing international legal instrument which was ratified in the year 2020; details are below:
“In 2020, the United Nations Commission on Narcotic Drugs voted to remove cannabis and cannabis resin from Schedule IV of the 1961 Single Convention on Narcotic Drugs, a move that took effect in 2021, leaving them in Schedule I.”
In conclusion, Ayo Sotinrin is a super-smart professional and this is both his and Nigeria’s chance to shine in terms of increased revenue for Nigeria from the agricultural finance sector!!!
