When we broke ground on a large-scale oil palm plantation project, the plan looked ambitious on paper. What’s happening today is more audacious! The farm isn’t just growing palms; it’s pulling entire communities into a new local economy built around work, infrastructure development, and steady income.

With thousands of hectares allocated to the company, SAO Agro set out to develop one of the biggest single-site plantations in the region. The team created a methodical approach to turn raw land into a functioning, productive estate.

What makes this project important is not just the numbers planted but the ripple effect across communities, workers, roads, small businesses, and local economies.

Laying the Foundation: How Operations Scaled

SAO Agro began planting in 2023, starting with roughly 60,000 palms, and has currently planted over 180,000 palms. That first wave of planting laid the foundation for everything that came after. As soon as these fields began to mature, new demands emerged: better seedling supply, more planting cycles, and a stronger base for expansion.

To support the next phase, SAO Agro developed a pre-nursery, a greenhouse-style structure that held around 100,000 seedlings, keeping them protected and closely managed until they were strong enough to move. Once the old nursery had been cleared out, all these pre-nursery seedlings were transplanted to a brand-new nursery site. The new nursery is designed to scale up to one million seedlings at full capacity, making it possible for the company to plant at a pace that very few new agricultural projects can achieve.

The nursery isn’t just bigger; it’s better equipped. Solar-powered lighting now covers the area at night, security houses and worker accommodation have been built, and management invested in a stronger fleet of machinery.. All of this is to ensure that planting activities no longer slow down due to equipment delays or labour shortages. 

Soil management

By the time planting began in 2023 and 2024 across the different locations, the team had developed a smart land-use system. One of the most important practices is “stacking,” where felled trees are arranged in lines throughout the field rather than burned or cleared away. Over time, these stacks decompose and release nutrients that enrich the soil. This approach reduces erosion, improves soil structure, and naturally increases organic matter.

Alongside this, SAO Agro introduced cover crops that help fix nitrogen and protect the soil from heavy rainfall and sun exposure. These crops eventually dry out and add more organic matter to the land. 

Jobs and Income: The Most Visible Impact

The economic impact of the project may be the most visible sign of transformation. Before the plantation came, many young people across the surrounding communities had little or no access to steady work. The expansion of nursery and field operations created a wide range of jobs, security roles, nursery work, field planting, tree felling, equipment operation, and general labour. 

People with formal education were placed strategically, while those without certificates found roles that didn’t require them. The ripple effect has been huge. Many workers now earn at least $10-20 per day during peak planting seasons.  Over time, informal businesses began to appear around the farm: food vendors, canteens, bike repairers, mechanics, carpenters, and small supply shops. The farm didn’t just hire people; it created a huge economic opportunity for its host communities.

Infrastructure

Infrastructure development multiplied this effect. To move seedlings, workers, machinery, and harvested produce across the estate, SAO Agro built over 21 kilometres of road and constructed several bridges and culverts. These roads are not exclusive to the farm, as residents use them to transport cassava, palm fruit, timber, vegetables, and household goods. 

The plantation roads have effectively connected previously isolated villages to markets and neighbouring communities.

But the journey hasn’t been without challenges. Early stages of land clearing led to tension with local communities, some of whom had been using certain portions of the land for years. There were protests and misunderstandings. To address these issues, SAO Agro deepened engagement with community leadership, including the Kings, youth leaders, and the Community Liaison Officer. This has led to better communication and more stable working conditions.

Agricultural Progress and Field Performance

Field survival rates have improved as management strengthened weeding and maintenance routines. Weed pressure, which attracts rodents and grasscutters, has been reduced through systematic circle weeding and the use of contractors for heavy slashing. This reduces seedling mortality and supports stronger establishment. While the official census is still ongoing, early indicators show healthier fields, especially in areas planted just before the rainy season.

SAO Agro plans to release more accurate projections once the fields complete their first full harvest cycles. What’s clear, however, is that starting with over 180,000 palms in the first major wave gives the company a strong launch point. Combined with the new nursery’s million-seedling potential, the plantation is positioned for rapid expansion and strong revenue growth in the coming years.

In the end, SAO Agro’s palm plantation is not just an agricultural development. It is a catalyst for economic and social change. It has reshaped the landscape physically, economically, and socially. It has opened roads, stabilized incomes, strengthened local commerce, and created a pipeline for long-term agricultural expansion. The story is still unfolding, but what’s clear is that this project has already transformed the region, and the scale of that transformation will only grow as more fields mature and the nursery continues to expand.

SAO Capital, currently serving as Transaction Advisor for the Kwara State Special Agro-Industrial Processing Zones (SAPZ) Project, organized a three-day technical workshop with the State Project Implementation Unit (SPIU). 

The workshop, held in Ilorin from September 8 to 10, was designed to strengthen the team’s capacity to deliver on the state’s ambitious agro-industrial development plans. Sessions focused on practical strategies for project execution, stakeholder engagement, and investment readiness.

The Honorable Commissioner for Livestock Development, Oloruntoyosi Thomas, represented by the Permanent Secretary, Alhaji Mohammed Yahaya, affirmed the government’s strong confidence in the SAPZ initiative. 

She noted that the project is central to Kwara’s push to shift agriculture beyond subsistence production into processing and value addition, creating a stronger foundation for economic growth and social impact.

The Commissioner commended Governor AbdulRahman AbdulRazaq for positioning Kwara among the first states to commit fully to the SAPZ program and highlighted the investments in infrastructure already in place to support its rollout.

Omotola Agbi, Team Lead and acting CEO of SAO Group, emphasized the broader vision, stating that the SAPZ project places Kwara in a stronger position within Nigeria’s agricultural economy. 

She added that beyond the technical discussions, the workshop was about building alignment and clarity to ensure successful delivery.

Together with key stakeholders, the training explored how to operationalize the Malete Agro-Industrial Hub and strengthen Agricultural Transformation Centers across Afon, Olodan, Kinikini, and Gidan Mangajiya, laying the groundwork for stronger value chains in dairy and beef, private sector linkages, and sustainable economic transformation.

From practical sessions on project management and stakeholder engagement to in-depth discussions on agro-industry and processing, the conversations centered on one thing: developing the skills and systems that will make the SAPZ vision a reality for people on the ground. Reflecting the priorities of international partners such as the Islamic Development Bank (IsDB) and the SAPZ National Coordination Office.

In light of the current economic uncertainty gripping Nigeria, many are left grappling with concerns about the future. With inflation soaring and the cost of the Dollar on the rise, the economic landscape appears fraught with challenges, placing strain on individuals and businesses alike.

According to National Bureau of Statistics, Nigeria’s inflation has surged past 28.92%, driven by escalating food costs. This unsettling reality has prompted stakeholders across sectors to reassess their strategies for survival, meticulously analyzing market trends and risk factors amidst the prevailing uncertainty.

Amidst this backdrop, SAO Group of Companies remains steadfast in its commitment to empowering lives and fostering sustainable economic development. Through our diverse streams of impact – SAO Capital, SAO Energy, SAO Agro, and SAO Environment – we strive to make a positive and lasting impact on the country’s economy.

In response to the economic crisis, stakeholders are adopting more prudent measures, with investment strategies undergoing significant shifts. In light of these developments, here are five actionable tips for investors navigating Nigeria’s ever-changing market landscape:

1. Stay Informed: In these turbulent times, staying abreast of market trends and economic indicators is paramount. Vigilance and adaptability are key as market fluctuations become more pronounced. Understanding key market determinants empowers investors to make informed decisions. Our seasoned professionals provide invaluable insights to keep investors informed and equipped to navigate market volatility effectively.

2. Diversify your Portfolio: The age-old adage, “Don’t put all your eggs in one basket,” rings true in times of economic uncertainty. Diversifying investment portfolios across different sectors helps mitigate risks and capitalize on growth opportunities. By spreading investments across various asset classes, investors can safeguard against sudden downturns in any particular sector.

3. Adopt a Long-Term Perspective: Embracing a long-term outlook toward investment is essential for weathering economic storms. Prioritizing investments in sustainable projects that offer long-term value is key amidst uncertainty. This approach enables investors to ride out short-term fluctuations and capitalize on opportunities that emerge over time.

4. Stay Disciplined: A popular British-born financial analyst said “ The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go”. Emotional responses to market volatility can derail even the most well-thought-out investment strategies. Maintaining discipline and adhering to a clearly defined investment plan is crucial. By avoiding impulsive decisions and staying focused on long-term objectives, investors can navigate uncertainties with confidence.

5. Seek expert guidance and support: Our comprehensive support extends throughout the investment journey, from due diligence to portfolio management. Leveraging expert guidance ensures informed decision-making and optimal outcomes, even in turbulent economic environments.

The SAO Group is committed to developing sustainable long-term value through strategic investments in vital sectors such as Health, Agriculture, Energy, Capital, and Environment. Our goal is to raise capital for worthwhile endeavors and to support initiatives that benefit society and the environment in addition to making a profit.

We have a solid track record of raising over $600 million for a diverse range of infrastructure development projects, advisory endeavors, and other investments. To learn more about what we do and make better investment decisions-, click here.

Amidst the rustling leaves and fertile soils, a significant transformation is underway, driven by the expertise of SAO Agro- a leading force in agribusiness- paving the way for progress throughout Nigeria and sub-Saharan Africa.

Covering an expansive 20,000 hectares of land, we harbour the aspirations of a continent eager for transformation. Beyond cultivation of crops and experimentation, our endeavours aim to revolutionise agriculture in Sub-Saharan Africa.

We operate a solar-powered commercial farm estate set to empower over 100,000 farmers by 2025 and produce more than 160,000 tonnes of oil palm. Additionally, with a commercial production capacity exceeding 50,000 live catfish, a 50,000-capacity boiler farm and a NAFDAC-certified fish processing line, the company aims to revolutionise food production and processing sustainably.

Also in our projections, our focus lies in becoming a dominant force in quality cashew production through the establishment of a cutting-edge processing facility, geared to handle 50 metric tonnes of cashew products daily. Our ongoing project in Ore, Ondo state is projected to yield up to 25,000MT of cassava in order to fortify our supply chain. Additionally, we endeavour to enhance the shea sector by constructing an advanced processing facility capable of processing 100MT of shea into various finished beauty products each day.

Continue reading to find out more on how our agro-based company is investing and reshaping the world of agriculture in Nigeria.

6 Ways SAO Agro Is Changing the Landscape of Agriculture in Nigeria.

1. Infrastructure Development

To ensure agricultural progress, we are prioritising infrastructure development for sustainable agriculture. Our business model -using the Special Agro Processing Zone Program– is designed to make it easy for other agribusinesses to build on and thrive. Rather than one-off schemes that are not sustainable or scalable, we achieve this by building systems that directly impact growth and profit across the agro-value chain. The SAPZ program promotes functional infrastructure including road networks, power, water, and communication facilities to attract private investors and solve food problems which includes feeding the continent’s largest population.

Most agricultural investments necessitate substantial financing, presenting challenges for bootstrapping. Without proper risk assessment, these investments risk failure. SAO Group mitigates these risks by assisting partners and investors in project mapping, risk evaluation, and tailored plan development.

Additionally, our company serves as the lead investor in developing the Ondo Special Agro Processing Zone, backed by the AFDB and the Ondo State Government. With our deep industry involvement, we offer practical investment advisory services to guide stakeholders towards tangible outcomes. Contact us here for agro project investment enquiries.

3. Food Security

Food security has reached a critical stage. In 2022, it was estimated that about 25 million Nigerians will be faced with food insecurity by 2023. The rising inflation, frequent floods and general insecurity continue to affect the production and availability of food. SAO Agro believes that access to food is a basic right of every individual and they ensure this access is obtained through innovative, sustainable agriculture. This is evident in the company’s investment in a 50,000 capacity fish farm, 3 tonnes NAFDAC certified fish processing kilns, 50,000-capacity poultry pens, 1200 bph processing line, 20k hectare oil palm estate and future investment in Cocoa resulting in 20,000 metric tons. Find out more about our agroforestry and rural development services towards food security projections here.

4. Job Opportunities

With each project we undertake, it is our commitment to generate employment opportunities for the local residents in the communities we serve. Our goal is to empower over 100,000 farmers by 2025, thereby introducing fresh talents into agricultural systems and providing opportunities for skill enhancement. This approach not only benefits new farm workers by exposing them to innovative practices but also enables experienced professionals to acquire advanced techniques, thereby enhancing their competitive edge.

5. Social Impact Project Development

Every project undertaken is an attempt to create impact. As a social impact project developer, SAO Agro is building formidable agribusinesses by investing in socially responsible companies. Each project isn’t just a venture; it’s a testament to our unwavering commitment to social responsibility. Our long-term approach to this ensures that agribusinesses have the extended support that is necessary for large-scale impact. 

6. Vocational and Technical Training

By offering technical and vocational training, highly skilled personnel are equipped to function in different departments and at various levels. Additionally, our partnership with Decorum Nigeria Limited, signals a new era in agricultural mechanisation, focusing on training 1,000 operators, expanding by 100% annually with 50% of the slots allocated to promoting gender equality and inclusivity for interested women in the sector.

Our commitment to agricultural advancement in Nigeria is evident in the SAO Agro 2023 significant achievements. With a remarkable increase in food production and processing output by over 500%, we have been able to make substantial contributions to Nigeria’s food security goals. The implementation of a revolutionary mechanised farming training program underscores its dedication to innovation and sustainability.

In conclusion, we stand on the frontiers of agriculture: shining the light for investors, agribusinesses and even smallholder farmers, championing what transformative farming will look like and how it can change the fortunes of the population; in the coming years. With innovation and sustainable practices, we are set to contribute significantly to Nigeria’s food production and processing sector. Click here to learn more about our amazing agro products and services .

Africa can play a significant role in the global food chain in addition to ensuring food security for its people due to its large arable lands (60 percent of the world’s uncultivated arable land)
and also its youthful population. The continent continues to face a plethora of issues, ranging from inadequate enabling policies, deficiencies in infrastructure, and the pressing issue of climate change, all of which necessitate proactive and decisive solutions. 

Nigeria, Africa’s economic giant, grapples with issues like post-harvest losses, increasing import bills, and increased inflation leading to increased poverty and unemployment within the society. It is therefore highly imperative for organisations to take up the responsibility of boosting the continent’s agriculture landscape. 

SAO Agro’s Ambitious Goal to Empower 100,000 Farmers by 2025

SAO Agro specialises in large-scale, commercially feasible agricultural projects. Beginning with the Ore commercial farm estate– a solar-powered commercial farm estate, spanning over 20,000 Hectares- set to empower over 100,000 farmers by 2025 and generate over 160,000 tonnes of oil palm.

SAO Agro is investing in agro-processing, agroforestry and rural development, livestock and poultry, training and human development.

Investment in Crops and Poultry 

SAO Agro carefully deploys resources for agricultural cultivation and poultry production. We hope to strengthen agricultural best practices by providing resources for farmers. Our investment in solar-powered 50,000 capacity poultry pens and 1200 bph processing line is part of our resolute commitment to sustainable agriculture.

Agro-processing

We also explore agro-processing as part of our sustainable agricultural strategy. This involves the transformation of raw agricultural produce into value-added goods. We are creating dependable agro-processing technologies that effectively transform raw food ingredients into final products.

SAO Agro is building a special agro processing zone in Ore, Ondo; This project will house a state-of-the-art, 50,000-capacity broiler farm, 50,000 live catfish farm, and a 3-tonnes capacity NAFDAC-certified fish processing equipment line.

Our farm boasts of superior, high-yield palm seedlings, with a thriving 50,000-100,000 capacity solar-powered nursery infrastructure.

SAO Agro is boosting Agroforestry in Nigeria

We are not neglecting the environment. We are promoting agroforestry, by integrating trees and shrubs into farming. This not only helps the environment but also provides additional sources of income for farmers. Beyond its ecological benefits, agroforestry serves as an avenue for supplementary income for farmers.

We’ve also invested in the Red Gold Initiative, a 70,000 hectare Oil Palm Plantation allocated for commercial farming. This project aims to develop the entire oil palm value chain and also benefit host communities through employment opportunities and social infrastructure development. Our impact in the Agro-forestry Sector has been far-reaching.

With restoring the deteriorated Ala Forest Reserve in Ondo State as one of the initiatives, We aim to restore all 140,000 hectares of forest land.

Training and Skill Development for Farmers

SAO Agro focuses on comprehensive training programs, aligning with its sustainable agriculture ethos. Empowering farmers with the skills and knowledge necessary for sustainable practices forms the bedrock of what we do. 

Take a look at the impact of our agricultural innovations.

We also ensure that farmers are not just recipients of resources but active participants in cultivating a sustainable agricultural landscape in Africa. Some of our farmers have enjoyed the benefits of our partnership and training. Based on a strategic partnership with Decorum Nigeria Limited, SAO Agro is set to equip 1,000 operators with relevant skills in 2024. The aim is to upscale our efforts, targeting an additional 3,000 operators across Nigeria. 

Rural Development

Driven by a commitment to rural development, SAO Agro is actively involved in uplifting rural communities by implementing targeted strategies aimed at driving agricultural prosperity in the communities. Through strategic investments in rural infrastructure and capacity-building programs, SAO Agro ensures a holistic approach to sustainable farming practices. Through these concerted efforts, SAO Agro is poised to achieve its ambitious objective of empowering 100,000 farmers by the year 2025. 

Delve deeper to learn more about SAO Agro’s impactful initiatives in Nigeria and commitment to employment, rural development and sustainable agriculture,on our website here.

Africa’s economic landscape encounters numerous challenges; however, at SAO group of companies, we stand as a resilient force, bridging the gap between commerce, societal development and economic prosperity. Since our inception in 2015, we have evolved into a quintessential protagonist, akin to the nationalist leaders of the 1950s, wielding expertise and innovation to propel businesses and communities toward prosperity.

Initially conceived as a versatile advisory entity, we, at SAO, swiftly established ourselves as a linchpin for investors seeking to navigate Africa’s intricate market dynamics. Offering an array of services ranging from market research to risk mitigation, we facilitated seamless entry into the continent’s burgeoning markets, fostering sustainable ventures amidst the flux of opportunity.

Yet, SAO’s hero’s journey transcends the realm of conventional business paradigms, embracing a holistic ethos of catalysing socio-economic progress. With a strategic pivot towards impact investment, SAO embarked on a transformative odyssey, curating a portfolio of companies aligned with the United Nations Sustainable Development Goals (SDGs). From bolstering healthcare accessibility to solving Nigeria’s food shortage challenges and championing renewable energy initiatives— each endeavour embodies the group’s commitment to fostering positive change across Africa.

Driven by a sincere dedication to measurable impact, our initiatives have garnered acclaim from esteemed institutions such as the African Development Bank and the World Economic Forum. With a portfolio surpassing the $500 million mark and impacting over one million lives, our endeavours resonate as a testament to the transcendent potential inherent in purpose-driven investment efforts.

In navigating the transition from an advisory stalwart to a bastion of impactful growth, we epitomise the convergence of profitability and purpose. With an unwavering focus on delivering value to investors and stakeholders while catalysing societal progress, we embody the essence of sustainable entrepreneurship.

As Africa’s economic landscape continues to evolve, we, at SAO, stand as a beacon of innovation and resilience, a testament to our visionary leadership and strategic foresight. By harnessing the synergy between business acumen and societal impact, we strive to pave the way for a future where prosperity knows no bounds, and the promise of Africa’s potential is realised to its fullest extent.

Despite historical challenges in fostering an investment culture across Africa, even a slight shift can unlock substantial opportunities, especially given the scale of Nigeria’s population.

Learn more about our project here: https://sao.group/projects/

Throughout 2023, as a Social impact-focused firm, we dedicated ourselves to serving communities across Nigeria, through working partnerships with MDAs, and private companies. Our efforts combined advisory, investment, research and needs assessments, specifically to address complex social and economic challenges in Nigeria through infrastructure development.

We spearheaded innovative off-grid solar projects, positively impacting over 300,000 individuals across 18 Local governments. Simultaneously, we furthered our food production and processing capabilities and implemented a revolutionary mechanized farming training program. Throughout these endeavours, our corporate objectives remained clear: to foster socio-economic growth, boost national food production, raise development finance for infrastructure projects and overall improve livelihoods across Nigeria.

Energy-driven Innovation for Health Centres and Communities. 

Amid persistent energy challenges in Nigeria and across Africa, our energy subsidiary, SAO ENERGY made significant strides. We provided a 24-hour electricity supply system for communities that have been without power for decades. Communities such as Omolege (Phase II) and Okiti Ofa —both in Ondo state Nigeria. Through collaborative efforts with partners like Okra Solar and Aurora, we have made significant progress in achieving this goal. 

Further into the year, we provided a solar energy solution to power The Dialysis Center of University College Hospital (UCH) Ibadan. A project funded by the Oluwarotimi Akeredolu Foundation, to enhance the delivery of quality healthcare services through the power of sustainable energy.

In response to identified needs, our energy team launched an equipment financing initiative. This effort aimed to support households and primary health centres by providing essential appliances like fans and televisions — with further plans to equip these facilities with critical devices such as centrifuges, microscopes, and ultrasound machines.

In the year 2023, our efforts in expanding access to sustainable energy continued with the completion of over seven residential installations—a total of 40KVA—across all projects. Transitioning to the latter part of the year, our mission extended its reach to the most remote regions of Nigeria. We successfully brought electricity to 17 Primary Health Centers in Ondo state (out of a total of 18 LGAs). This achievement underscores our unwavering commitment to bridging the energy gap and uplifting communities by providing sustainable and reliable power sources where it’s needed the most.

Tackling Crucial Food Shortage Challenges in Nigeria. 

Recognizing the untapped agricultural potential and the complexities within Nigeria’s food supply chain, our subsidiary, SAO AGRO, remained steadfast in its efforts to bolster food production and processing capabilities.

Our goal for 2023 was clear— increase food production and processing and contribute to Nigeria’s $20 billion oil palm development plans by continuously expanding our 10,000 Ha oil palm estate, creating job opportunities for the indigenes of our host communities and increasing revenues through food production.

We transplanted over 160,000 oil palm seedlings which was a huge milestone. Further into the year, we also initiated a new growth phase and completed the planting of about 45,000 seeds. All these were carefully selected and sourced to ascertain high yield and output, with a projection to deliver about 18 tonnes of oil palm per hectare. Additionally, we are currently preparing a nursery site for an additional 500,000 seedlings to be transplanted across 2,000 hectares in Q2 of 2024. 

Our existing 50,000-capacity boiler farm is also progressing to its next phase, which involves the establishment of a broiler/chicken processing facility with an estimated output of 30,000 processed birds per month. This facility, slated to become the largest of its kind in the country, is set to be completed in Q1 of 2024.

And finally, in 2023, we unveiled our groundbreaking investment and partnership with Decorum Nigeria Limited, a company that focuses on mechanized farming. This new venture aims to revolutionize farming by introducing advanced and innovative mechanization methods. The new enterprise named SAO-Decorum Nigeria Limited gears towards becoming the first private company to certify operators in agricultural operations. Its medium-term goal is to train 1,000 operators, expanding by 100% annually, with 50% of the slots reserved for interested women to promote gender equality and inclusivity.

Investment and Advisory for Infrastructure Development

Our investment and advisory subsidiary, SAO CAPITAL, continued in its feat to raise development finance for infrastructure projects and offer financial advisory services to various clients. Simultaneously, we strategically devised and implemented innovative strategies to mitigate the challenges posed by rising inflation, safeguarding optimal Return On Investment for our valued clientele. 

We conducted comprehensive needs analysis, impact assessments, and feasibility studies for various clients, mostly in sectors we have invested in as a corporate entity. We aim to help them replicate some of our existing projects – or in some cases- develop new ones, allowing them to benefit from our extensive expertise and profound knowledge in the energy and agriculture sectors.

Our CEO’s recognition in this field was commendable as he participated in many panel discussions for economic growth, developed key relationships with the foreign community as a corporate liaison and received many awards in this sector. 

Innovation, Growth, and Media Recognition

In the media spotlight, our Group CEO, Ayo Sotinrin, achieved notable recognition, clinching the prestigious ‘Excellence in Corporate Advisory Leadership Award‘ at The Solar Week Nigeria Leadership Awards 2023. He was also featured on Channels TV’s Gist Nigeria where he shared interesting insights about his academic background and his passion for economic development which inspires the work we do at SAO Group.

Furthermore, 2023 witnessed a remarkable surge in our workforce. We expanded by over 300%, a testament to SAO’s dedicated pursuit of creating employment opportunities in line with our gender inclusion policies. This expansion extended to our farm operations, where we increased our workforce to 1000 daily workers, ensuring their proficiency aligned with global standards through comprehensive training.

In demonstrating our commitment to our team, we navigated the challenges posed by Nigeria’s economic downturn by implementing a substantial 30% increase in compensation for each staff member. Embracing flexibility, we transitioned to a more remote workstyle, fostering collaboration among cross-functional teams across various states in Nigeria and globally.

As the curtains draw on 2023, our achievements echo our steadfast dedication to fostering social impact, uplifting communities, and charting a path toward a future that is both sustainable and inclusive.

SAO Agro, a leading large-scale agricultural investment company received “The Pathfinder in Agribusiness” 2021 award which was presented to the company by the Ondo State Agribusiness Empowerment Centre (OSAEC) at the (Award for Outstanding Contribution to Agribusiness in Ondo state meeting), held on May 10, 2022, at the Cocoa Conference Hall, Governor’s office, Akure, Ondo state. The awards ceremony brought together leading organizations, and stakeholders in the private and public sectors of the agriculture industry in Ondo state to recognize the contributions of Awardees to the development of the sector. 

In attendance was, the Governor of Ondo State (H.E Oluwarotimi Odunayo Akeredolu, SAN), Deputy Governor (Hon. Lucky Oriminsan Aiyedatiwa), Chief of Staff (Mr Olugbenga Ale), Head of Service (Mr John Adeniran Adeyemo), SSA to the Governor on Agric Business, (Pastor Akin Olotu) and other key agri-business leaders.

“We are very pleased that SAO Agro’s agricultural investment endeavours have been recognised as being a pathfinder in the Ondo state agribusiness sector.” It’s a testament to the innovative approach of the company and our resilience to improving the Agric sector in Nigeria” said, David Olijogun, Senior Project Manager/Vice President at SAO.  

SAO Agro has continually distinguished itself by the quality of its sustainable, impact-driven agricultural practices. First launched on the 3rd of August 2017, the company, which is now the anchor investor for the $60M Special Agro-Processing Zone in partnership with the African Development Bank and the Ondo State Government, has implemented various large scale projects, such as the development of a 10,000- Oil palm Estate and the 30,000 capacity solar-powered poultry farm in Ore Ondo State. Through these initiatives and many more under development, SAO Agro seeks to significantly boost the Nigerian agriculture sector.

SAO Agro’s future plans include the expansion of its output through improved operating capabilities and projects such as the development of the largest Cocoa processing Hub in Africa with an estimated 120,000 tons of derivatives per annum and also the expansion of its poultry production to 90,000 birds by 2024. 

SAO Agro’s agricultural enterprise includes products and services such as:  

• Production and processing of cash crops like Cashew, Cocoa, Oil palm, Fruit Orchards, Cassava and Shea. 
• Production of quality poultry products like eggs, chicken, day-old chicks and poultry feeds with hi-tech poultry and industrial hatchery equipment.
• Quality and quantity upgrading of both beef and dairy products to farmers and local markets.
• Afforestation initiatives- to protect exotic tree species and rainforest reserves from extinction.
• Processing of raw food materials into finished goods and also advising partners on the best standard for building sustainable processing plants. 
• Rural development for host communities and also to help stakeholders contribute likewise.

With a revenue generation of over N100 million and over 80 employees, the company’s mission is to promote economic impact by supporting smallholder farmers across the agricultural value chain, producing value-added products and empowering 1 Million farmers before 2025.

For more information about SAO Agro, contact us at +2349078913793.

Mr Rotimi Akeredolu will be sworn in next month for another term of four years having being declared winner of the October 10 governorship election held in the state. 

Akeredolu has also named the CEO of SAO group AYO SOTINRIN, as a member of the six-member handover committee constituted to facilitate his swearing in for the second term. The Committee’s mandate is to help coordinate the hand over process, ensure this administration’s records are appropriately archived, facilitate the off-boarding of current administration personnel as well as ease the on-boarding process of incoming personnel.”

The chairman of the committee is the state Head of Service, Mr. ‘Dare Aragbaiye, while the members include Dr. Patrick Tolani, Ms Cecilia Akintomide, Mr. Ayo Sotinrin, Mr. Omololu Elegbe and Mr. Babajide Akeredolu.

According to Ojogo the major priority is to carry out systematic review of the operations of the administration and then recommend and result-oriented structural processes and practices for existing Ministries, Departments and Agencies. 

Furthermore, the committee is to develop a new agenda for the incoming administration focusing on performance-based income generation strategy as well as formulating smart service delivery across government departments and agencies of government.

Ayo Sotinrin: We Envisage an Ondo that’ll Develop Rapidly

The Chief Executive Officer of SAO Capital, Ayo Sotinrin in this interview with MARY NNAH of This Day Nigerian Newspaper speaks on how his organization has been working with the current administration in Ondo State, while also revealing that based on the economic reformation, infrastructure development plan and accelerated mode of economic growth in the state he envisages an Ondo that will rapidly develop in all dimensions.

Tell us a bit about you and your role at SAO Group

I’m the Group CEO of SAO Group. SAO group has a few portfolio companies. One is SAO Capital. It functions as an investment bank. We provide financial advisory, capital market advisory and most importantly developmental advisory to state governments in Africa

SAO Capital as a social impact investment firm’s mantra is “impact comes first” in everything we do, that is why we are not in the capital markets as stockbrokers, we only approach the capital market to raise debt for developmental projects. When we raise capital, it is for socially impactful projects.

I am an ardent environmentalist and policy expert. However, I have extensive experience in the financial sector and also working with the government, or you can call me a social entrepreneur above all things. I got four degrees in total and counting. I have a degree in Environmental Conservation, which is my background from the University of Oxford. I also have an MSc in Engineering and Business Management from Warwick University.

I have an MBA from Saïd Business School, Oxford University and I’ve been working for the government for a while now. I worked for the Environment Agency in the UK where I was part of the team that looked after the environmental affairs of the UK for many years. I also worked for two investment banks in the UK, Royal Bank of Scotland and Deutsche Bank UK.

I moved back to Nigeria nine years ago when I was appointed Special Adviser on Environment to the Honorable Minister of State, FCT and one of the notable achievements then was the creation of the Satellite Town Development Agency (STDA), through executive order of the Nigerian President.

The second thing we achieved which was quite notable is the ongoing 450 million dollar Abuja urban integrated project, 350 million dollars set aside for the urban renewal programme and infrastructure upgrade in the six area councils of the FCT. And also to cut the menace of congestion in the FCT, we developed a 100 million dollar bus rapid transit scheme which is the BRT scheme currently been planned.

After then, I also worked with many development organizations in Nigeria. I worked as a World Bank consultant as a Environmental Safeguard Specialist developing large infrastructure concessions as PPPs, I also worked as a DFID consultant for as a Senior Power and Urban Development Specialist supporting all government infrastructure agencies.

Currently, I work with many State Governments, providing investment and development advisory services for them and also financial advisory. I have been working with the Ondo State government for a while and also working with the Kwara State government doing the same thing as well.

Let’s talk about SAO Group. What is the organization into?

SAO group It is a social impact investment and advisory firm. SAO Group started in the UK thirteen years ago as SAO Technologies. We provided technology services to the banking industry and it morphed into SAO capital that started in Nigeria.

Under our advisory services, we assist governments by helping them plan and develop better with their limited resources. We also do a lot of infrastructure development and financial advisory. Our advisory business cross pollinates with the investment business as we do principal investment on some of the projects we work on within the advisory business. One of the largest infrastructure projects we are providing advisory services on is the planned 1100 megawatt kingline power which obviously is phasing into two – 550 megawatts, in each phase, the project so far has raised 650million dollars.

Part of SAO group portfolio companies is SAO Agro, focused on principal investments in large scale agriculture projects, however working with smallholder farmers to increase their social-economic status.

SAO Energy is focused on renewable energy projects (clean energy) particularly solar and hydro power. We develop power projects that are typically clean power including gas as well. We are currently raising capital in partnership with the Government of Ondo State to provide 24/7 Solar Power and clean water systems for all health facilities and also communities closest to the PHCs by turning the system into a Minigrid. Our Goal is to take all the 584 Primary healthcare Centers in Ondo State Off the Grid under our “Power and Water for All initiative”.

You have been partnering with the Ondo State government for a while now. Can you tell us how that came to being?

It’s been about four years, even though the government had not spent four years in office. The reason why I said that is because we started work immediately the governor won his election, he had meetings with a few of us and we told him what we believed is the best way to achieve his goal for the state and after competitive bid, we were selected to be the sole investment advisor to the Ondo State government and we’ve not done badly so far.

What was the situation of the state before you began working with the state government based on your findings?

When we started, we looked at how we would develop the state starting with a baseline study for what’s on ground when his Excellency took over office. Based on our research we noticed massive gaps in infrastructure, probably due to paucity of funds. Our focus became creating a parallel funding source outside the budget of the state government leveraging on our project development expertise and our relationship with the international community and development financial institutions.

So, after doing a diagnostic study we came up with a wish list of projects and we did a prioritization of those projects to select what we believe can be phased short and long term. After which, we prioritized them and we took on the projects with the most impact which is based on the needs of the people and those were the ones that we focused on and we went out to develop further and raised capital for.

What has SAO been able to achieve in Ondo State so far?

Initially, we thought of having two parallel strategies to governance. One approach is to raise the capital for developmental projects or social projects that are not complete income generating. The second strategy is to develop impactful revenue generating projects that will increase the IGR of the State.

So, for the first one, we identified the roads that were very key to economic development. I’m talking about rural roads that lead to farms and markets. We also identified major roads where you have huge traffic of people going in and out of the capital and also some very strategic locations within the state.

In the city, you have better roads than rural roads. However, the people in the city are mostly civil servants that work for the government and get paid by the government. The percentage of the people living in the urban area as compared to the rural dwellers will be a 70 to 30 percent ratio.

So, we prioritized these projects based on economic benefits to the residents of the state. Currently, we are focused on about 500km of rural roads strategically located and I’m proud to say that we have secured about 60 million dollars to rehabilitate those roads.

These are projects we believe will not only add to the social economic status of citizens but will also be done diligently at all cost and delivered at time because the funders are very meticulous.

Also, we realized that there’s a lot of erosion in Ondo state. One is the sea incursion in Ayetoro and we also have a lot of massive gully sites across the state. So, what we’ve done is to also go out there with all the documentation we’ve prepared to raise another million dollars for erosion control for the sea incursion.

Ayetoro communities yearly suffer from the ocean washing away their homes and livelihood, a quarter of the communities close to the seaside in recent years have been washed away. So, we actually will target such projects, however this is the first of its kind in Ondo state.

How have you been able to raise funds for these projects and what are the financial implications to the state?

You can’t develop a state without developing infrastructure and you can’t develop infrastructure without borrowing money. It’s not the act of borrowing money that is wrong, it’s the type of money that you borrow which actually can be right or wrong.

What we’ve managed to do is to look at the profile of the state and look at a sort of financial instrument that we think is best for the state.

When I say we raise money, raising money does not necessarily mean we raised money that attract interest rate alone; our approach is usually adopting a blended financing model, where we make use of different financial instruments including grants from donor partners, concessional loans that we believe are the cheapest source of capital out there, they don’t really put a strain or heavy burden on the state because the money is being loaned as a sovereign loan through the federal government of Nigeria to the state.

That is, an interest rate that ranges from 0.5 to 2 per cent plus Libor or Euribor if it’s denominated in dollars or in Euro.

Also, what we are trying to do is economic development projects that will have a lot of benefits to the state for many years to come. We provide what I call development advisory service which encompasses raising the capital and handholding the state during the implementation stages to ensure sustainability.

Based on your expertise and works done so far, how can you describe where Ondo State was and where it is now?

We did a baseline study when we started and we know exactly what we are doing now. In terms of revenue to the state government, I think the revenue generation was about 600 million and currently, the state is pushing in excess of 2 billion naira every month. Currently revenues have increased from N8.4 billion yearly that the current administration met on ground to about 26 to 30 billion a year, which is a massive leap in increase. Once the impact of our projects starts to reflect we believe Ondo state IGR will quadruple yearly.

Secondly, how you know if a state is attracting a lot of investment is the number of attractions in hotel accommodation. Many hotels are springing up in Ondo state which is number one. Prior to the Akeredolu’s administration we barely had seven hotels in the capital of Ondo state, now we have more than ten hotels that are brand new that have sprung up.

We barely had a functional airline service from Abuja to the state. Overland was probably doing two or three flights a week to the state. As we speak, the state has been able to convince two airlines based on visible increased numbers of passengers looking to fly to ondo for business. Presently Airpeace flies every day from Lagos to Akure, Overland also flies from Abuja to Akure every day and it’s always full and packed.

What do you envisage for Ondo in the next four years, if it continues with this economic plan?

For continuity, even though we’ve worked with this government and have achieved a lot in three and a half years. We have been able to raise almost half a billion dollars for different developmental projects in the state; projects funded by the biggest financial institutions in the world. If we have been able to raise about 420 million dollars for different projects that span across different sectors, I want to believe that we can do way more for another four years.

I believe we will be able to raise over a 1 billion dollars in extra investment or capital brought to the state. So, I would say, we envisage an Ondo state that will rapidly develop. What people have not been able to achieve in the state in the last forty years, I believe we can do it in another four years.

I’m talking about massive livestock projects within the agricultural space; massive oil palm plantations springing up in Ondo state; beef projects from pigs and so many projects that will change the landscape and economic situation of the state in total.

I believe we can leapfrog ahead from 24 to 30 billion naira with a target of about 100 billion naira yearly in IGR in another four years. I just want to say we have experienced what government should be, what public-private partnership should be and working with a tenacious government should be like.

Ondo state is actually one to emulate by other governments who want to develop their states better. We’re not saying we know it all, we are just saying with the right government, there’s so much we can achieve.