Lagos Building Investment Company: Functions, Partnerships & Requirements

Lagos Building Investment Company Plc (LBIC) came into being on the 14^th day of February 1980.

It was created to function as a corporate unit to provide loan options to selected individuals of the numerous low-cost housing schemes constructed by the Lagos State Government over time.

Functions Of Lagos Building Investment Company

Its other functions include:

1. Guiding people to acquire houses: if you are interested in acquiring a new property, LBIC is your point call. They provide you with updated information on properties listed for sale and guide you on how to acquire such.
2. Provide mortgage loans: it provides loans for those that want to acquire houses but don’t have the finance. So, if you fall within this category of people, LBIC is there for you.
3. Provide loans for home renovation: it also provides loans for people whose houses are dilapidated and in urgent need of renovation.
4. Offer mortgage advisory services: if you are interested in applying for mortgage loans, the company can advise you on the right step to take and the type of loan to seek.
5. It facilitates change of ownership: if you don’t want to go through stress involved to effect a change of ownership of a new house or property acquired; the company helps you to facilitate it. This they do in the most smooth and fast fashion.

To perform this wide range of functions effectively, the company transitioned into a complete guaranteed Primary Mortgage Bank (PMB). This was made possible by the decree of the Mortgage Institution Act No. 53 of 1980.

Afterward, it began to grant mortgages to middle and low-income earners.

Since its inception in the 1980s, the institution has invested heavily in housing development is not just in Lagos alone, but all over the country. So far, it has funded the construction of over 22,000 housing units in Lagos state.

LBIC through its mortgage bank runs a partnership with other mortgage financiers and developers which sustained the provision of 310 housing units.

Presently it is also funding the construction of 60 luxury flats made up of fifty 3-bedroom flats and ten units of 2-bedroom flats at the popular Itesiwaju Court, AmuwoOdofin, in Lagos.

The bank’s records in terms of financial returns and assets are encouraging. So far its shareholders’ funds are over N2.8 billion with strategic plans in place to double the figure.

It also has an asset base totaling N6.8 billion, while customer deposits are about N2.8 billion.

Development Plan

As the bank plans to stamp its feet heavily in mortgage and banking services, they have injected some big amounts of money into projects that would benefit its customers. And provide better and quality services.

For instance, the bank is rebranding through the introduction of a new banking software application.

In addition to introducing new and efficient ways to restructure itself for improved performance. It is being done with the best of intentions to increase efficiency, profit, and to maintain positive growth.

With these motives, the bank foresees an improvement in quality service delivery to customers.

LBIC revamped its structure. The restructuring enabled the bank to effectively take care of electronic banking options for better mortgage services. It has also given a facelift to its headquarters in a bit to impress its investors, and to create a clean serene working environment.

It has also deployed ATMs in key locations in Lagos and provided ATM cards to its teeming customers for use all over the state.  With this, in place, the bank’s customers can walk to any available ATM in any area of Lagos and carry out a financial transaction of any sort.

To key into one of the agents of revenue collection in the state, the bank registered into the Lagos State Electronic Banking System.

This allows the bank to monitor and gather all government-related revenue like taxes, dues, levies, and fines. This is one of its greatest achievements by far.

Mission, Vision, and Core Values of LBIC

No company can operate and function effectively without a set of mission, vision, and core statements. The principles serve as a guiding factor for the success and continued existence of the company.

In this regard, LBIC has the following mission, vision, and core values:

• Mission Statement

Delivering innovative homeownership solutions through a happy workforce.

• Vision

To become the leading provider of affordable homeownership solutions.

• Core Values

1. Delivering on promises
2. Customer delight
3. Freedom to succeed
4. Positive attitude
5. Empathy

LBIC Board Members

Lagos Building Investment Company has a crack team of board members.

They are the brain behind the success story of the company. The directors direct the company’s affairs and work tirelessly together to ensure that it grows.

And also meeting the interests of those who invested their money in the company.

The board members include:

• Hakeem Ogunniran as Board Chairman
• Oluwatobi Lawal as Managing Director/CEO
• Olugbenga Anthony Olaleye as Executive Director, Finance and IT
• Biodun Dosunmu as Executive Director, Admin, and Operations
• Bolanle Banjo as Non-Executive Director
• Femi Adewole as Non-Executive Director
• Adewale Okesola as Non-Executive Director

Partnerships

LBIC is in partnership with various property development and financial institutions. This partnership has helped in the construction of numerous housing units in Lagos State. And also in the provision of mortgage loans for prospective homeowners.

The partners include:

• Lagos Mortgage Board (LMB)
• Nigeria Mortgage Refinance Company (NMRC)
• Federal Mortgage Bank of Nigeria (FMBN)
• Lagos State Development And Property Corporation (LSDPC)

LBIC Check-List For Mortgage Loan

For people with intent to seek mortgage loans, the company provided a checklist for the application process.

1. Mortgage Loan Application Form
2. Opening of Savings Account With LBIC
3. Means of Identification
4. Utility Bill
5. Applicant’s Two Recent Passport Photographs
6. Purpose of Loan
7. Evidence of Income Tax payment
8. Evidence of Equity Contribution
9. Evidence of Stable Income

• Current Payslip for the last 6 months
• Current Bank Statement of account for the last 6 month
• Other Statutory Evidence of Regular Income
• Confirmation form Employer

10. Security Provided

• Certificate of Occupancy
• Registered Conveyance
• Deed of sub-lease

11. Contract of Sales (Where applicable)
12. Mortgage Deed
13. Processing Fees
14. Land Use Charge Receipt
15. Inspection/Valuation Report
16. Search Report
17. If the loan is for construction of a building in addition to the above document:

• Approved Building Plan
• Bill of Quantities

18. General Report

Check-List For Renovation Loan

This is for those with the intent to seek a loan to renovate a building/house

1. Renovation Loan Application Form
2. Opening of Savings Account with LBIC
3. Means of Identification
4. Utility Bill
5. Applicant’s Two Recent Passport Photographs
6. Evidence of Equity Contribution (10%)
7. Evidence of Income

• Current Payslip for the last 3 months
• Current bank statement of account for the last 3 months
• Other statutory evidence of regular income confirmation from the employer

8. Collateral/Security

• Letter of Allocation
• Deeds of sub-lease

Other requirements for seeking the loan include;

1. Provision of 2 guarantors
2. Interest rate (15%)
3. Equity contribution (10%)
4. Loan Tenor (1-3 years)
5. Estimate of work to be done
6. Loan Amount (N100,000 to N1,000,000)