SANWO-OLU REAFFIRMS COMMITMENT TO AFFORDABLE HOUSING FINANCE AT LBIC 21ST AGM
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By: Ganiyat Sunmola
The Governor of Lagos State Mr Babajide Sanwo-Olu has reaffirmed the State Government commitment to expanding access to affordable housing finance, describing housing as a critical economic driver for the state’s growth and stability.
This was the principal message in a keynote address delivered during the 21st Annual General Meeting (AGM) of the Lagos Building Investment Company (LBIC) Plc, held on May 5, 2026, at Ikeja, in Lagos. The Governor who was represented by Hon. Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, lauded the Board, Management, and Shareholders for their stewardship and continued dedication to the Lagos Building Investment Corporation’s founding purpose.
The Governor stated that “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 emphasized that “Housing is not just a social need; it is an economic driver that creates jobs and supports small businesses across the value chain,” the Governor’s address stated.
The administration highlighted that the public sector cannot tackle the housing challenge alone, calling for continued strong partnerships with credible institutions like LBIC to deepen access to sustainable housing finance.
Looking ahead, the Lagos State Government encouraged LBIC to leverage technology and innovative product offerings to reach underserved segments of the market. This aligns with the company’s 2026 priorities, which include ‘’strengthening digital capabilities and expanding retail lending’’.
The Governor expressed confidence that the resolutions from the meeting would further position LBIC for greater impact and continued success in the years ahead.
LBIC is a leading primary mortgage bank in Nigeria, originally established to provide mortgage facilities for low-cost housing schemes in Lagos State. Today, it remains a pivotal institution in the state’s housing value chain, dedicated to democratizing homeownership through innovative financial solutions.
PIX 1: L-R Mr Gbenga Omotosho, Commissioner for Information and Strategy, Olushola Faleye, Managing Director, LBIC, Representative of Governor Sanwo-Olu, Hon. Moruf Akinderu-Fatai, Commissioner for Housing, Hakeem Ogunniran, Chairman LBIC and Mrs Oluwatoyin Oladeji, Permanent Secretary, Cabinet Office at the Annual General Meeting of Lagos Building Investment Company Plc
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