Leverage tech, products to reach underserved markets, Sanwo-Olu tells LBIC

Babajide Sanwo-Olu, the governor of Lagos State, has encouraged the Lagos Building Investment Company (LBIC) Plc to leverage technology and innovative product offerings to reach underserved segments of the mortgage market.

The governor said that the charge aligns with the company’s 2026 priorities, which include ‘Strengthening Digital Capabilities and Expanding Retail Lending.’

LBIC is the state’s licensed primary mortgage bank, established to provide mortgage finance facilities and retail banking services. It has reported a 43-percent increase in profit before tax, reaching N1.655 billion for the fiscal year ending December 31, 2025.

LBIC serves a customer base of over 170,000 individuals and corporates, focusing on affordable housing initiatives under the state government.

The governor, who spoke at the company’s 21st Annual General Meeting (AGM), expressed confidence that the resolutions from the meeting would further position LBIC for greater impact and continued success in the years ahead.

He was represented at the meeting by Moruf Akinderu-Fatai, the state’s Commissioner for Housing, where he assured the state government’s commitment to expanding access to affordable housing finance, describing housing as a critical economic driver for the state’s growth and stability.

The governor commended the board, management, and shareholders for their stewardship and continued dedication to the LBIC’s founding purpose.

“Despite a challenging economic climate marked by shifting market realities, LBIC has shown resilience in its role in fostering an inclusive and irrepressible Lagos through mortgage financing,” he said.

He noted that, “housing is not just a social need; it is an economic driver that creates jobs and supports small businesses across the value chain.”

According to him, the public sector cannot tackle the housing challenge alone. He therefore called for continued strong partnerships with credible institutions like LBIC to deepen access to sustainable housing finance.

LBIC is a leading primary mortgage bank in Nigeria, originally established to provide mortgage facilities for low-cost housing schemes in Lagos. Today, it remains a pivotal institution in the state’s housing value chain, dedicated to democratizing homeownership through innovative financial solutions.