LOTUS Bank partners REA on N100bn renewable energy fund

LOTUS Bank Limited has signed a Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA) to provide accessible funding of up to N100bn to empower certified Renewable Energy Service Companies (RESCOS) Speaking during the signing of the deal, Managing Director/CEO of LOTUS Bank, Dr. Isiaka Ajani-Lawal, described the collaboration as a clear reflection of […]

LOTUS Bank Limited has signed a Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA) to provide accessible funding of up to N100bn to empower certified Renewable Energy Service Companies (RESCOS)

Speaking during the signing of the deal, Managing Director/CEO of LOTUS Bank, Dr. Isiaka Ajani-Lawal, described the collaboration as a clear reflection of the Bank’s mission to harness ethical finance to address critical, important and national development needs.

The Banker clarified: “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.

“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.

In his remarks at the event, MD/CEO of the REA, Abba Abubakar Aliyu, emphasized the importance of addressing financing barriers for off-grid energy developers.

He said: “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.”

The partnership of the Agency and the Bank is expected to accelerate clean energy project delivery, reduce financing bottlenecks, and stimulate private sector participation — a development that supports Nigeria’s National Electrification Strategy and Implementation Plan (NESIP) and contributes to Sustainable Development Goal 7 (SDG7) for affordable, reliable, and clean energy for all.