Lotus bank has strengthened its push for inclusive and sustainable development through a strategic partnership with the Rural Electrification Agency (REA) to widen access to renewable energy solutions in underserved communities nationwide.

The collaboration was formalised on Monday in Abuja with the signing of a Memorandum of Understanding (MoU), under which LOTUS Bank will make available up to N100 billion in accessible financing to certified Renewable Energy Service Companies (RESCOs). The funding is expected to ease capital constraints that have slowed the pace of off-grid electrification projects across rural Nigeria.

Speaking at the signing ceremony, Managing Director/Chief Executive Officer of LOTUS Bank, Dr. Isiaka Ajani-Lawal, described the partnership as a practical demonstration of the Bank’s founding philosophy.

“LOTUS Bank was established to redefine the impact that financial institutions can have on the society we serve – not simply through financing, but through partnership, empowerment, and shared prosperity,” he said.

Ajani-Lawal stressed that the initiative aligns with the Bank’s broader mission of deploying ethical, non-interest finance to address pressing national development priorities.

“Our involvement with REA and the DARES program underscores our commitment to supporting sustainable development goals, while driving financial inclusion across Nigeria. We believe non-interest finance must go beyond innovation — it must deliver tangible socio-economic value to all segments of society,” Ajani-Lawal assured.

On his part, REA Managing Director/Chief Executive Officer, Abba Abubakar Aliyu, underscored the urgency of tackling financing gaps confronting renewable energy developers, particularly in the off-grid segment.

“While Nigeria has made strides in expanding energy access, financing remains a key constraint for RESCOs. Collaborations like this are essential in unlocking private sector investment and delivering sustainable energy solutions at scale,” Aliyu said.

Industry observers note that the partnership is poised to accelerate clean energy deployment, reduce financing bottlenecks, and catalyse private sector participation in Nigeria’s electrification drive.

It also aligns with the country’s National Electrification Strategy and Implementation Plan (NESIP) and advances Sustainable Development Goal 7 (SDG7), which seeks to ensure access to affordable, reliable and clean energy for all.

Since commencing operations in 2021, LOTUS Bank has carved a niche as a non-interest lender focused on financial inclusion. The Bank has rolled out innovative products tailored to individuals, women, youth and micro, small and medium enterprises (MSMEs), while investing in digital platforms to broaden access to ethical banking services across urban and rural communities.

Its interventions span community empowerment initiatives, corporate social responsibility programmes, and financial literacy campaigns designed to deepen understanding and adoption of non-interest banking principles.

In recognition of its expanding footprint in ethical finance, LOTUS Bank was recently named “Best Ethical and Financial Inclusion Bank of the Year” at the 2025 BusinessDay BAFI Awards, further cementing its reputation as a leading advocate of impact-driven banking in Nigeria.

The Federal Government of Nigeria has reaffirmed its commitment to building a responsible, inclusive, and sovereign artificial intelligence ecosystem to enable Nigeria to transition from being a passive consumer of AI technologies to an architect and builder of indigenous AI systems.

This was said by the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi CCIE, while delivering a virtual address at the InnovateAI Conference held in Lagos.

The conference brought together policymakers, technology leaders, innovators, and stakeholders to discuss the future of artificial intelligence and its role in driving Nigeria’s digital economy and national development agenda.

Inuwa outlined Nigeria’s ambition to transition from being a consumer of artificial intelligence technologies to becoming a builder and owner of AI systems that reflect national values and priorities, in line with the National AI Strategy.

“Our goal is not just to use AI, but to architect and build our own AI systems in Nigeria,” he said, stressing that the country must take ownership of its AI future.

He noted that Nigeria’s approach to artificial intelligence extends beyond innovation to include governance, infrastructure, data sovereignty, and policy evolution.

According to him, “Responsible AI is never a finished job; it is an iterative journey. Our policies must evolve as the technology evolves, and we must avoid frozen laws by adopting living policies that adapt over time.”

He cited the implementation of the Digital Economy and E-Governance Bill as a key mechanism for generating insights that will help refine AI regulations and governance frameworks.

Inuwa also highlighted the challenge of data representation in global AI systems, noting that most models are trained on non-African datasets, which often results in bias against local dialects, cultures, and demographics.

“If a model shows bias against a local dialect or demographic, we cannot just patch it. We must reinvest in infrastructure to retrain it with inclusive and representative local datasets,” he stated.

He added that building national AI infrastructure is critical to achieving data sovereignty and ensuring that Nigeria is not merely an end user of foreign AI systems.

He further called for strategic partnerships with global technology companies and hyperscalers to build AI infrastructure in Nigeria while aligning with local values and national priorities.

“The world today is a global village. We need to work with global players, but they must understand our local nuances and help us build the infrastructure to retrain and develop AI models that reflect our context,” he said.

The NITDA Director General explained that adopting a comprehensive AI lifecycle approach, from responsible data collection and governance to deployment and continuous feedback, will enable Nigeria to move from reacting to AI developments to proactively designing indigenous AI systems.

“Without understanding how AI models are trained, how decisions are made, and how models are retrained, it will be difficult to build a responsible and trustworthy AI system,” he warned.

He reaffirmed that the Federal Government is intentional about promoting responsible AI and is working closely with the technology ecosystem to co-design national AI guardrails. He described platforms such as the InnovateAI Conference and other national AI dialogues as critical to shaping Nigeria’s AI future.

African statesman and former Nigeria President, Chief Olusegun Obasanjo, on Sunday night, joined several distinguished Nigerians including Mr Sam Amuka, media icon and Publisher of Vanguard newspaper, to pray for Leo Stan Ekeh, Chairman of Zinox Group, on his 70th birthday.

R-L President Olusegun Obasanjo, his wife Chief Mrs Bola Obasanjo and Mr. Leo Stan Ekeh at the event

Obasanjo who graced the thanksgiving meeting with his wife among other dignitaries prayed for more years on earth for Ekeh, whom he described as an “achiever and a very kind man who deserves to be celebrated.” The meeting which held in Ekeh’s residence was organised by his wife and children with opening prayer said by Reverend Father Francis Ike, of the Church of Assumption Falomo, Ikoyi.

Obasanjo who was President of Nigeria from 1999 to 2007 described Ekeh as “one of the people who made it possible for people to say the good things they say about me and about my period in government.”

President Obasanjo who never hid his admiration and love for Ekeh showered praises on the tech billionaire for taking advantage of the opportunities he created during his eight years as President.

He said: “Leo Stan Ekeh is a very kind man, an achiever. People have been celebrating you but I particularly have to celebrate you because of what you mean to me. Wherever I go in Nigeria and outside Nigeria, people say to me, you did this and that especially in enhancing both local and foreign investments. An African President, five months ago, even invited me to his country to show him how I was able to create many billionaires in Nigeria during my tenure.

“I celebrate Leo Stan because it is one thing to create an opportunity, it is another thing to find people who will even see that as opportunity and take advantage of it and achieve success with those opportunities. Leo Stan is one of the people who made it possible for people to say the good things they say about me and about my period in government.

“That’s why I have to join your family and every other person in identifying those qualities in you that made you a great achiever that you have been. The lesson for all of us is that in spite of the hardship, there are still opportunities. The challenge is how to identify those opportunities and take advantage of them and individually and collectively turn our poverty into prosperity just as Leo Stan has done.”

Obasanjo while thanking God for the gift of long life told Ekeh: “Today, you are celebrating 70 and I am here with you at your invitation. You will celebrate 80, whether you invite me or not, I will be there. You will celebrate 90, you will celebrate 100 and I don’t pray to be there,” he said wittily, eliciting laughter from guests.

Aside Obasanjo and Amuka, others who joined in honouring Ekeh were former Lagos state governor, Babatunde Raji Fashola and his wife, former INEC Chairman, Professor Maurice Iwu and his wife, Chairman of MTN, Dr. Ernest Ndukwe and his wife; Mr. Atedo Peterside, Founder of Stanbic IBTC Bank and his wife; Chairman of Fidelity Bank, Mrs Amaka Onwughalu; Managing Director Fidelity Bank, Dr. Nneka Onyeali-Ikpe; Mr. Udoma Udo-Udoma, Chairman Seplat Energy and his wife; secondary school mates of Ekeh including Charles Oputa (Charly Boy) who came with his wife; Leo Stan’s elder brother HRM Eze George Ekeh (aka Saint George), the traditional ruler Ishi Ubomiri Autonomous Community in Imo state who performed the traditional rites to usher Leo Stan into the traditional club of Elders of Ubomiri; representatives of multinationals with whom  he has partnered all through the years;  among other distinguished Nigerians and foreigners.

Ekeh in his response thanked Obasanjo for adopting him as his son and trusting him. He attributed his success to the prayers and blessings of Obasanjo, describing him as the President who made most of the billionaires in Nigeria.

The Zinox boss who recalled his little beginning as a mass servant and chorister, said he chose his path early in life, refusing to drink alcohol and smoke cigarette, and keeping to it till this day.

“I am a promoter of trust economy and I believe that trust must define everything you do if you want to succeed,” he said.

He recalled how he woke his parents one night to tell them he was going to start a tech business which sounded strange to them because technology was non-existent in his state at that time.

He acknowledged the role of his wife in his life. “My wife is my strength. I was very clear I was going to marry an intelligent woman. My wife ticked all the boxes for me,” he told the audience.

“I started my business with my school fees and I have been able to build myself and my companies as collateral. People trust me and trust my companies because I was intentional about building trust and integrity in all we do,” he said.