The Managing Director/CEO of Lagos Building Investment Company Plc (LBIC), Folasade Folivi has confirmed that the bank has been enrolled into Lagos State Electronic Banking System of Revenue Collection and Monitoring.
LBIC, according to Folivi, has now joined the league of financial institutions approved by the state government to collect its revenues.
“The LBIC was able to attain the feat because its operations are now Information and Communications Technology-compliant and we can now provide Internet banking, which means clients can access its services online and real-time,” Folivi was quoted.
LBIC status as a revenue collector on behalf of the state was confirmed in a letter issued by the State Treasury Office.
The letter reads
“Following your recent application for absorption into the Lagos State Government EBS/RCM revenue generation programme and subsequent recommendation of our revenue consultant (Alpha Beta Consulting LLP) on the level of your bank’s compliance with necessary technical and operational procedure, we are delighted to convey to you the state government approval for your bank’s enlistment.”
“By this, the LBIC has been enrolled into the Lagos State Electronic Banking System of Revenue Collection and Monitoring, and it is statutorily empowered to collect all forms of government revenues such as taxes, dues, fines, etc.”
The Lagos Building Investment Company Plc was established as a Corporate entity on February 14, 1980 with the aim of providing Mortgage Finance Facilities to allottees of various low-cost housing Schemes built by the Lagos State Government.
With the promulgation of the mortgage Institution Act.No.53 of 1980, the company became a full-fledged Primary Mortgage Bank (PMB), subsequently, it extended granting of mortgages to the middle-income segment.
Following a successful Private Placement, the paid-up capital of the bank was increased from 100 million to 2.5 billion in 2007. Lagos State Government is the major shareholder, holding 82 per cent, while others include corporate institutions and Private investors.