LOTUS Bank, one of Nigeria’s leading non-interest banks, has appointed Dr Isiaka Ajani-Lawal as its new Managing Director and Chief Executive Officer, with effect from December 2025.
The Board Chairperson, Mrs Hajara Adeola, announced the leadership transition on Tuesday in Abuja, saying the appointment followed the retirement of the bank’s founding Managing Director/Chief Executive Officer, Mrs Kafilat Araoye.
Adeola said Araoye’s exit marked the conclusion of a distinguished tenure defined by strong performance and strategic growth.
Appointed as the pioneer MD/CEO, Araoye played a central role in laying the foundation for the bank’s successful market entry and operational expansion.
Under her leadership, LOTUS Bank achieved several milestones that helped establish its position in Nigeria’s ethical banking space.
These included the launch of the bank as a fully licensed non-interest financial institution in 2021 and the upgrade of its regional banking licence to a national licence in 2023.
Other achievements, Adeola said, included the rollout of customer-focused, technology-driven financial services and the building of a trusted brand recognised for transparency, integrity and corporate social responsibility.
She added that Araoye also championed financial literacy and expanded access to ethical finance across Nigeria, initiatives that translated into significant growth in the bank’s key performance indicators.
According to Adeola, the bank’s balance sheet grew from about ₦30 billion in 2021 to ₦360 billion in 2024, while customer accounts increased from roughly 13,000 to over 960,000 by June 2025. The bank’s branch network also expanded to more than 55 branches nationwide.
Describing Araoye’s leadership as one marked by integrity, foresight and impact, Adeola said she successfully positioned LOTUS Bank as a fast-growing, value-driven institution.
“As we welcome Dr Isiaka Ajani-Lawal as Managing Director/CEO, we are confident in his ability to uphold the bank’s values while advancing its strategic vision,” she said.
Adeola noted that the new MD/CEO brings over 25 years of banking and financial services experience to the role. Before 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-driven systems and strengthening regulatory compliance.
Ajani-Lawal holds a Doctor of Business Administration (DBA) from the University of Liverpool, alongside several academic and professional qualifications.
He is regarded as a results-oriented professional with expertise in strategy formulation and execution, risk management, customer relationship management, credit administration, sales and marketing, and business development.
Speaking on his appointment, Ajani-Lawal said he was honoured to lead LOTUS Bank at a critical stage in its growth.
“I remain committed to delivering on our mission to redefine banking through ethical, inclusive and digitally focused services. I look forward to working with our dedicated team to build on the solid foundation laid by Mrs Araoye and take LOTUS Bank to greater heights,” he said.
