Against the backdrop of Nigeria’s persistent housing deficit, Managing Director and Chief Executive Officer of Lagos Building Investment Company (LBIC), Olusola Faleye, has said that the firm is strengthening its financial position to expand access to affordable housing.

Faleye, who spoke during the LBIC yearly general meeting in Lagos, noted that bridging the housing gap remains a critical priority, adding that LBIC is aligning its strategies with government’s efforts to reduce the deficit and improve home ownership across the state and beyond.

According to him, the company recorded a milestone last year with the payment of its first-ever dividend, a move, he said, signalled improved performance and a commitment to rewarding shareholders.

He said that across Africa, many people still lack awareness of flexible home ownership models, stressing that mortgage institutions have a role to play in deepening financial inclusion in the housing sector.

Faleye added that LBIC’s state backing provides a competitive advantage in accessing low-cost funding, which can be deployed to support mortgage financing.

He hinted that the capital raise could be in the region of N5 billion, though details are yet to be formally announced, noting that ongoing share issuance is aimed at closing the existing capital gap.

Chairman of the LBIC Board, Hakeem Ogunniran, however, announced a 43 per cent increase in its profit before tax to N1.65 billion for the 2025 financial year, up from N1.16 billion recorded in the previous year.

He also reported a sharp rise in its mortgage loan portfolio, which grew from N794 million in 2024 to N2.07 billion in 2025, with no impairment recorded, underscoring improved asset quality amid a challenging operating environment.

Other financial indicators, according to him, showed strong performance, with gross earnings rising by 41 per cent from N2.54 billion to N3.56 billion.

Ogunniran said the results reflected the resilience of the firm’s strategy and its focus on core mortgage operations.

He, therefore, expressed optimism about the 2026 financial year, citing strong first-quarter performance.

In his remark, Lagos State Governor, Babajide Sanwo-Olu, commended the company’s performance and urged continued collaboration to address housing challenges.

Sanwo-Olu, who was represented by the Commissioner for Housing, Moruf Akinderu-Fatai, said: “Housing is not just a project; it is an economic driver. It will support more businesses, support development, and provide family-based self-sustainability and income.”

He added that the state government would continue to support institutions like LBIC to expand housing supply and improve affordability.