Lagos Building Firm Records 58% Earnings Growth

Lagos Building Investment Company (LBIC) has declared a dividend payout for the first time in more than 10 years, following its performance in the 2024 financial year.

At its 20th Annual General Meeting held in Lagos, shareholders commended the company’s board and management for repositioning the mortgage financial institution and delivering improved results.

LBIC’s gross earnings rose by 58 per cent from ₦1.608 billion in 2023 to ₦2.537 billion in 2024. Profit before tax grew by 40 per cent from ₦829 million to ₦1.161 billion, while profit after tax increased by 36 per cent.

The company’s chairman, Hakeem Ogunniran, said the improved performance had enabled the company to declare dividends for the first time in its history. He announced that the board recommended a final dividend of 6.12 kobo per share, amounting to N237.58 million for the year ended December 31, 2024.

Ogunniran noted that the achievement followed years of effort to clear inherited negative earnings and return the company to profitability. He praised management and staff for the turnaround and urged them to build on the progress recorded.

The company’s managing director/chief executive officer, Olusola Faleye, described the 2024 financial year as pivotal, highlighting modernisation initiatives such as a core banking upgrade, e-tax integration, and enhanced mobile and internet banking platforms.

He said the measures were strategic enablers of LBIC’s mission to expand access to housing finance, adding that the dividend declaration underscored the company’s commitment to delivering sustainable and affordable housing solutions.

Established in 1980, LBIC has financed over 20,000 affordable housing units in Lagos State and remains a key player in Nigeria’s mortgage and housing finance sector.