Lagos Building Investment Company Plc (LBIC) was established as a Corporate entity on the 14th of February 1980 with the aim of providing Mortgage Finance Facilities to allottees of the various low-cost housing Schemes built by the Lagos State Government (1979-1983). With the promulgation of the mortgage Institution Act.No.53 of 1980, the company became a full-fledged Primary Mortgage Bank (PMB), subsequently, it extended granting of mortgages to the middle-income segment.
Following a successful Private Placement, the paid-up capital of the Bank was increased from =N=100m to =N=2.5billion in 2007. Lagos State Government is the major shareholder; holding 82% while others include corporate institutions and Private investors. Over the years, the Bank has built a customer base of 140,000 plus of corporate institution and individuals.
The Bank has contributed immensely to housing development in the country with the creation of over 22,000 mortgages across Lagos state.The Bank plans to expand mortgage creation both in the low and medium income space using its internal resources and in partnership with NMRC and FMBN.
Through construction finance and joint venture development, the Bank had supported delivery of over 310 units of houses. In conjunction with joint venture developers, the bank is presently financing the construction of 60 luxury flats consisting of fifty (50) units of 3 bedroom flats and ten (10) units of 2 bedroom flats at ITESIWAJU COURT, Amuwo- Odofin. In the same vein, the company plans to finance the construction of Twenty-Seven (27) units of the maisonette and six (6) luxurious penthouses at Olaleye Iponri in Surulere.
To delight its customers, the bank had invested huge resources in Information Technology infrastructure, new banking software application and currently undergoing a brand transformation. This is done with an intent to position the company for efficiency, profitability and sustainable growth. The bank is also partnering with relevant value adding institutions to deliver value to all stakeholders.