Eid al-Adha: Nigerian Bank Subsidises Ram Sales, Residents Rush to Buy for N20,000
- LOTUS Bank has launched subsidised ram sales ahead of Eid-el-Kabir, as one big goat hit N1.5 million
- At an event organised for the public, residents stormed the J-Randle Centre, Onikan, for shopping deals
- The bank executives said the initiative was designed to alleviate the burden placed on Nigerians
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Ahead of the Eid-el-Kabir celebration, LOTUS Bank has carried out the 2026 edition of its Eid Souq in Lagos, drawing thousands of residents to the J. Randle Centre for Yoruba Culture and History, Onikan.
At the two-day event, held between May 23 and 24, 2026 massive discounts on livestock and shopping deals were a key part of the day's activities.
Source: Getty Images
In Islamic finance, an Eid Souq is a market where the Sharia-compliant exchange of goods and services takes place.
LOTUS Bank subsidised ram sales
A major highlight of the event was the flash ram sales, where several participants were able to purchase rams for as low as N20,000, a price widely described as unusual given prevailing market conditions.
Beneficiaries, including Muhammad Salaudeen and Daud Abdulhameed, said the initiative helped ease financial pressure on families preparing for the festive period.
Salaudeen said:
“Buying a ram for N20,000 in today’s economy is something many people would not imagine possible. This initiative by LOTUS Bank is truly commendable."
Abdulhameed said the intervention came at a critical time for households grappling with rising costs.
He said:
“This goes beyond banking. Many families genuinely needed this kind of support, and LOTUS Bank made it happen."
Beyond livestock sales, the Souq featured a bustling marketplace where vendors offered food items, fashion products, fragrances, accessories and household goods, while children and families participated in recreational activities at the Kiddies Arena and Games Centre.
Source: Getty Images
Isiaka Ajani-Lawal, LOTUS Bank Managing Director and Chief Executive Officer, said the initiative reflects the bank’s commitment to extending impact beyond traditional financial services, DailyTrust reports.
He said:
“The Eid Souq is not just an event; it serves as a platform that enables opportunities, supports businesses, and delivers value to families and communities.”
The Chairman of LOTUS Bank, Alhaja Hajara Adeola, mentioned the turnout as a clear indication of the level of community engagement and LOTUS Bank's customer-oriented posture.
She stated that:
"The project embodies values that LOTUS Bank represents- inclusive, integrity in business and communities and prosperity shared by all"
Banks to close branches as FG declares holiday
Earlier, Legit.ng reported that all the Commercial Banks in Nigeria are set to close their physical branches on Wednesday, May 27, and Thursday, May 28, 2026.
This comes as the Minister of Interior, Dr Olubunmi Tunji-Ojo, on behalf of the federal government, declared public holidays to mark the celebration of the Eid-ul-Adha.
Eid-ul-Adha, the most famous event in the Islamic religion, is the Festival of Sacrifice. Muslims all around the world observe the holy festival by praying and giving alms.
Source: Legit.ng
