Lotus Bank, one of Nigeria’s foremost Islamic financial institutions, founded by renowned finance expert Hajia Hajara Adeola, has been named the Nigerian Muslim-owned Brand of the Year by Muslim News Nigeria, the nation’s most authoritative Islamic newspaper.
The announcement was made on Friday, November 14, 2025, in a statement issued by the newspaper’s Publisher and convener of the Global and Nigerian Muslim Personalities of the Year 2024/2025 Awards, Alhaji Rasheed Abubakar.
The publisher noted that Lotus Bank was named the Nigerian Muslim-owned Brand of the Year in recognition of its ethical, non-interest banking model and unwavering commitment to empowering individuals and businesses through Shari’ah-compliant financial services.
Alhaji Abubakar added that the bank stands out as one of the few financial institutions in Nigeria founded primarily by a leading Muslim female financial expert to meet the financial needs of Muslims, while also remaining inclusive and beneficial to non-Muslim members of society.
He noted that Hajia Adeola, the current MD/CEO of Lotus Capital, established the institution not just for profit but out of a deep commitment to ethical finance rooted in Islamic principles.
According to him, “Her vision was to offer a viable non-interest banking alternative aligned with Shari’ah, promoting fairness, transparency, and financial inclusion.”
Prior to founding Lotus Bank in 2021, Hajia Adeola served as the Managing Director and CEO of Lotus Capital Limited, a trailblazing Islamic investment firm she established in 2004, which laid the foundation for her leadership in ethical finance in Nigeria.
According to the statement, since its inception, Lotus Bank has been at the forefront of promoting Islamic finance in Nigeria, offering innovative products rooted in transparency, equity, partnership and values aligned with Islamic economic principles.
“Lotus Bank, under the visionary leadership of its founder continues to stand out as a pioneer in Nigeria’s ethical banking space, contributing to financial inclusion, supporting SMEs, and positively impacting the economy,” the statement read.
With its flagship branch located in Victoria Island, Lagos, the Bank officially commenced operations on July 7, 2021, and has recorded significant milestones that reflect its rapid growth and impact in Nigeria’s banking sector.
Within just three years, Lotus Bank expanded its balance sheet from approximately ₦30 billion to over ₦350 billion, while its customer base grew from around 250,000 to about 500,000 as of October 2024. These figures demonstrate the bank’s strong financial trajectory and increasing appeal among Nigerians seeking ethical and inclusive financial solutions.
In recognition of its contributions, Lotus Bank has received numerous prestigious awards. In 2022, it was named Bank of the Year by Leadership Newspapers for its efforts in promoting financial inclusion and supporting non‑oil export earnings. The bank also won Best Financial Inclusion Initiative and Debit Card of the Year at the 2024 Global Retail Banking Innovation Awards held in Singapore.
Further cementing its reputation, Lotus Bank was honoured with the Ethical Banking Leadership Award of the Year by BusinessDay in 2024 and later emerged as the Best Ethical and Financial Inclusion Bank of the Year at the 2025 BusinessDay BAFI Awards.
Alhaji Abubakar noted that the latest recognition, alongside the bank’s remarkable achievements, underscores Lotus Bank’s continued commitment, under its current Acting MD, Dr. Isiaka Ajani-Lawal, to ethical finance, innovation, and inclusive growth.
He called on Nigerian Muslims to support Muslim-owned businesses such as Lotus Bank and its subsidiaries, while also urging the bank’s management to sustain its high service standards and continue serving all customers regardless of their faith, with excellence, professionalism, and fairness.
Finalists for Nigerian Muslim Personalities of the Year (#MNAwards20242025)
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