Lagos Building Investment Company PLC (LBIC) was established as a corporate entity on the 14th 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 (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- incomes segment.
The Bank has contributed immensely to housing development in the country with the creation of over twenty-two thousand (22,000) mortgages across Lagos State.
Through construction finance and joint venture development the Bank had supported the delivery of 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) 3-bedroom flats and (10) units of two (2) bedroom flats at Itesiwaju Court, AmuwoOdofin.
The Bank, with its Joint Venture Partners plan to finance the construction of fifty-six (56) units of the maisonettes at Olaleye, Iponri Surulere and 942 units of mixed development at Obele, in Surulere.
As at 30th June, 2019 the bank has shareholders fund in excess of N2.8B while plans are underway to have this increased to N5B. With total assets in excess of N6.8B and Customer deposit in excess of N2.8B the bank through various initiatives plans to increase this tremendously.
To delight its customers, the bank invested huge resources in Information Technology infrastructure; new banking software application and undergoing brand transformation. The bank is building more efficient processes and streamlining its structure for effective performance. This is done with an intent to reposition the bank for efficiency, profitability and sustainable growth.
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.
While our brand transformation is on-going, we have refreshed our marketing and branding approach as we look forward to the 40th year anniversary of our existence as a mortgage bank.
The Bank had passed through phases in its operations and yet it remains resilience to tougher operating conditions. The new structure of the Bank is to enable it handle electronic banking and effective mortgage creation and servicing. To give it the needed working environment, it has remodeled its Head Office to keep up with the expectations of all stakeholders.
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 on its brand transformation, IT infrastructure development with deployment of ATM in strategic places in Lagos State while affording its customer the use of ATM card and ATM machines across the state.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 enable it to collect all forms of government revenue such as taxes, dues, fines etc. This is one of the Bank’s mile stones aimed at satisfying its stakeholders.