First City Monument Bank (FCMB) has announced a partnership with TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC), committing a $40 million financing facility towards the development of Louisville Phase 1. This initial phase will see the construction of a luxury residential tower comprising 157 apartments, located within the Eko Atlantic City in Lagos.
The residential tower is a crucial component of the much larger Louisville project, an ambitious $150 million mixed-use development. Upon full completion, the Louisville project is envisioned as a comprehensive urban ecosystem, incorporating a sophisticated hotel complex, a vibrant commercial centre with retail outlets, multi-purpose halls, cinemas, and a games arcade. It will also feature state-of-the-art sporting facilities, including a gym, swimming pool, and wellness centre, complemented by a car park facility designed to accommodate over 1,400 vehicles.
FCMB is serving as the sole financier for the development of Louisville Phase 1, providing the $40 million facility specifically for the residential component. The project is slated for completion in phases over the next 36 months.
This venture marks FCMB’s first major international infrastructure collaboration involving a housing cooperative. It also reflects FCMB’s broader strategy to expand investment in mixed-use real estate developments that aim to bridge Nigeria’s housing deficit, support free zone enterprises within Eko Atlantic City, and strengthen the urban economy.
Yemisi Edun, managing director and chief executive of FCMB, highlighted the significance of the collaboration. She stated that the partnership with TotalEnergies Housing Cooperative Multipurpose Society Limited is based on the company’s commitment to finance a project that supports Nigeria’s urban growth.
Edun further emphasised: “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. This collaboration reflects FCMB’s strategic focus on real estate to enable job creation and community development.”
Oluwakemi Balogun, chief commercial officer at TEHC, also spoke on the development. “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,” she remarked.
As West Africa’s first integrated urban ecosystem, the Louisville Mixed-Use Development has already garnered significant environmental accolades, holding two certifications from the International Finance Corporation (IFC). These recognitions were announced during the Future Cities – Africa Green Building Summit, co-hosted by the Green Building Council Nigeria (GBCN). Such certifications underscore Louisville’s strong commitment to sustainability and adherence to best-in-class green building practices, a growing imperative in urban development.
