By Kingsley Adegboye

Despite the challenges in the country’s operating environment, Lagos Building Investment Company LBIC, says it recorded a commendable profit before tax of N1.161 billion in the year ending 2024 representing a growth of 40 percent over the N829 million profit recorded in the previous year, just as it projects into the future of the company.

Disclosing this at the company’s Annual General Meeting AGM, last Thursday in Lagos, the Chairman, Board of Directos of the company, Mr Hakeem Ogunniran, said “We have continued to adapt by pivoting our creative strategies, capitalising on new opportunities and creating value for our shareholders”

According to Ogunniran, the lingering effect of the removal of the fuel subsidy negatively impacted operation costs and led to significant hike in the prices of food and other essential services, adding that Nigeria’s headline inflation rate rose from 28.9 percent at the end of 2023 to 34.8 percent in 2024, driven by skyrocketing energy prices and the over-reaching effects of the devaluation of the Naira on the prices of goods and services.

He noted that in response, the Central Bank of Nigeria CBN, attempted to tighten liquidity and curb inflationary pressures, by increasing the monetary policy rate (MPR), from 18.75 percent to 27.5 percent, pointing out that regrettably, the pressures did not abate as expected.

On future projection, LBIC Chairman disclosed that while the prospects for the global and domestic economies remain somewhat uncertain, “we are optimistic about the great opportunities that lie ahead as the economic landscape continues to demonstrate exceptional resilience inspite of the regulatory and institutional challenges militating the growth of the sector.

“As the third largest contributor to Nigeria’s GDP after Agriculture and trade, the sector presents immense opportunities across the entire housing delivery value chain. Given the recent policy shifts in housing finance, including the launch of MREIF by the Ministry of Finance Incorporated MOFI, we are optimistic that our bank will continue to thrive and deliver exceptional value to our shareholders,” Ogunniran stated.

The shareholders who were in attendance in their numbers commended the board and its chairman for the good work they are doing to grow the company and for appreciable dividend for them in the year under review. They equally adopted and supported all motions put forward by the board.