FCMB backs TEHC with $40m loan for $150m Louisville project in Eko Atlantic

BY TEMITOPE ADEBAYO

First City Monument Bank (FCMB) has partnered with TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) to finance the flagship Louisville Phase 1 residential tower in Eko Atlantic City, Lagos, with a $40 million loan facility.

The tower, comprising 157 high-end residential units including two- and three-bedroom apartments, four-bedroom maisonettes, and five-bedroom penthouses, is the first phase of a landmark $150 million mixed-use urban development.

The Louisville Mixed-Use Development is designed to be West Africa’s first fully integrated urban ecosystem and has already earned dual Excellence in Design for Greater Efficiencies (EDGE) certifications from the International Finance Corporation (IFC).

The development’s bold scale and sustainability credentials were recently spotlighted at the Future Cities – Africa Green Building Summit, co-hosted by the Green Building Council Nigeria (GBCN), reinforcing its position as a benchmark in eco-friendly architecture and green construction practices.

Beyond the residential component, the full Louisville development will include a world-class hotel complex, commercial centre with retail spaces, multi-purpose halls, premium cinemas, games arcade, wellness facilities, a gym, swimming pool, and an expansive parking structure for over 1,400 cars.

READ ALSO: NiDCOM commends declaration of July 5 as Ijaw Day in Houston

The project’s unique appeal lies in its fusion of smart technologies, sustainable infrastructure, and luxury urban living—all aimed at redefining Nigeria’s real estate landscape.

Construction work is already underway, with the piling phase now completed. The main structural build will proceed in phases over the next 36 months. TEHC, the project developer, has engaged industry-leading contractors using a robust procurement and selection process to ensure quality delivery.

ITB Nigeria Limited, known for executing major turnkey developments across Nigeria, is leading the project as both the piling contractor and full engineering, procurement, and construction (EPC) contractor.

Speaking on the bank’s role, FCMB Managing Director and CEO, Mrs. Yemisi Edun, said the bank’s financing of the Louisville project reflects its strategic commitment to supporting infrastructure and sustainable real estate developments that foster economic growth and improve urban living standards.

“This partnership with TotalEnergies Housing Cooperative Multipurpose Society Ltd is our commitment to finance a project that supports Nigeria’s urban growth. The Louisville Mixed-Use Development promotes integrated living and the development of a live, work, and play environment that meets global standards in facilities and hospitality,” Edun stated.

“This collaboration also reflects FCMB’s long-term strategy of enabling job creation, supporting real estate innovation, and strengthening Nigeria’s urban economy.”

Chief Commercial Officer of TEHC, Oluwakemi Balogun, described the project as a bold step in global urban development and a model for future housing and infrastructure collaborations in Africa. “We’re proud to work with FCMB to bring to life the first phase of the elite urban ecosystem in Africa. Louisville is not just a residential project, it’s a transformational investment in the future of smart, sustainable cities in Nigeria.”

Managing Director of ITB Nigeria Limited, Ramzi Chidiac, hailed the project as a “revolution” for Eko Atlantic and a landmark moment for Nigeria’s construction and urban development space. “Louisville will redefine high-end living and set new standards for mixed-use developments in Lagos and beyond,” he said.

As Nigeria faces significant housing deficits and rising demand for sustainable infrastructure, the Louisville project is expected to serve as a reference point for future developments, especially in free zone districts like Eko Atlantic. With this partnership, FCMB has also scored its first major international infrastructure financing collaboration with a housing cooperative, setting a precedent for innovative funding in Nigeria’s evolving real estate market.