Oladele Oduniyi
LOTUS Bank has appointed Dr. Isiaka Ajani-Lawal as its new Managing Director and Chief Executive Officer, which take effect on December 2025, following the retirement of its founding MD/CEO, Kafilat Araoye.
The appointment was revealed in a statement made available to the media
Kafilat Araoye, who led the bank from inception, is credited with steering Lotus Bank from a start-up institution into one of the most prominent players in Nigeria’s ethical banking segment.
Under her tenure, LOTUS Bank launched operations in 2021 as a fully licensed non-interest bank and secured an upgrade from a regional to a national banking licence in 2023.
The bank also rolled out a suite of customer-focused, technology-driven products, while building a brand anchored on transparency, integrity and social responsibility. It simultaneously pushed financial literacy initiatives and expanded access to ethical finance across the country.
These strategic moves translated into sharp growth across key performance indicators.
The bank’s balance sheet expanded from N30bn in 2021 to N360bn in 2024, while customer accounts rose from about 13,000 at launch to more than 960,000 by June 2025. Its physical footprint also widened, with over 55 branches now operating nationwide.
Commenting on the transition, Hajara Adeola, LOTUS Bank board chairperson, applauded Araoye’s contribution to the institution’s growth, noting that her tenure laid a solid foundation for the bank’s future.
According to her, “Mrs. Araoye’s leadership was marked by integrity, foresight, and impact.” She added that “she shaped LOTUS Bank into a fast-growing, value-driven institution.”
Adeola said the board is confident that Ajani-Lawal will build on this legacy, stating, “As we welcome Dr. Isiaka Ajani-Lawal as MD/CEO, we are confident of his ability to uphold the Bank’s values while advancing its strategic vision.”
Ajani-Lawal brings more than 25 years of experience in banking and financial services to the role. Before his appointment, he served as Executive Director, Operations and Technology at LOTUS Bank, where he played a key role in streamlining internal processes, deploying innovation-led systems and strengthening regulatory and governance frameworks.
He holds a Doctor of Business Administration from the University of Liverpool, alongside several academic and professional qualifications, and is regarded as a results-driven executive with expertise spanning strategy, risk management, customer relationship management, credit administration, sales, marketing and business development.
Speaking on his appointment, Ajani-Lawal said, “I am honored to lead LOTUS Bank at this important moment in our journey.” He added, “I remain committed to delivering on our mission to redefine banking through ethical, inclusive, and digitally focused services,” while expressing his intention to build on the foundation laid by his predecessor and take the bank to its next phase of growth.