LBIC rejigs operations, begins estates’ renewal scheme

Frontline Primary Mortgage Bank (PMB), Lagos Building Investment Company Plc (LBIC), has kick-started the renewal of all estates under its purview to enhance their economic value and make them safer for residents.

The company also repositioned itself as the premier mortgage institution creating opportunity for ownership of good quality, contemporary and well-maintained homes, with the injection of a new management team.

Besides, 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 in the past, through secondary re-financing or as collateral.

A statement issued by the firm called on the public and residents to cooperate with it and the state government in ensuring that the glory of the estates was restored.

It said: “A clean-up exercise has started within our estates with a view to ensuring that they are maintained in line with the masterplans while upgrading amenities boosting returns on investments through sustainable property management system.”

According to the company, to ensure that it lives up to its responsibilities and delights its numerous and valued customers, it had also undertaken giant strides to review and re-engineer its operations, culture and brand reformation to ensure a vibrant workforce.

“We have also embarked on a major restoration/renewal of existing estates to ensure they meet best standards and enthrone 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 returns on 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 allottees of the state’s low hosing 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) recapitalisation requirement for state-owned PMBs to the tune of N2.5 billion.