FCMB Backs Totalenergies Staff Housing With $40m Loan Facility In Eko Atlantic

The First City Monument Bank (FCMB) has partnered with TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) with $40 million towards financing Louisville Phase 1, a tower that will comprise 157 residential apartments, including two and three-bedroom apartments, four-bedroom maisonettes, and five-bedroom penthouses, in Eko Atlantic City, Lagos.

The residential tower is phase 1 of the larger Louisville project, a $150 million mixed-used development that will include a hotel complex, commercial center with retail shops, multipurpose halls, cinemas and a games arcade, state-of-the-art sporting facilities with a gym, swimming pool, and wellness center, and a car park facility to accommodate over 1,400 cars.

FCMB, the sole financier for the development of phase 1, is providing a $40 million facility for residential development which is scheduled to be completed in phases over the next 36 months. The project is the bank’s first major international infrastructure collaboration involving a housing cooperative. It reflects FCMB’s strategy to expand investment in mixed-use real estate that bridges housing deficits, supports free zone enterprises, and strengthens the urban economy.

Speaking on the partnership, Managing Director and Chief Executive of Yemisi Edun, said the partnership with Total Energies Housing Cooperative Multipurpose Society Limited “is our commitment to finance a project that supports Nigeria’s urban growth.

“The Louisville Mixed-Use Development supports integrated living and the development of a live, work and play environment that meets global standards in facilities and hospitality. This collaboration reflects FCMB’s strategic focus on real estate to enable job creation and community development.”

Chief commercial officer, TEHC, Oluwakemi Balogun, noted that “this partnership marks a bold step in global collaboration for urban renewal. We’re proud to work with FCMB to bring to life the first phase of the elite urban ecosystem in Africa.” Similarly,

As West Africa’s first integrated urban ecosystem, Louisville Mixed-Use Development holds two certifications from the International Finance Corporation (IFC). These accolades, recognised during the Future Cities – Africa Green Building Summit co-hosted by the Green Building Council Nigeria (GBCN), reflect Louisville’s bold commitment to sustainability and best-in-class green building practices.

The entire structure is expected to be built to eco-friendly standards, integrating green technologies, smart home systems, and sustainable construction practices aimed at reducing environmental impact while maximising energy efficiency, comfort, and modern luxury.