LBIC revenue rises to N285million in 2017

The Lagos Building Investment Company (LBIC) Plc. had increased its gross earnings from N176million in 2016 to N285million for the year ended December 31, 2017.

Addressing the 13th Annual General Meeting in Lagos, on Thursday, the Chairman of the Board Adeshina Soyebo, said the company also increased its assets by 17 per cent.

Soyebo disclosed that the year 2017 saw the company increasing the Shareholders fund to N2.9billion, which was above the Central Bank Minimum Capital of N2.5billion.

The Chairman noted that LBIC travailed valiantly despite the challenging operating environment, adding that, “the future remains bright as the Board and Management team are working to lay a solid foundation in order to retain profitability.”

He said the company had taken giant strides among others in the automation of its bank software, system upgrade and the construction of a data centre, and also successfully carried out Estate Renewal Projects at Ogba-Ijaye, Isolo Amuwo-Odofin, and Abesan Low-Cost Housing Estates respectively.

The Chairman further said: “The Bank now has a first class Head Office with solar Panels and inverts to assure 24/7 electricity, access control, disability access and biometric attendance facility.”

He disclosed that the Board, which was constituted two months ago, is poised to take LBIC to greater heights with the cooperation of the shareholders and the management team.

On future plans, he said: “we are committed to the regeneration of our low-cost estates in order to improve the standard and quality of life currently obtainable in the estates. To achieve this objective the company will continue to shop for re-development partners and re-development funding.

The shareholders unanimously approved the appointments of Messrs Adeshina Soyebo, and Abiodu Afinowi, as non-Executive Directors respectively.

They also unanimously approved the admission LBIC to enter into agreement with development partners, including the renewal and development of Low Cost Housing Schemes among others.