In a year when Nigeria’s economy and real estate sector faced stiff headwinds, the Lagos Building Investment Company (LBIC) Plc demonstrated that resilience and innovation drive results.
The mortgage finance firm achieved a remarkable 40% growth in profit before tax (PBT), signalling its ability to navigate uncertainty with confidence.
Digital Transformation Drives Efficiency
Founded in 1980 to support low-cost housing schemes, LBIC has steadily evolved into a modern primary mortgage bank, blending tradition with technology.
At the company’s 20th annual general meeting in Lagos, Chairman Hakeem Oguniran acknowledged the hurdles but emphasised how the bank’s strategic initiatives delivered strong outcomes.
For example, LBIC digitised over 80% of legacy records, implemented real-time processing systems, and integrated E-Tax solutions to streamline property transactions.
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Consequently, gross earnings rose 58% to ₦2.537 billion, deposits jumped 147% to ₦11.336 billion, and total assets reached ₦17.222 billion—clear evidence of a bank driving transformation.
Strategic Growth And Future Outlook
Moreover, Managing Director Olusola Faleye described 2024 as a pivotal year for LBIC’s digital evolution, which enhanced efficiency, customer experience, and compliance.
Oguniran added that new housing finance policies and the Ministry of Finance Real Estate Fund (MREIF) create opportunities for further growth.
Looking ahead, the bank continues to execute its five-year strategic plan.
It recommends a dividend of 6.12 kobo per share while investing in innovation and customer-focused products.
With these steps, LBIC positions itself not just to weather challenges but to actively shape Nigeria’s housing finance landscape, helping more families achieve homeownership.
