Lagos Building Investment Company

What Lagos Building Investment Company does

Lagos Building Investment Company (LBIC) is a Nigerian Primary Mortgage Bank (PMB) headquartered in Lagos State and licensed by the Central Bank of Nigeria, with deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). The Lagos State Government is a major shareholder, giving the institution a quasi-public character. LBIC is one of the oldest operating PMBs in Nigeria and has originated over 22,000 mortgage accounts across Lagos State over its operating history, making retail mortgage finance its core line of business.

LBIC's product set consists of mortgage loans alongside a savings suite — Classic Savings, Home Ownership Savings, and Target Savings — which fund mortgage origination and provide cross-sell to retail customers. On the operational technology side, the company operates a Mortgage Calculator for self-service loan sizing and the LBIC-LIRS Revenue Payment Portal, an integration with the Lagos Internal Revenue Service for state tax/revenue collection that monetizes a transactional channel beyond interest income. Internally, LBIC has deployed machine learning models covering churn prediction, product recommendation, customer lifetime value estimation, and customer segmentation, applied to retail customer analytics. The company is structured as a public limited company (PLC).

Revenue is generated through three streams: (1) net interest income on the mortgage loan book, (2) funding-spread income on the savings/deposit base, and (3) transactional fees from the LIRS revenue payment service. The company's customer base is concentrated in Lagos State, serving retail Nigerian borrowers and savers, with an institutional counterparty relationship with the Lagos State Government via the LIRS portal. LBIC does not disclose revenue, headcount, or capital metrics in the input data.

Name

Lagos Building Investment Company

Legal name

Lagos Building Investment Company PLC

Website

https://lbicplc.com

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

51–100 employees

Short description

Lagos Building Investment Company (LBIC) is a Central Bank of Nigeria–licensed Primary Mortgage Bank headquartered in Lagos State, providing mortgage loans and savings products (Classic, Home Ownership, Target Savings) to retail customers, with the Lagos State Government as a major shareholder.

Ownership category

akta.pro rank

Product category

Mortgage Banking

NAICS

Depository Credit Intermediation (5221)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Government-Sponsored Enterprises (GSEs) & Government Mortgage Liquidity Providers (FSALAKAC)

akta.pro secondary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Mortgage banking
• Home ownership financing
• Savings accounts
• Primary mortgage bank
• Revenue payment services

Headquarters

HQ city

Ikeja

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mortgage Lending: LBIC provides mortgage loans to customers for home ownership, generating interest income from loan portfolios. The company has created over 22,000 mortgages across Lagos state.
2. Savings and Deposit Accounts: The company offers various savings account products including Classic Savings, Home Ownership, and Target Savings accounts, generating fee and deposit-based revenue.
3. Revenue Payment Services: LBIC operates the LBIC-LIRS Revenue Payment Portal for collecting Lagos State Inland Revenue Service bills, processing payments on behalf of the state government.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Lagos Building Investment Company (LBIC) is a CBN-licensed Primary Mortgage Bank providing mortgage loans at competitive interest rates for home financing, alongside a suite of savings account products (Classic Savings, Home Ownership, Target Savings). The bank also operates the LBIC-LIRS Revenue Payment Portal for collecting Lagos State Inland Revenue Service bills and offers digital self-service tools including a mortgage calculator and online account opening.

Product overview

LBIC operates as a Primary Mortgage Bank (PMB) licensed by the Central Bank of Nigeria, offering a portfolio of home ownership financial products. The core product is Mortgage Loans providing home financing at competitive interest rates. The savings product suite includes three account types: Classic Savings (general savings), Home Ownership (dedicated home purchase savings), and Target Savings (goal-based savings). The company also provides digital self-service tools including a Mortgage Calculator for payment estimation and amortization schedules, and a dedicated LBIC-LIRS Revenue Payment Portal for tax-related bill payments. The portfolio is complemented by downloadable forms for account management, KYC requirements, and customer complaint handling.

Differentiator

Problem solved

Functional benefit

Products and services

• Mortgage Loan Primary mortgage loan product offering competitive interest rates for home financing, enabling customers to achieve home ownership. LBIC has created over 22,000 mortgages across Lagos State through this product.
• Classic Savings Individual savings account product with standard banking features for general savings purposes, offered to individual customers of LBIC.
• Home Ownership Savings Specialized savings account product designed to help customers save specifically toward purchasing a home, complementing LBIC's mortgage offering.
• Target Savings Goal-based savings account product for customers to set and achieve specific savings targets.
• LBIC-LIRS Revenue Payment Portal Dedicated online portal for customers to make LIRS (Lagos Internal Revenue Service) bill payments using their LIRS Bill Number, processing revenue payments on behalf of the Lagos State Government.

Quantifiable outcome

• Created over 22,000 mortgages across Lagos state

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Scale indicators3 records

Recent moves4 records

Expansion highlights3 records

Broad incumbents

• Stanbic IBTC Bank: A leading Nigerian commercial bank offering mortgages, savings, and wealth products as part of a broader financial services portfolio. Competes with LBIC in mortgage origination but serves a much wider product set and customer base.
• Ecobank Nigeria: Large Nigerian commercial bank with mortgage, savings, and consumer banking products. Provides competitive mortgage offerings as part of a multi-country African banking group, competing with LBIC for Lagos mortgage customers.
• Guaranty Trust Bank (GTBank): Major Nigerian commercial bank offering home loans, savings accounts, and digital banking services. Competes with LBIC across mortgage and savings products but operates a much broader retail and corporate banking franchise.

Direct peers

• AG Homes (formerly AG Mortgage Bank): Nigerian PMB focused on mortgage origination and real estate development finance. Directly comparable to LBIC in licensing category, mortgage-led business model, and Lagos/Nigeria target market.
• Infinity Trust Mortgage Bank: Nigerian Primary Mortgage Bank offering residential and commercial mortgage finance plus savings products. Directly comparable to LBIC in PMB licensing, product mix, and target customer segments.
• Federal Mortgage Bank of Nigeria: The apex federal mortgage bank in Nigeria, licensed as a PMB and focused on primary mortgage origination and refinancing. Closest direct peer to LBIC as both operate in the Nigerian Primary Mortgage Bank category, though FMBN operates nationally with federal backing versus LBIC's Lagos State focus.
• Abbey Mortgage Bank: A Nigerian Primary Mortgage Bank listed on the Nigerian Stock Exchange providing mortgage finance and savings products. Directly comparable to LBIC in business model (mortgage origination plus deposit-taking), regulatory category, and customer segments.
• First Heritage Mortgage Bank: A Nigerian Primary Mortgage Bank providing mortgage origination and banking services to individuals and developers. Operates in the same regulatory and product category as LBIC with overlapping customer segments in residential housing finance.

Regional players

• Shelter Afrique: Pan-African housing finance institution providing mortgage refinance and project finance across African markets including Nigeria. Comparable in housing finance mandate but operates regionally across Africa rather than directly competing with LBIC in Lagos retail mortgage origination.

Others

• Nigeria Mortgage Refinance Company (NMRC): Created by CBN and the Federal Government to provide liquidity and refinancing to Primary Mortgage Banks including LBIC. Functions as an upstream capital provider and ecosystem enabler rather than a direct competitor, but is highly relevant to LBIC's funding model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/LbicPlc
• Facebookfacebook.com/LBICplc
• LinkedInlinkedin.com/company/lagos-building-investment-company

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lagos Building Investment Company