Adekunle Awojobi is the Founder and CEO of Honnete Solutions Limited, a consultancy providing strategic advisory to businesses and government institutions. He was formerly MD/CEO of First Trustees Limited, a subsidiary of FirstHoldCo Plc. A Chartered Accountant with over 35 years’ experience, Kunle had stints with KPMG Audit, Texaco Nigeria and Nampak in diverse roles straddling Audit, Operations and Finance. He holds a first-class degree in economics and is a Fellow of ICAN. Adekunle has served on multiple boards and attended executive programmes at Wharton, LBS, and Euromoney, with expertise in trusteeship, governance, estate planning, financial modelling, and risk management. In this interview with Onyinye Nwachukwu, Abuja Bureau Chief at BusinessDay, Awojobi discusses the impact of the federal government’s ongoing economic reforms and the pivotal role institutions like his are playing in driving financial sector innovation and supporting Nigeria’s broader economic goals. Excerpts…
“With respect to investors’ confidence, it signals growing trust in government debt instruments, implying Nigeria’s ability to honour its debt obligations and effectively deploy funds for infrastructure development.”
To start off, could you give us an overview of what Honnete Solutions does?
We are a solutions service provider to businesses and governmental bodies/agencies. Our services encompass a wide range of professional solutions aimed at helping businesses and governmental bodies boost their operations, raise debts in a cost-effective and efficient manner, improve financial performance and resolve other challenges. At Honnete Solutions Limited (HSL), we are guided by one principle – to always do business with a high sense of integrity, whether with our people, clients or partners. Our focus is to provide our clients with the right sets of solutions in a responsible, innovative and cost-friendly way. Like I mentioned, our service offerings include business and financial advisory services; funding and capital raising advisory; financial and accounting services; management consultancy; risk management and control; trust and estate planning solutions; strategic planning; operational efficiency, amongst other roles.
You bring over three decades of financial services experience, including your time leading one of Nigeria’s top trustee firms. What inspired your move to Honnete Solutions, and what unique perspective does your background bring to the firm’s current strategy?
This was going to happen at some point in time. While my retirement was initially planned to happen in two years’ time, the opportunity to do so came early. Honnete Solutions came much earlier than planned, and there are no regrets doing that. The unique perspective my background is bringing to HSL is, amongst other things, my vast experience, relationships and expertise.
With your involvement in capital market transactions worth over $15 billion — from sukuk issuances to sub-national bonds — how are you leveraging that expertise to help Nigerian businesses tap into capital more efficiently today?
We leverage the relationships, trust and confidence that I built whilst working in different organisations over the last 34 years. Also, at Honnete Solutions, our expertise in structured finance helps businesses secure capital efficiently. First of all, our job supports businesses through sukuk issuances, an Islamic financial instrument, which provides businesses with an alternative to conventional bonds. Bear in mind that Nigeria has seen a series of successful sukuk offerings, including at sub-national levels. Secondly, we assist state governments and corporations in issuing bonds to raise capital for infrastructure and business expansion. What we do is to support structuring these offerings to attract investors. Thirdly, businesses benefit from our expert guidance on navigating Nigeria’s evolving capital market landscape, including regulatory compliance and investor relations. Fourthly, given tightening credit conditions, HSL guides clients to explore fintech-driven lending solutions and private equity investments to diversify funding sources. These are some of the things we do in a nutshell.
The federal government’s recent ₦300 billion Sukuk issuance attracted an unprecedented ₦2.2 trillion in bids—representing a 735% oversubscription. What, in your assessment, does this signal about investor confidence in Nigeria’s current and near-future economic outlook? And how can both the public and private sectors build on this momentum to deepen capital market participation and infrastructure financing?
The 735 percent oversubscription of Nigeria’s ₦300 billion Sukuk issuance is remarkable. In my view there is a large quantum of funds within the economy seeking viable and stable returns. Also, it signals strong investor confidence in the country’s economic outlook and the appeal of ethical, non-interest financial instruments. The overwhelming demand suggests that investors—ranging from retail participants to institutional players—see Sukuk as a secure and viable investment amid evolving macroeconomic conditions.
With respect to investors’ confidence, it signals growing trust in government debt instruments, implying Nigeria’s ability to honour its debt obligations and effectively deploy funds for infrastructure development. I also feel that investors recognise infrastructure as a key growth driver. Well-executed infrastructure projects can stimulate growth, enhance productivity and create long-term value.
To build on this momentum, a public sector strategy should focus on expanding instruments like sukuk issuances by increasing the frequency and size of the offerings to finance critical infrastructure across sectors. It is also important to enhance transparency and accountability with clear and timely reporting on fund utilisation and project execution. The private sector can build on this momentum by developing corporate sukuk. I think that private entities can issue their own sukuk to raise capital for business expansion and development. Also, encouragement of retail participation is important. That said, financial institutions would need to educate and incentivise retail investors to engage more actively in the capital market.
We all see that the country is currently grappling with inflation, weak currency, and rising public debt. From your vantage point as a former trustee and a financial expert, talk us through how financial trust structures and long-term investment vehicles help in stabilising investor confidence in such uncertain economic times.
Financial trust structures and long-term investment vehicles play an important role in stabilising investor confidence, especially in times of economic uncertainty like Nigeria’s current landscape of inflation, currency volatility, and rising public debt. Such structures help in wealth preservation and asset protection, including trust funds which shield assets from economic shocks and ensure long-term financial sustainability and security for beneficiaries. In addition, well-structured trusts offer transparency and proper governance and, as such, reassure investors and stakeholders about capital security and moderate returns. The other important benefit of a trust structure in circumstances like you have mentioned is that trustees manage funds prudently, diversifying across low-risk and high-yield assets to mitigate market volatility.
The legal responsibility on trustees, which covers fiduciary duty, prudence, impartiality, compliance, confidentiality, record-keeping and reporting, places an obligation on trustees to perform the expected roles, and in so doing, gives confidence to investors. Long-term investment vehicles also play important roles in stabilising confidence in such economic times. The unit trust and mutual funds allow diversification and risk mitigation in volatile markets. For infrastructure and real estate, investment in securities provides stable returns and hedges against inflation. Private equity and hedge funds support business growth, offer investors higher returns and foster economic development.
That said, for these structures and vehicles to work as expected, government and regulatory support is required. Our trust laws and investment regulations need to be strengthened to enhance investors’ participation. Investors’ education and awareness too are also key. And equally important, the collaboration between government and private investors must be strengthened.
I would also like to get your views on Nigeria’s recent credit rating upgrades by both Fitch and Moody’s, which have been widely applauded. In your view, has this upward revision been truly earned? Also, how can the government—and even private sector actors—strategically leverage this improved rating to attract sustainable investment and foster broader economic growth?
Nigeria’s recent sovereign credit rating upgrades by Moody’s and Fitch reflect growing confidence in the country’s macroeconomic trajectory. For emphasis, Moody’s upgraded Nigeria’s rating from Caa1 to B3, citing significant improvements in fiscal and external positions, while Fitch raised its rating from B- to B, both with a stable outlook.
My view is that the upgrades appear to be justified, given the bold economic reforms undertaken by the government. For instance, though inflation remains a challenge, recent policies have helped manage inflation by stabilising borrowing costs. Also, the foreign exchange liberalisation has improved liquidity and bolstered external reserves. While some of the reforms have strengthened Nigeria’s credit profile, challenges remain—particularly inflationary pressures and exchange rate volatility. I think that sustained policy implementation will be key to maintaining investor confidence.
The country can leverage the improved rating by lowering borrowing costs, attracting foreign direct investments (FDI) and expanding sovereign debt issuances by tapping into the international capital market on favourable terms.
While confidence is improving and credit ratings are on the rise, retail investor participation in our capital markets remains low. How significant is this challenge, and in what ways are companies or institutions like yours working to drive innovation and transparency to rebuild trust and attract more domestic investors?
This matter is of concern to regulators at all levels. The trust deficit is high. On the contrary, a large proportion of our population still patronises unregulated and so-called Ponzi schemes, and part of the reason is lack of trust in the activities of the regulated and established service providers. It is also worrying that even knowledgeable individuals patronise these Ponzi schemes. In addressing the problem associated with this, I believe that transparency is key. On how companies like ours come in, HSL has a strong faculty in corporate governance, ethics and related matters that strengthen transparency. One of our solutions is aimed at supporting organisations in that direction as well as partnering with the relevant regulator in designing control measures for compliance and monitoring.
With increasing interest from foreign and local institutional investors in infrastructure and real estate, where do you see the greatest opportunity for growth in Nigeria’s capital markets over the next 3–5 years—and what structural changes are needed to unlock that potential?
I sincerely believe that Nigeria’s capital markets are poised for significant growth over the next 3–5 years, particularly in infrastructure and real estate investments. The rapid urbanisation, population growth, and increasing investor interest are driving demand for housing, commercial spaces, and large-scale infrastructure projects. Growth opportunities exist in real estate. The real estate sector is projected to grow at a 7.52 percent CAGR to reach about $3 trillion by 2028. There is increasing demand for affordable housing, luxury developments, and commercial properties. The demand is fuelled by urban migration, increasing population and diaspora investments.
There is also a great opportunity for infrastructure development. With the allocation of $2.7 trillion for major infrastructure projects by the government, including the 700km Lagos – Calabar Coastal Highway, inland dry ports and rail expansion, these projects will create new investment corridors and resolve transportation challenges. In unlocking these potentials, some structural changes need to happen. Land acquisition and title registration must be streamlined. Government and the relevant regulatory bodies must simplify the land ownership and registration process to encourage local and foreign investments. The mortgage financing options need expansion. The cost of accessing a mortgage must be standardised and affordable. Technology and digital transformation cannot be overlooked for the real estate market. It is important to innovate digital platforms for property transactions, digital title documents, and automated management. This will enhance market efficiency and liquidity.
With the rising cost of living and eroding value of the naira, many Nigerians are increasingly concerned about preserving and transferring wealth. How can trust and estate planning solutions help them protect their assets in today’s economy?
I must say that trust and estate planning solutions are essential tools for wealth preservation, especially in Nigeria’s current economic climate of inflation, currency depreciation, and rising financial uncertainty. These solutions help people – including high-net-worth individuals (HNWIs) and the growing middle class – safeguard assets, ensure smooth wealth transfer, and maintain financial stability across generations.
To preserve and protect wealth, ensure financial security and create lasting legacies despite economic challenges, I encourage Nigerians to leverage trust and estate planning solutions, and it does not matter whether you are an HNWI or middle class. Nigerians should engage a professional trustee and work with a reputable trust company licensed by the Securities and Exchange Commission (SEC). Investment diversification is also important, together with regular updates of estate plans to align with economic shifts and personal circumstances. Honnete Solutions is available to support and guide interested individuals in taking the right steps.
Turning to your work at HSL — what’s the firm’s long-term vision for shaping Nigeria’s private sector? What policy reforms or shifts do you believe are most critical to amplifying the impact of your solutions and those of similar institutions nationwide?
Honnete Solutions Limited aims to play a significant role in shaping Nigeria’s private sector by providing financial advisory services and strategic business solutions. We focus on improving access to capital and supporting businesses in navigating regulatory challenges. To unlock greater impact, HSL expects several policy shifts and reforms, which could be beneficial to clients. For instance, improved access to credit. I think this can happen by strengthening financial inclusion through fintech-driven lending platforms and alternative financing models, which could help businesses secure funding more efficiently. Also, regulatory stability in terms of clear and predictable policies which would encourage investment and reduce uncertainty for businesses operating in Nigeria. Another point is tax incentives for SMEs –and by this, I mean expanding tax incentives and simplifying registration processes could encourage entrepreneurship and formalisation. Infrastructure development is, of course, critical – investments in energy, transportation, and digital infrastructure would enhance business efficiency and competitiveness. Last but not least would be to ensure exchange rate stabilisation, which we are already seeing, though. We need more policies that ensure a stable exchange rate, and this would help businesses manage costs and improve trade opportunities.
We all know that access to capital remains one of the biggest hurdles for Nigerian businesses. In an era of tightening credit, how is HSL helping clients navigate both local and international funding landscapes?
What we do first of all is to provide financial advisory services to help businesses in Nigeria access funding. With trends in Nigeria’s financial landscape, Honnete Solutions focuses on strategic partnerships, fintech solutions, and alternative lending models to support clients. For instance, Nigeria’s fintech sector has attracted significant investment, with funding partners injecting over $250 million since 2014. This indicates a growing reliance on digital financial services to bridge credit gaps. Additionally, addressing overlooked lending opportunities in Nigeria requires innovative approaches, such as microcredit access and improved financial inclusion strategies.
Tax compliance and regulation are still challenges for most businesses. How is HSL, under your leadership, balancing strategic tax planning with the need for transparency and fiscal responsibility?
Tax payment and compliance are generating issues of discussion not only locally but globally. Tax adherence and compliance are legal responsibilities of every taxable subject. Our solution process includes inherent procedures to ensure that our clients come to that understanding. Once the understanding is there, compliance becomes easy.
You’ve held finance leadership roles across oil, manufacturing, and capital markets. What insights from those sectors are now shaping how HSL advises clients in a more diversified and increasingly digital Nigerian economy?
We operate in a rapidly evolving Nigerian economy, where lessons from oil, manufacturing, and capital markets are shaping our advisory approach. We are leveraging sector-specific expertise to navigate digital transformation. The volatility of oil markets has taught businesses the importance of diversification. Many firms, including financial advisors, now emphasise risk management and alternative revenue streams to reduce dependency on oil. Lessons from manufacturing include optimising supply chains and leveraging technology for productivity. Digital tools, automation, and fintech solutions are increasingly integrated into business strategies. I must also note that Nigeria’s capital markets are evolving, with fintech playing a crucial role in expanding access to funding. The rise of digital financial services and venture capital investments is reshaping how businesses secure capital. The fintech boom is driving financial inclusion and digital payments. What we do is advise clients on how to leverage digital finance solutions to remain competitive.
As someone trained at Wharton, LBS, and Euromoney, how are you applying global standards in a local context to elevate service delivery and client outcomes?
Our aim is to elevate service delivery in a way that ensures that it delivers global standards. Organisations in the early stages of existence may struggle in a variety of areas, from funding to capacity building, local regulations and governance. We do have a resourceful faculty with global experience to support our clients in navigating early bird issues towards becoming global institutions. It’s important to close the knowledge gap – whether in trust, estate planning and so on. It is not an easy task, but through partnerships and collaborations, we believe in consistently educating people on the importance of having a solid structure in place. There are several initiatives being considered along these lines. We would unfold these plans as we progress into the year.
What are the biggest risks on your radar right now, and how are you navigating them to keep your organisation on track?
Rather than call it risk, I would say the major limitation or hindrance now is acceptability. One of the most difficult things to sell is invisibles, particularly services, which provide solutions to issues. With time, I believe we would overcome this using our network and partnership coupled with testimonials of successes that will come along the way.
