Beyond Interest: The Alternative Bank Charts New Path for Wealth Creation
Kuni Tyessi in Abuja The Alternative Bank has concluded plans to chart a new course for capital allocation in Nigeria as it hosted investors, policymakers and business leaders in Lagos under
In a recent gathering in Lagos, The Alternative Bank showcased its vision for a new era of capital allocation in Nigeria. The forum, titled 'Beyond Interest: Capital, Innovation, and the Future of Wealth', aimed to promote non-interest finance and the deployment of patient capital into the country's productive sectors.
Muhtar Bakare, Chairman of The Alternative Bank, opened the event, urging a shift away from capital that merely extracts value. He emphasized that productive capital fosters economic growth by investing in enterprises, assets, and systems that generate long-term benefits. These benefits include increased income for workers, enhanced supplier demand, government revenue, and sustainable returns for investors.
The keynote address, delivered by Abayomi Oluyomi, Commissioner for Finance of Lagos State, highlighted the government's role in reducing investment risks through infrastructure and sound policies. Oluyomi cited the Blue and Red Line rail projects as instances of public investments that expand markets and lower business costs. He stressed that the future of finance will belong to capital that is purposeful, innovative, and closely linked to productive economic activity.
Oluyomi also pointed out that investors seek credible systems, not mere government promises. Former Lagos State Governor and former Minister of Works and Housing, Babatunde Raji Fashola, echoed this sentiment. He encouraged financial institutions to prioritize investments tied to tangible assets and community well-being, arguing that such investments yield more enduring social and economic returns.
The forum featured expert presentations on various aspects of ethical capital and its potential. Abubakar Suleiman, a Board Member of Sterling Financial Holdings, discussed the business case for non-interest banking in Nigeria. Dr. Stanley Jacob, Group Chief of Innovation and Technology at Meristem, explored the prospects of pan-African payment systems and asset tokenisation.
Ajibola Tobi-Osho, Executive Director of Tugrande Alliance Limited, examined Nigeria's macroeconomic outlook. These discussions underscored The Alternative Bank's commitment to non-interest financial structures that foster shared-risk investments, confident of delivering cross-generational value to the economy.
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