Dangote challenges Lotus Capital to take ‘Elephant Steps’ in Nigeria

By Matthew Johnson PRESIDENT and Chief Executive of Dangote Industries Limited, Aliko Dangote, has challenged Lotus Capital Limited to take “elephant steps” in its next 20 years by expanding investments in Nigeria’s productive sectors. Speaking at the company’s 20th anniversary celebration in Lagos, Dangote identified manufacturing, agriculture, infrastructure, energy and industrial development as critical areas where non-interest finance could mobilise long-term capital and accelerate economic growth.

He stressed that trust and integrity were fundamental to attracting investment, insisting that investors must first have confidence in those managing their funds. “Money doesn’t follow profit only; it follows trust first. That’s why we all invested when she came with the idea. The first number one rule is that you must trust a person before you invest.

Money follows trust, then profit,” he said. Disclosing that his family was among Lotus Capital’s earliest major corporate clients, Dangote commended its Managing Director, Mrs Hajara Adeola, for sustaining the pioneering non-interest financial institution despite initial challenges. He urged the company to strengthen partnerships with international financial institutions to attract more Sharia-compliant capital into Nigeria and Africa.

Adeola said Lotus Capital was established 20 years ago to promote financial inclusion by providing investment opportunities aligned with religious and ethical values. She disclosed that the company had established four Securities and Exchange Commission-registered mutual funds, collaborated with the Nigerian Exchange to develop the NGX Lotus Islamic Index and advised the Federal Government on its first three sovereign Sukuk issuances, which funded over 4,000 roads and nine bridges.

She said the company would deepen partnerships with businesses and industrial players to support agriculture, manufacturing, real estate and renewable energy. Chairman of Lotus Capital, Mr Fola Adeola, said the company’s first investment product, the Halal Fund, was oversubscribed after it sought to raise N1 billion, reflecting growing acceptance of non-interest finance.