LBIC Rebounds, Pays First Dividend after 10 Years

The leadership and management of Lagos Building Investment Company (LBIC), one of Nigeria’s foremost mortgage financial institutions, have been commended by shareholders and the board following the declaration of dividends for the first time in more than a decade. The commendation was given at the 20th Annual General Meeting of the bank, held in Lagos  yesterday.

The dividend declaration reflects the company’s improved financial performance, which saw significant growth across key indicators between the 2023 and 2024 financial years. Gross earnings rose by 58 per cent, profit before tax (PBT) increased by 40 per cent, and profit after tax(PAT) was up by 36 per cent.

The improved performance has been recorded  under the leadership of Mr. Olusola Faleye, whose vision has been to reposition LBIC as Nigeria’s foremost real estate-focused financial institution.

Addressing shareholders at the AGM,  the chairman of the company, Mr. Hakeem Ogunniran, noted that LBIC had delivered strong results despite prevailing economic headwinds. 

He highlighted that gross earnings rose from N1.608 billion in 2023 to N2.537 billion in 2024, while  PBT grew from N829 million to N1.161 billion.

Ogunniran commended the bank’s management and staff for paying dividends to shareholders for the first time in LBIC’s history, stating:

“Our shareholders have clamored for dividends for several years. Over the past four years, we have worked to wipe off inherited negative earnings and turn around the financial fortunes of the bank.

Having successfully achieved that objective, I am pleased to announce that the board is recommending a final dividend of 6.12 kobo per share, amounting to N237,581,290.05 for the financial year ended December 31, 2024.”

He assured shareholders of the board’s continued support for management, urging them to build on the progress made and to aim for even greater achievements.

In his address, the Managing Director/Chief Executive Officer, Mr. Olusola Faleye, described the 2024 financial year as a pivotal moment in LBIC’s evolution. 

plained that the bank had embarked on a comprehensive modernisation programme  designed to enhance customer experience, improve efficiency, and deliver greater value to all stakeholders.

Faleye highlighted several initiatives, including a core banking upgrade, e-tax integration, and revamped mobile and internet banking platforms. 

He added that these measures were not simply technological upgrades but “strategic enablers of LBIC’s mission to democratize housing finance and empower Lagosians in Nigeria’s most lucrative rental and homeownership market.”

He emphasised that the dividend declaration was both a validation of LBIC’s turnaround efforts and a renewed commitment to delivering innovative homeownership solutions. “

This performance is a testament to the capabilities and aspirations of our staff, and to our shared ambition of delivering sustainable and affordable housing for all,” Faleye concluded.

Lagos Building Investment Company (LBIC) is one of Nigeria’s most storied financial institutions, dedicated to the real estate and housing sector.

Established in 1980, the bank has financed the delivery of more than 20,000 affordable housing units in Lagos State and continues to play a leading role in expanding access to mortgage and housing finance solutions.