Governor Sanwo-Olu

Governor Sanwo-Olu’s Housing Agenda firms up as LBIC keys into T.H.E.M.E.S

Governor Sanwo-Olu Babajide’s housing goals seem consolidated as  Lagos Building Investment Company, LBIC keys into  T.H.E.M.E.S. developmental agenda of Lagos.

LBIC has expressed its readiness to work with Governor Babajide Sanwo-Olu’s administration in the area of affordable housing for Lagosians.

Speaking  on Tuesday, Chairman, Board of Directors of LBIC, Mr. Hakeem Ogunniran, said the Lagos State-owned company would build a framework. The framework, he stated, will support the State Government in delivering its promises to the citizens.

He said: “We are on a courtesy call on Mr. Governor. First, to appreciate him for giving us the opportunity to serve. Second is to share our programmes in keying into the developmental agenda of Lagos State.

“As LBIC, we understand that housing is at the root of all the programmes of Lagos State. We also have a programme in place. First is to focus on our core business, which is mortgage banking. Recently, Lagos State returned to National Housing Fund, NHF. We are grateful that the state government has appointed our bank – LBIC – as the sole mortgage provider. So we are the default mortgage provider for all civil servants in Lagos State.

“Therefore, we are creating the framework to implement that. We already have funding from the Federal Mortgage Bank of N1billion. We need to begin to see how civil servants in Lagos State will be able to access that funding and own their homes.”


He also disclosed that LBIC has an ongoing 340,000 housing units project in Surulere. It will add to the stock of housing in Lagos  and further reduce the housing deficit in the State.

He said: “We have started a PPP programme. The other programme element is to unlock value in our assets, either as our direct asset or Lagos  asset.

Already, we have ongoing 340,000 housing units now in Surulere. The housing units will reduce Lagos State housing deficits. “So as a board, we understand that significant role. Our plan is to build a support framework for Lagos State Government to deliver on its promise to citizens.”

Also speaking, the Chief Executive Officer of LBIC, Tobi Lawal, said the company would provide mortgage for housing in Lagos. The mortgage, he stated, would particularly be  for civil servants and citizens of Lagos State.

He said: “For us, there is a revolving fund which Governor Sanwo-Olu just mentioned. This fund is going to be created in such a way that civil servants will have access to buy houses of their choice. The proceed of that sale will be invested in building another housing for other people.

“So for us as a primary mortgage bank, we are ready to perform our role in this regard. We can assure of the money and speed.

Besides, payments for the houses citizens need have been paid. Therefore, we urge citizens who want a house of their own to come to LBIC for the needed mortgage facility.”

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