The President of the Dangote Group, Alhaji Aliko Dangote, and the former Central Bank of Nigeria (CBN) Governor, Muhammadu Sanusi II, have urged Lotus Capital Limited to expand its investments in Nigeria’s real economy as the non-interest finance institution marked its 20th anniversary.
They made the call at the anniversary celebration of Lotus Capital in Lagos on Friday, commending the company’s pioneering role in Nigeria’s non-interest finance sector and urging greater support for productive industries.
Delivering the keynote address, Dangote, who was physically present at the event, described Lotus Capital’s growth from a modest beginning into a successful investment institution as a remarkable achievement, praising its founders, shareholders, board, management and staff for their resilience and commitment to ethical investment.
He said the company’s establishment when conventional banking and capital market instruments dominated the financial system demonstrated foresight in identifying an underserved market and creating professionally managed investment opportunities.
Dangote recalled the challenges of raising capital in Nigeria during the company’s early years, noting that limited banking capacity and high borrowing costs made its achievements particularly commendable.
He said Lotus Capital had helped develop the country’s financial ecosystem through Sharia-compliant investment funds, innovative products, Sukuk transactions and the co-development of the NGX Lotus Islamic Index. The company, he added, had raised more than ₦1 trillion to finance over 4,000 businesses and groups.
Citing the growth of global Islamic finance, whose assets reached about $6 trillion in 2024, Dangote said Nigeria could mobilise more long-term capital through Sukuk and other non-interest instruments.
He identified manufacturing, infrastructure, energy, agriculture, housing and small businesses as sectors requiring diversified financing, adding that asset-backed financing, leasing, equity participation and profit-sharing could help address funding gaps.
Dangote urged Lotus Capital to deepen its investment in productive sectors, strengthen partnerships with international financial institutions and expand technology-driven investment products to promote financial inclusion. He also stressed the importance of corporate governance, transparency, risk management and innovation.
He expressed confidence that the company could become a leading facilitator of non-interest finance across Africa.
Speaking via Zoom, Sanusi commended the courage and vision of Lotus Capital’s founder and leadership, urging the company to expand its market reach and provide more long-term financing for critical sectors.
“It is time for us to innovate, it’s time for us to deepen the market, it’s time for us to increase our penetration of various sectors of the economy, providing long-term finance for development,” he said.
The Managing Director and Chief Executive Officer of Lotus Capital Limited, Mrs Hajara Adeola, said the company would strengthen its support for the real economy through innovative financing for agriculture, manufacturing, real estate and renewable energy.
Adeola said Lotus Capital was established to promote financial inclusion by providing Nigerians with alternative investment opportunities aligned with their values and Sharia principles.
She listed its milestones to include four Securities and Exchange Commission-registered public mutual funds, the development of the NGX Lotus Islamic Index in collaboration with the Nigerian Exchange, and the introduction of innovative investment products.
She also disclosed that the company advised the Federal Government on its first three sovereign Sukuk issuances, which financed more than 4,000 roads and nine bridges. Lotus Capital, she added, played a significant role in establishing Lotus Bank.
Adeola said Nigeria’s non-interest finance industry had grown to include five asset management companies, five Islamic banks, five Takaful insurance companies and more than 20 mutual funds.
Earlier, the Chairman of Lotus Capital Limited, Mr Fola Adeola, recounted the challenges surrounding the company’s establishment, when non-interest finance was largely unfamiliar in Nigeria.
He recalled supporting his wife’s proposal to establish the company despite his limited understanding of the financial model. Its first investment product, the Halal Fund, was oversubscribed after the company sought to raise ₦1 billion, signalling strong public interest in Sharia-compliant investments.
Adeola, who expressed delight, said one of the company’s greatest achievements was demonstrating that different financial systems could coexist, allowing investors to choose products aligned with their faith and values.
The event also featured a panel discussion on “The Next Frontier: Innovation and Governance in Non-Interest Finance in Nigeria” and attracted prominent figures from banking, manufacturing, government, diplomacy and business.
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