By Rukayat Moisemhe
The Lagos Building Investment Company (LBIC) Plc has reported a 43 per cent increase in profit before tax to N1.655 billion for the 2025 financial year.
The Chairman of the Board, Mr Hakeem Ogunniran, said this at the company’s 21st Annual General Meeting (AGM) on Tuesday in Lagos.
Ogunniran said the performance reflected the company’s resilience in spite of macroeconomic headwinds.
“Our year-end results reflect strong growth across key indicators, underscoring our resilience and market opportunities,” he said.
He said LBIC’s gross earnings rose by 41 per cent to N3.565 billion in 2025 from N2.537 billion in 2024.
According to him, the company’s mortgage portfolio grew by 161 per cent to N2.072billion, while customer deposits increased by 17 per cent to N13.314 billion.
He added that the company’s total assets stood at N20.614 billion, with shareholders’ funds at N5.431billion and a capital adequacy ratio of 37 per cent.
“Reflecting this strong performance, the board proposes a dividend of NO.068 per share, totaling N263,979,211.16.
“This reaffirms our commitment to consistent value delivery and to rewarding shareholder confidence,” he said.
Ogunniran noted that the company maintained a non-performing loan ratio of zero per cent as of December 2025.
On returns to investors, he said the board proposed a dividend of 6.8k per share, amounting to N263.98million.
“This reaffirms our commitment to consistent value delivery and rewarding shareholder confidence,” he said.
Ogunniran said while domestic and global uncertainties persist, the company was optimistic about 2026.
He said to build on 2025‘s gains, its 2026 priorities include strengthening digital capabilities, expanding mortgage and retail lending and deepening deposit mobilisation.
He added that LBIC would maintain prudent risk management to protect asset quality and capital and leverage
innovation and partnerships to diversify revenue and sharpen competitiveness.
‘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 said.
Managing Director, LBIC, Mr Olusola Faleye, said the company’s performance was driven by disciplined execution and prudent management.
Faleye said income tax expense rose by 62 per cent to N604.7 million in 2025 from N372.16 million in 2024.
He expressed optimism about 2026, citing opportunities in Nigeria’s mortgage sector in spite of prevailing economic uncertainties.
He announced plans to increase its issued share capital to N4.40 billion as part of efforts to strengthen its financial base and drive growth.
Faleye said the company was accelerating its digital transformation to improve efficiency and customer experience.
He said the firm had completed its E-Tax integration to enhance transparency and compliance in property-related transactions.
He added that the upgrade of its core banking system was nearing completion, enabling real-time processing and improved service delivery.
According to him, the company is also finalising its mobile app and internet banking platforms with features such as biometric login, loan tracking and instant alerts.
He said the bank was implementing automated mortgage loan processing, including AI-driven credit scoring, expected to reduce approval time by up to 60 per cent.
Faleye said LBIC would, in 2026, focus on expanding mortgage access, deepening partnerships with fintechs and strengthening its digital infrastructure.
“Our mission remains unwavering, to make homeownership accessible, affordable, and achievable for every Lagosian.
“Through initiatives such as the One-Click Mortgage Approval System, we are redefining what is possible in housing finance
“Under my leadership, LBIC will continue to pursue strategic growth, operational excellence, and digital transformation,” he said.
Faleye said the company would, in 2026, focus on expanding mortgage access, deepening partnerships and strengthening risk management.
Also speaking, the Company Secretary, Ms Oladunni Ogunsulire, said its capital would rise from N3.88 billion to N4.40 billion through the creation of 517.6million additional ordinary shares of N1 each.
Oladunni said the new shares would rank pari passu with existing shares and that the company’s Memorandum of Association would be amended accordingly.
The Governor of Lagos, Mr Babajide Sanwo- Olu, lauded the LBIC board for their stewardship and for keeping faith in the founding purpose of expanded asset-housing finance.
He was represented by Mr Moruf Akinderu-Fatai, Commissioner for Housing, Lagos state.
Sanwo-Olu said in a period marked by economic adjustments and shifting market realities, organisations like LBIC have an even more critical role to play, with housing standing as not just a social need, but an economic driver.
He said the state government recognises that the scale of the housing challenge required structural measures and that the public sector cannot do it alone.
“We must continue to work with incredible institutions like LBIC to expand supply, improve affordability, and dignity.
“Giving access to housing finance, it is why we remain committed to creating an enabling environment that supports innovation, investment, and sustainable growth in the housing sector,” he said.
The governor urged LBIC to continue to explore new opportunities, leveraging technology, strengthening its product offerings, and pushing for the sub-segment of the market.(NAN)
Edited by Chinyere Joel-Nwokeoma
