LBCI commences renewal of its estates

THE Lagos Building Investment Company Plc (LBIC), on Wednesday, announced the commencement of the renewal of all estates under its purview to enhance their economic value and make them safer for residents.

The company had, in a public notice, called on the general public and residents to cooperate with it and the Lagos State Government in ensuring that the glory of these estates that was being tarnished by illegal structures and acrivites was restored.

A statement issued by LBIC announcing the initiative, said to ensure that it lived up to its responsibilities and delight its numerous and valued customers, it has taken initiatives to review and re-engineer its operations, culture and brand reformation to ensure a vibrant workforce.

“LBIC is presently up-grading its banking application software to ensure seamless processing and real time online services that will enrich customers experience.

“We have also embarked on a major restoration/ renewal exercise of its existing estates to ensure they meet best standards and that they are dignifying environment for residents and their families to live in while remaining viable investment assets.  There would be long term strategies implemented to ensure that these estates do not fall to an unacceptable level of disrepute and investors would be pleased with the return on their investments in the long term,” the company said.

The LBIC was established as a mortgage banking corporation on February 14, 1980 to provide mortgages for the allottees of the Lagos State Government Low Cost Housing schemes.

As a result of the promulgation of the Mortgage Institutions Act of 1989, the company was converted to a limited liability company in 1991. Subsequently, it underwent a private placement exercise to increase its share capital and to satisfy the Central Bank of Nigeria (CBN) recapitalization requirement for state-owned Primary Mortgage Banks to N2.5 billion.

Since inception, LBIC has granted mortgages to over 17,000 allottees and private individuals.  Recently, it implemented a reduced fee for subleases to enable allottees of Low Cost Housing Estate turn their assets to viable and bank acceptable property for security purposes.

LBIC’s vision is “To be a pace-setter in mortgage services and housing delivery” and its mission is “Delivering innovative mortgage services through a happy workforce”. Its core values include; deliver on our promises, customer delight, freedom to succeed, positive, can do attitude, and empathy.

With the injection of a new management team, LBIC is poised to reposition itself as the premier mortgage institution creating opportunity for ownership of good quality, contemporary and well-maintained homes. LBIC plans to empower owners of homes within its schemes through the ability to access value generated from their investments in the flats they acquired at time past, through secondary re-financing or as collateral.