LBIC has declared first dividend in 12 years as earnings surge.
Glamtush reports that Lagos Building Investment Company (LBIC), one of Nigeria’s foremost mortgage financial institutions, has declared dividends for the first time in 12 years, following a strong financial performance in 2024.
The announcement was made at the company’s 20th Annual General Meeting (AGM), held in Lagos on Thursday, September 18, where shareholders commended the board and management for steering the bank back to profitability.
The dividend, totaling ₦237.6 million or 6.12 kobo per share, comes on the back of significant growth in key financial indicators. Gross earnings rose by 58% to ₦2.54 billion, while profit before tax grew by 40% to ₦1.16 billion. Profit after tax increased by 36% year-on-year.
Speaking at the AGM, LBIC Chairman, Mr. Hakeem Ogunniran, described the dividend declaration as a landmark achievement for the bank and its shareholders.
“Our shareholders have clamored for dividends for several years. Over the past four years, we focused on wiping off inherited negative earnings and turning around the financial fortunes of the bank. Having achieved that, we are proud to reward our shareholders for their patience,” Ogunniran said.
He added that the board remains committed to supporting management in driving further growth and innovation in housing finance.
Managing Director/Chief Executive Officer, Mr. Olusola Faleye, noted that 2024 marked a turning point in LBIC’s evolution, with the launch of a comprehensive modernization program. Initiatives such as a core banking upgrade, e-tax integration, and enhanced mobile and internet banking platforms are being implemented to improve efficiency and customer experience.
“This milestone is not just about financials; it demonstrates our determination to democratize housing finance and empower Lagosians. The dividend is both a validation of our turnaround strategy and a commitment to delivering innovative and affordable homeownership solutions,” Faleye said.
Established in 1980, Lagos Building Investment Company (LBIC) is a mortgage and real estate-focused financial institution dedicated to affordable housing. LBIC has financed the delivery of more than 20,000 housing units in Lagos State and continues to play a leading role in expanding access to housing finance in Nigeria.
