Top Inspiring Business Leaders of Excellence Driving Nigeria’s Economic Growth: Dlm Capital group

To Celebrate Inspiring business leaders of Excellence driving Nigeria’s Economic growth Chioma kachi sat with the professional par excellence in person of Mr Babatunde Sonnie Ayere Group CEO of Dlm Capital group to discuss the business journey so far.

**1 . Can you share some insights into your journey to becoming one of Nigeria’s Leading Male figures in the Finance Industry? **

Looking back, my journey has been shaped by continuous learning, diverse professional experiences, collaboration and the partnerships I have built along the way.

I studied Financial Economics at the University of Dundee and later went on to study Corporate Finance at London Business School and completed an MBA at Bayes Business School. My professional journey started in London, where I worked with institutions such as HSBC, NatWest, Sumitomo Mitsui Bank and BMO Nesbitt Burns, particularly in Corporate and Structured Finance.

One of the experiences that was particularly significant for me was my time at the International Finance Corporation (IFC), where I focused on structured finance for Africa. That gave me a much broader understanding of the financing challenges and opportunities across the continent. I returned to Nigeria and joined UBA, where I became the pioneer Managing Director and CEO of UBA Global Markets, now United Capital Plc. That experience gave me an even deeper understanding of Nigeria’s capital markets and the opportunities that existed within the country.

In 2009, I decided to establish Dunn Loren Merrifield, which is now DLM Capital Group, the first and leading Development Investment Bank in the World. Since then, the organisation has grown into a diversified financial services group.

Looking back, every stage of the journey prepared me for the next, but equally important were the knowledge gained, the people I worked with and the partnerships built along the way.

Today, my focus is on building an institution that creates lasting value and contributes meaningfully to the development of Nigeria’s financial services industry.

**2. How important is diversity and inclusion to building a sustainable business and economy? **

I have had the opportunity to work across different institutions and those experiences have taught me that people bring different perspectives to problems, and organisations are stronger when those perspectives can be brought together.

Inclusion is not simply about having different people in an organisation; It is about creating an environment where people are given the opportunity to share their ideas, challenge existing norms and develop based on their abilities.

I see diversity and inclusion as both a social responsibility and a business imperative. The more people we are able to bring into the economic system and give the opportunity to contribute, the stronger the economy becomes.

**3. What is your approach to talent development and building a strong team at DLM Capital Group? **

Talent development is a priority at DLM Capital Group. We are intentional about giving our people opportunities to grow, take on new responsibilities, and move across different functions through training and leadership development.

One of our Managing Directors at DLM started out as an NYSC member in our administrative team in 2012. Over the years, she took on different roles across Executive Assistance, Human Resources, Credit Analysis and Operations, and today, she leads one of our key subsidiaries, which is performing excellently in the capital markets.

We have several similar stories across the Group. For instance, a newly recruited member of our Business Development team in Asset Management started his career with us as a chauffeur working with the Group CEO in 2010. His progression is another reflection of our belief that people should have the opportunity to learn, develop new skills and take on greater responsibilities when they demonstrate the capacity and ambition to do so.

These stories speak to our belief in giving our people room to learn, grow and take on bigger responsibilities. We also encourage innovation, open dialogue, a strong passion for learning, cross-functional mobility, and an adequate work-life balance.

We aim to build leaders from within who can compete in any industry they find themselves in, no matter the level. For me, investing in and developing our people is important because the strength of any organisation ultimately depends on the quality of its people.

**4. Nigeria’s recapitalisation exercise has pushed financial institutions to strengthen their balance sheets. Now that the immediate capital challenge is easing, what should the industry be doing differently to ensure that stronger capital translates into stronger businesses, deeper markets and better value for customers and investors? **

The industry needs to focus on converting stronger capital positions into real economic value. We need to develop products that respond to the needs of businesses and individuals. Our recent work on Nigeria’s first sovereign bond-backed composite notes (SBCNs) is an example of the kind of innovation that can help expand the range of solutions available within the market. The SBCNs is a hybrid investment instrument that combines the Federal Government bonds, which provides a level of security or protection and SME loan cash flow which generates higher value returns.

We need to improve our ability to finance areas of the economy that have historically been underserved. The recapitalization exercise should therefore be viewed as an opportunity to build stronger and more innovative financial institutions, rather than simply enlarging existing ones.

**5 . With inflation, exchange rate pressures, high interest rates and rising operating costs still shaping the Nigerian economy, how do you balance the need to grow your business aggressively with the responsibility to protect Profitability and shareholder value? **

In a challenging economic environment, you cannot simply pursue every opportunity because it appears attractive. You have to understand the risks, understand your market and be disciplined about where you deploy capital.

At DLM, we do not only ask whether an opportunity is aligned with our strategy; we also look for opportunities to challenge conventional thinking. Nigeria’s first ₦30 billion SBCNs launched in June 2025 is a good example. It is an innovative product that combines returns from FGN Bonds with interest income from lending to underserved markets. It allows us to create new opportunities for growth while maintaining a focus on profitability and secure sustainable returns.

We are building for 2030 and beyond. That means we must make decisions that protect the institution today while positioning it for the future. Sometimes, the best decision is not necessarily the one that produces the biggest short-term return; it is the one that creates sustainable shareholder value over time.

**6 . There is a concern that recapitalisation could become primarily a numbers exercise. What, in your view, would constitute a genuine success of the exercise five years from now, and what measurable changes should Nigerians expect to see in terms of financial inclusion, investment, underwriting capacity and economic growth? **

I would not measure the success of recapitalisation simply by looking at how much capital was raised. The more important question is what has the capital enabled the industry to achieve? Have we deepened Nigeria’s capital markets? Have more businesses been able to access long-term funding? Have we increased investment opportunities? Have we improved financial inclusion? Have we developed a stronger capacity to finance important sectors of the economy? Those are the things that should matter.

I’ve had the opportunity to work on initiatives around the development of Nigeria’s domestic bond market and the establishment of the Nigeria Mortgage Refinance Company, and one thing those experiences reinforce is that financial markets are ultimately valuable because of the economic activity they enable.

So, five years from now, I would like to see stronger institutions, but I would also like to see stronger markets and greater access to finance. That, to me, would be a much more meaningful measure of success.

**7 . The recapitalisation exercise has already influenced mergers, acquisitions, strategic partnerships and fresh capital injections across the financial services industry. Do you expect the next phase to produce fewer but significantly stronger institutions, and where do you see the greatest opportunities for consolidation? **

I think we will continue to see consolidation and strategic partnerships across the financial services industry. There is value in combining complementary capabilities. An institution may have strong capital but need a particular technology or distribution capability, while another may have strong expertise in a particular market. So, I expect we will see different forms of consolidation and collaboration.

However, I don’t think size alone guarantees success. You can be large and still not be competitive. The institutions that ultimately succeed will be those that combine scale with innovation, strong governance, good people and a clear understanding of the markets they serve.

The more important question is whether institutions have the scale, capital, expertise and technology required to compete effectively and serve their customers.

**8 . Despite the size of Nigeria’s population and economy, participation in insurance, equities, mutual funds and other investment products remains relatively low. What fundamental changes must financial institutions make to move from simply selling financial products to creating products that Nigerians genuinely understand, trust and want to buy? **

If we want Nigerians to participate more actively in financial markets, they need to understand what they are investing in, what the risks are and what they can reasonably expect in return. Financial institutions have a responsibility to go beyond simply selling products. We need to invest heavily in financial literacy, communicate clearly how each investment product works, help people understand their risk appetite and make informed choices about which products are right for them.

This is an area we continue to focus on at DLM Capital Group, particularly through DLM Asset Management, DLM Securities and DLM Advisory, where we use education and awareness to help investors better understand products ranging from mutual funds and equities to structured investment opportunities such as SBCNs.

We also need to make participation more accessible. Technology makes investing easier, from opening an account and purchasing an investment to monitoring it and receiving information about its performance. The easier it is for people to access these markets, the more likely they are to participate.

Markets grow when there is adequate information, transparency, accessible platforms and confidence in the institutions providing these products. If we get this right, we can move from simply selling financial products to building a more informed, confident and active investing public.

**9. Digital platforms, artificial intelligence and data analytics are transforming financial services, but technology alone does not necessarily create confidence. How can financial institutions use technology to improve customer experience while addressing the deeper issues of trust, transparency, claims or investment performance and financial literacy? **

Technology is a very powerful enabler that can be used to make financial services easier to understand, easier to access, and easier to use. A lot of the challenges in our financial system are not necessarily the absence of products, but the information gap and the processes around accessing them.

Today, technology can allow a customer to see the value and performance of an investment, understand fees and risks, receive timely updates, submit and track a claim or even identify and claim an unclaimed dividend belonging to them or their parents. These are simple interventions, but they can significantly improve the customer experience by putting information in people’s hands and removing unnecessary friction.

AI and data analytics can also help institutions understand customers better, improve risk assessment and provide more relevant financial education, but the foundation remains trust. The information must be accurate, platforms must be secure and reliable and institutions must be transparent about performance, fees and risks.

**10 . Looking beyond traditional markets, which underdeveloped segment of Nigeria’s economy do you believe presents the biggest opportunity for insurance, investment and capital market institutions over the next five years, and what is preventing the industry from fully exploiting it today? **

One of the biggest opportunities over the next five years is the MSME and broader informal business segment, particularly businesses that are economically active and generating cash flows but remain underserved by formal financial institutions.

Nigeria has a very large base of micro, small and medium-sized businesses, yet many of them still struggle to access appropriately structured finance. One of the biggest barriers is a mismatch between the information financial institutions require to assess risk and the information available from businesses seeking financing. Financial records, transaction history, cash flows and other relevant business information may not always be adequately documented or readily available even though they have established customers and regular transactions.

We need to look beyond traditional requirements and find better ways to assess the underlying strength of these businesses. That could mean making better use of the data they already generate, using alternative indicators of cash flow and business performance, or developing different benchmarks for assessing risk. The objective is not to lower our standards, but to develop more appropriate ways of determining which businesses are viable and how best to finance them.

The opportunity is significant for both the industry and the economy. If financial institutions can assess these businesses more effectively and provide capital that matches their stage and needs, we can expand access to finance while managing risk responsibly. The objective is not to lower our risk standards, but to develop better ways of measuring risk. If we can identify viable businesses more accurately, price risk appropriately, and structure financing and insurance around their actual needs, we can bring a much larger part of the economy into the formal financial system. Better access to appropriately structured capital and risk protection can help businesses grow, create jobs, improve productivity and ultimately deepen Nigeria’s financial and capital markets.

**11. If you had to make one bold strategic bet on the Nigerian financial services industry between now and 2030, what would it be, and why do you believe that particular development will determine which institutions emerge as market leaders? **

I would bet on the continued transformation and deepening of financial services through technology, innovation and greater financial inclusion. Nigeria has a very large population, yet a significant part of it remains underserved by formal financial services. The opportunity is to use technology and better financial infrastructure to reach more individuals and businesses, understand their needs and develop products that genuinely solve their problems.

However, technology alone will not determine which institutions emerge as market leaders. It must be supported by strong governance, the right structures and the right talent to execute effectively. By 2030, I believe the institutions that combine technology and real-time data with a deep understanding of their customers will be best positioned to lead the industry.

The post Top Inspiring Business Leaders of Excellence Driving Nigeria’s Economic Growth: Dlm Capital group appeared first on Vanguard News.