A banker who builds institutions, and a scholar who tests them.
Dr. Basheer Oshodi has spent more than two and a half decades turning non-interest finance in Nigeria from a policy idea into licensed banks, listed instruments and working portfolios.
Biography
Dr. Basheer Oshodi is Group Chief Executive Officer of Arthur Group, a Nigerian non-interest financial institution working across asset management, investment banking, real estate, Shariah consultancy and deal structuring. He is President of the Non-Interest Financial Institutions Association of Nigeria (NIFIAN) and an adviser to a UK Shariah-compliant real estate fund.
His career has followed the growth of Islamic finance in Nigeria. In 2009 he set up the non-interest banking window at Stanbic IBTC Bank, a member of Standard Bank Group, where he headed Islamic Banking Risk and Compliance and initiated compliant products for Stanbic IBTC Asset Management. In 2013 he set up the non-interest window at Sterling Bank and led it as Group Head until 2020, shaping the proposition that became The Alternative Bank. He went on to co-found TrustBanc Arthur, now part of Arthur Group.
Between those roles he headed Non-Interest Finance and Research at EFInA, the DFID-funded financial access programme, and sat on the Non-Interest Finance Working Group and the SEC committee that wrote Nigeria's master plan for the alternative finance market.
Over his career he has mobilised more than US$500m in equity and debt, alongside fund, sukuk and commercial paper issuances of over ₦800bn. He holds a PhD in Integral Economic Development and Islamic Finance, and has published 17 academic articles and chapters and more than 50 articles for general readers.
Career
Select a role to see what he delivered there.
NowGroup Chief Executive OfficerArthur Group, Lagos
Leads a group of four subsidiaries: Arthur Capital, Arthur Financial Services, Arthur Financial Partners and Arthur Real Estate Sukuk SPV. Introduced the Arthur Islamic Finance Market Index to track the growth of Nigeria's Islamic finance market.
NowPresidentNon-Interest Financial Institutions Association of Nigeria (NIFIAN)
Leads the industry body for Nigeria's non-interest institutions, hosting webinars on MSME finance, customer experience and regulation, and representing the sector at national forums.
2020sChief Executive and Co-founderTrustBanc Arthur (Trust Arthur)
- Built a non-interest investment institution that reached an estimated ₦15bn in assets in its first year and turned profitable within four months.
- Partnered with the Institute of Islamic Finance Professionals and hosted the maiden forum on the future of Nigeria's non-interest capital market.
- Led the SEC-approved rebrand into a non-interest asset management company.
2013 to 2020Group Head, Non-Interest BankingSterling Bank Plc
- Secured the Central Bank of Nigeria non-interest banking licence within the first year.
- Developed 10 liability and 6 risk asset products in year one, and mobilised over US$50m in local trade lines and liabilities in four months.
- Delivered a 45% return on equity in 2017 to 2018 and 35% in 2019.
- Designed micro-facility products for groups and associations so that smaller enterprises could reach affordable finance.
From 2009Head, Islamic Banking Risk and ComplianceStanbic IBTC Bank, Standard Bank Group
Set up the bank's non-interest banking window and initiated products compliant with non-interest principles for Stanbic IBTC Asset Management.
EFInAHead of Non-Interest Finance and Head of ResearchEnhancing Financial Innovation and Access (DFID programme)
- Delivered the Islamic finance tax neutrality policy paper for the Federal Inland Revenue Service.
- Delivered Takaful (Islamic insurance) guidelines for NAICOM.
- Led the Cashless Lagos, Access to Finance and Understanding Cooperatives in Nigeria studies.
AcademiaResearch Fellow and Research AssociateThe DaVinci Institute and the University of Johannesburg
Research in development economics across jurisdictions, innovation management and Islamic finance. Earlier in his career he worked as an investment analyst and business analyst.
Sterling Bank, 2013 to 2020
What seven years of non-interest banking delivered
Licences and funding
- US$125mShariah funding processed from two foreign banks
- US$50mproject finance line from the Islamic Corporation for the Development of the Private Sector
- US$43min trade lines from the International Islamic Trade Finance Corporation (US$25m and US$18m)
- US$10mequity completed with ICD
Portfolios built
- US$200mreal estate
- US$50moil and gas
- US$30mrenewable energy
- US$28mhealth, and US$14m agriculture
Returns and recognition
- 45% ROEin 2017 to 2018, and 35% in 2019
- Best Islamic Bank in Africa, The European, 2016
- Most Housing Friendly Bank, Abuja Housing Show, 2017
- Most Real Estate Friendly Bank, City People
Education
Shaping the rules of the market
Policy and industry work that set the foundations for non-interest finance in Nigeria.
Nigerian Islamic Finance Working Group
Member since 2009, sponsored by EFInA.
SEC Alternative Finance Market Master Plan
Committee member for the 10-year product plan, 2014.
FIRS tax neutrality policy paper
Groundwork for tax treatment that puts Islamic finance on equal footing.
NAICOM Takaful guidelines
Guidelines for Islamic insurance in Nigeria.
Centre for Islamic Socio-Economic Research
Co-founder of CISER.
University of Lagos Centre for Housing Studies
Action research on real estate portfolios as liquidity instruments.
In the words of colleagues
Bring this experience to your stage or board
Keynotes, advisory mandates and research collaborations.