Lagos: 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, made this announcement at the company’s 21st Annual General Meeting (AGM) held on Tuesday in Lagos, highlighting the company’s resilience amidst macroeconomic challenges.
According to News Agency of Nigeria, Ogunniran emphasized that LBIC’s performance demonstrated robust growth across key financial indicators. The company’s gross earnings increased by 41 per cent, reaching N3.565 billion in 2025 compared to N2.537 billion in 2024. Additionally, the mortgage portfolio expanded by 161 per cent to N2.072 billion, with customer deposits rising by 17 per cent to N13.314 billion. Total assets stood at N20.614 billion, supported by shareholders’ funds amounting to N5.431 billion and a capital adequacy ratio of 37 per cent.
The board has proposed a dividend of NO.068 per share, totaling N263,979,211.16, which Ogunniran noted as a reaffirmation of LBIC’s commitment to delivering consistent value and rewarding shareholder confidence. Notably, the company maintained a non-performing loan ratio of zero per cent as of December 2025.
Ogunniran expressed optimism about 2026, outlining strategic priorities such as enhancing digital capabilities, expanding mortgage and retail lending, and deepening deposit mobilization. He stressed the importance of prudent risk management to safeguard asset quality and capital, while leveraging innovation and partnerships to diversify revenue streams and enhance competitiveness.
Managing Director, Mr. Olusola Faleye, attributed the company’s strong performance to disciplined execution and prudent management. He noted a 62 per cent increase in income tax expense to N604.7 million in 2025 from N372.16 million in 2024. Faleye highlighted opportunities in Nigeria’s mortgage sector despite economic uncertainties and announced plans to increase LBIC’s issued share capital to N4.40 billion to bolster its financial base and promote growth.
Faleye also revealed that LBIC is accelerating its digital transformation to enhance efficiency and customer experience. The company has completed its E-Tax integration to improve transparency and compliance in property transactions and is finalizing upgrades to its core banking system for real-time processing and improved service delivery. Additionally, LBIC is developing its mobile app and internet banking platforms, featuring biometric login, loan tracking, and instant alerts, while implementing automated mortgage loan processing with AI-driven credit scoring to reduce approval times by up to 60 per cent.
The Governor of Lagos, Mr. Babajide Sanwo-Olu, commended the LBIC board for their stewardship and dedication to expanding asset-housing finance. Represented by Mr. Moruf Akinderu-Fatai, Commissioner for Housing, Lagos State, Sanwo-Olu emphasized the critical role of institutions like LBIC in meeting housing needs and driving economic growth. He urged the company to continue exploring new opportunities, leveraging technology, strengthening product offerings, and focusing on housing finance as a key market segment.