First City Monument Bank and TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) have entered into a partnership to finance and deliver Louisville Phase 1, a 157-unit residential tower in Eko Atlantic City, Lagos.
The project is part of the larger Louisville mixed-use development, a $150m initiative that will feature a world-class hotel complex, commercial center, sporting facilities, and car park facility. The Louisville development has received two prestigious Excellence in Design for Greater Efficiencies certifications from the International Finance Corporation, recognizing its commitment to sustainability and green building practices.
Some key characteristics of the Louisville development is that it will be built to eco-friendly standards, integrating green technologies, smart home systems, and sustainable construction practices.
FCMB is providing a $40m loan facility for the residential development, marking the bank’s first major international infrastructure collaboration involving a housing cooperative.
This project reflects FCMB’s strategy to expand investment in mixed-use real estate that bridges housing deficits, supports free zone enterprises, and strengthens the urban economy.
Yemisi Edun, Managing Director and CEO of FCMB, said, “This partnership with Total Energies Housing Cooperative Multipurpose Society Ltd, is our commitment to finance a project that supports Nigeria’s urban growth. The Louisville Mixed-Use Development supports integrated living and the development of a live, work, and play environment that meets global standards in facilities and hospitality.”
Oluwakemi Balogun, Chief Commercial Officer of TEHC, stated, “This partnership marks a bold step in global collaboration for urban renewal. We’re proud to work with FCMB to bring to life the first phase of the elite urban ecosystem in Africa.”
The project is expected to be completed in phases over the next 36 months, with piling work already completed. The Louisville development is poised to set a new benchmark for luxury living in Eko Atlantic City, offering a unique blend of modern luxury, sustainability, and community living.
