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The Board of LOTUS Bank has announced the appointment of Dr Isiaka Ajani-Lawal as the bank’s new Managing Director and Chief Executive Officer, effective December 2025.
Ajani-Lawal succeeds the bank’s founding MD/CEO, Mrs Kafilat Araoye, whose retirement brings to a close a notable tenure characterised by strong growth, institutional stability, and market expansion.
Appointed as pioneer Managing Director, Araoye played a central role in establishing LOTUS Bank and steering its early development. Under her leadership, the bank successfully launched operations in 2021 as a fully licensed non-interest bank, upgraded from a regional to a national banking licence in 2023, and introduced customer-focused, technology-driven financial services.
She also led the development of a trusted brand anchored on transparency, integrity, corporate social responsibility, and financial inclusion, positioning LOTUS Bank as a leading institution within Nigeria’s ethical and non-interest banking segment.
These initiatives translated into robust performance across key metrics. The bank’s balance sheet expanded from N30 billion in 2021 to N360 billion in 2024, while customer accounts grew from about 13,000 to over 960,000 by June 2025. LOTUS Bank’s physical footprint also increased to more than 55 branches nationwide.
Commenting on the transition, Board Chairperson, Mrs Hajara Adeola, commended Araoye for her contributions to the bank’s growth and long-term sustainability.
“Mrs Araoye’s leadership was defined by integrity, foresight, and impact. She shaped LOTUS Bank into a fast-growing, values-driven institution,” Adeola said. “As we welcome Dr Isiaka Ajani-Lawal as MD/CEO, we are confident in his ability to uphold these values while advancing the bank’s strategic vision.”
The new Managing Director brings more than 25 years of experience in banking and financial services. Prior to his appointment, Ajani-Lawal served as Executive Director, Operations and Technology at LOTUS Bank, where he played a key role in streamlining operations, deploying innovation-led systems, and strengthening regulatory compliance.
He holds a Doctor of Business Administration (DBA) from the University of Liverpool, alongside several academic and professional qualifications, and has extensive expertise in strategy execution, risk management, customer relationship management, credit administration, sales and marketing, and business development.
Reacting to his appointment, Ajani-Lawal expressed gratitude to the Board and reaffirmed his commitment to the bank’s mission.
“I am honoured to lead LOTUS Bank at this important stage of its journey. I remain committed to delivering on our mission to redefine banking through ethical, inclusive, and digitally driven services,” he said.
“I look forward to working with our dedicated team to build on the solid foundation laid by Mrs Araoye and to take LOTUS Bank to greater heights.”
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