Lagos: The Lagos Building Investment Company (LBIC) Plc has announced a significant 43 percent increase in profit before tax, totaling N1.655 billion for the 2025 financial year. This announcement was made by the Chairman of the Board, Mr. Hakeem Ogunniran, during the company’s 21st Annual General Meeting (AGM) held in Lagos.
According to News Agency of Nigeria, Mr. Ogunniran emphasized the company’s resilience in the face of challenging macroeconomic conditions. He highlighted that LBIC’s gross earnings experienced a 41 percent rise, reaching N3.565 billion in 2025, up from N2.537 billion in 2024. Furthermore, the company’s mortgage portfolio saw a remarkable growth of 161 percent, amounting to N2.072 billion, with customer deposits increasing by 17 percent to N13.314 billion.
Ogunniran reported that the company’s total assets stood at N20.614 billion, with shareholders’ funds at N5.431 billion and a capital adequacy ratio of 37 percent. He also announced a proposed dividend of N0.068 per share, totaling N263,979,211.16, as a testament to LBIC’s commitment to delivering consistent value to its shareholders.
The company’s non-performing loan ratio remained at zero percent as of December 2025, a point of pride for Ogunniran. He expressed optimism about 2026, despite ongoing domestic and global uncertainties, and outlined plans to build on 2025’s success by enhancing digital capabilities, expanding mortgage and retail lending, and deepening deposit mobilization.
LBIC’s Managing Director, Mr. Olusola Faleye, attributed the company’s strong performance to disciplined execution and prudent management. He noted a 62 percent increase in income tax expense, which rose to N604.7 million in 2025 from N372.16 million in 2024. Faleye highlighted the company’s plans to bolster its financial base by increasing its issued share capital to N4.40 billion and accelerating its digital transformation efforts to improve efficiency and customer experience.
Faleye announced that LBIC has completed its E-Tax integration to enhance transparency and compliance in property-related transactions. The company is nearing the completion of an upgraded core banking system, which will enable real-time processing and improved service delivery. Additionally, LBIC is finalizing its mobile app and internet banking platforms, featuring innovative tools like biometric login, loan tracking, and instant alerts.
The company is also implementing automated mortgage loan processing, including AI-driven credit scoring, which is expected to reduce approval time by up to 60 percent. Looking ahead to 2026, LBIC plans to focus on expanding mortgage access, deepening partnerships with fintechs, and strengthening its digital infrastructure.
In his remarks, the Governor of Lagos, Mr. Babajide Sanwo-Olu, praised the LBIC board for their commitment to the company’s founding purpose of expanding asset-housing finance. Represented by the Commissioner for Housing, Mr. Moruf Akinderu-Fatai, Sanwo-Olu emphasized the critical role of organizations like LBIC in addressing housing challenges and driving economic growth. He urged LBIC to continue exploring new opportunities, leveraging technology, and enhancing its product offerings to meet market demands.