lagos Building Investment Company PLC (LBIC) was established as a corporate entity on the 14th of February 1980 to provide Mortgage Finance Facilities to allottees of the various Low- Cost Housing Schemes built by the Lagos State Government (between 1979-1983). With the promulgation of the Mortgage Institution Act No.53 of 1980, the company became a full-pledged Primary Mortgage Bank (PMB). Subsequently, it extended granting of mortgages to the middle- income segment of the population.
LBIC is an accredited Primary Mortgage Bank (PMB) certified to operate in Nigeria by the Central Bank of Nigeria (CBN) and vastly experienced in the provision of mortgage banking services, having financed over 20,000 low-cost housing in Lagos State.
We have a strong Board and Executive Management led by Mr. Tobiloba Lawal, ably supported by a well- exposed and experienced staff.
Through construction finance and joint venture developments, LBIC has successfully supported the delivery of over 1,000 housing units in Lagos State. In conjunction with Joint Venture Developers, the bank is presently financing the construction of 60 luxury flats consisting of fifty (50) 3-bedroom flats and (10) units of two (2) bedroom flats at Itesiwaju Court, Amuwo Odofin, Lagos State. Other construction finance projects scattered all over the state are as follows:
- • Greater Lagos (Obele Oniwala Low-cost housing) – 340 housing units
- • Amuwo Odofin Development Project – 316 housing units
- • Ogba Ijaiye Housing Estate – 52 housing units
- • Abesan Housing Project – 144 housing units
- • Abike Court (Development Project on Rev Ogunbiyi Street, GRA.) – 16 housing units
- • Ikeja Town Square – Lock-up shops
- • Lekki Town Centre - Lock-up shops
- • Alausa Heights (Alausa Residential Estate Project) – 132 housing units
- • Olaleye New Town Project, Iponri, Lagos – 64 housing units
As of 30th December 2020, our shareholder’s funds stands at N2.863billion while the bank’s total asset is N6.257billion. Our customer’s deposit also stands at N3.107billion and, we have established various initiative plans to increase customer’s deposits tremendously.
To delight customers, our infrastructure supports correspondence banking, internet banking and electronic banking with ATM deployment. All these enable the provision of 24/7 banking services and the interconnectivity of our branches for online real-time banking services. Our system is also enabled to provide instant payment through NIBSS Instant Payment (NIP) platform. We are growing our mortgage and banking footprint while strengthening our generational appeal. We expect to see more improvements in service delivery to our customers as quality service improvement measures are being implemented.
We are committed to our strategic vision which is to make “LBIC the Primary Mortgage Bank of choice”. To ensure this is achieved, the bank will continue its brand transformation, IT infrastructure development and the deployment of ATMs in strategic places in Lagos State to afford our customers the use of ATM cards. The Bank’s strategic intents will be pursued vigorously to make it the pride of all stakeholders.
The enrolment of the bank into Lagos State Electronic Banking System of revenue collection and monitoring enables it to collect all forms of government revenue such as taxes, dues, fines which is one of the Bank’s milestones aimed at satisfying its stakeholders.