The Lagos Building Investment Company Plc has reported a 43 per cent increase in profit before tax to N1.655 billion for the 2025 financial year, driven by strong growth in mortgage lending, customer deposits, and digital transformation initiatives despite prevailing macroeconomic pressures.
Speaking at the company’s 21st Annual General Meeting (AGM) held in Lagos, Chairman of the Board, Hakeem Ogunniran, described the performance as a reflection of LBIC’s resilience and strategic market positioning within Nigeria’s evolving housing finance sector.
According to Ogunniran, the company’s gross earnings rose by 41 per cent from N2.537 billion in 2024 to N3.565 billion in 2025, while its mortgage portfolio surged by 161 per cent to N2.072 billion. Customer deposits also increased by 17 per cent to N13.314 billion during the review period.
He further disclosed that the company’s total assets stood at N20.614 billion, with shareholders’ funds reaching N5.431 billion and a capital adequacy ratio of 37 per cent, significantly above regulatory requirements.
“Our year-end results reflect strong growth across key indicators, underscoring our resilience and market opportunities,” Ogunniran said.
The board proposed a dividend payout of 6.8 kobo per share, amounting to N263.98 million, reinforcing the company’s commitment to delivering consistent returns to investors and shareholders.
LBIC also maintained a non-performing loan ratio of zero per cent as of December 2025, highlighting strong risk management and disciplined loan administration at a time when Nigeria’s financial sector continues to grapple with rising economic uncertainties.
Ogunniran said the company would build on its 2025 performance by prioritising digital expansion, mortgage growth, retail lending, and stronger deposit mobilisation strategies in 2026.
“By exceeding regulatory capital requirements and deploying technology with disciplined risk management, we are positioned to drive sustainable growth, expand homeownership, and secure future dividends,” he stated.
Managing Director of LBIC, Olusola Faleye, attributed the company’s performance to disciplined execution, operational efficiency, and prudent financial management.
Faleye revealed that income tax expenses increased by 62 per cent to N604.7 million in 2025 from N372.16 million in the previous year, while expressing optimism about growth opportunities within Nigeria’s mortgage and housing finance market.
As part of efforts to strengthen its capital base and support future expansion, the company announced plans to increase its issued share capital from N3.88 billion to N4.40 billion through the creation of 517.6 million additional ordinary shares of N1 each.
LBIC is also accelerating its digital transformation drive with major technology upgrades aimed at improving customer experience and operational efficiency.
Faleye disclosed that the company had completed its E-Tax integration initiative to improve transparency and compliance in property-related transactions, while the upgrade of its core banking system was nearing completion to enable real-time transaction processing and improved service delivery.
He added that the company was finalising its mobile application and internet banking platforms, which would include biometric login features, loan tracking, and instant transaction alerts.
In a significant move towards technology-driven mortgage financing, Faleye said LBIC was implementing automated mortgage loan processing supported by AI-driven credit scoring systems expected to reduce loan approval timelines by up to 60 per cent.
“Our mission remains unwavering — to make homeownership accessible, affordable, and achievable for every Lagosian,” Faleye said.
“Through initiatives such as the One-Click Mortgage Approval System, we are redefining what is possible in housing finance.”
He added that the company would continue to pursue strategic growth, operational excellence, stronger partnerships, and deeper digital innovation in 2026.
Also speaking at the AGM, Company Secretary, Oladunni Ogunsulire, confirmed that the company’s Memorandum of Association would be amended to reflect the proposed increase in share capital.
Meanwhile, Governor of Lagos State, Babajide Sanwo-Olu, commended the LBIC board and management for sustaining the institution’s founding vision of expanding access to housing finance in Nigeria.
Represented by the Commissioner for Housing, Moruf Akinderu-Fatai, the governor said housing remains a critical economic driver, particularly amid current economic adjustments and market realities.
Sanwo-Olu noted that the scale of Nigeria’s housing deficit requires stronger collaboration between the public and private sectors to improve affordability and expand access to homeownership.
“We must continue to work with credible institutions like LBIC to expand housing supply, improve affordability, and promote dignity through access to housing finance,” the governor stated.
He further urged the company to continue leveraging technology, innovation, and stronger product offerings to deepen penetration across underserved segments of Nigeria’s housing finance market.
