FCMB Funds $40m Louisville Smart Tower in Eko Atlantic

First City Monument Bank (FCMB) has extended a $40 million loan facility to finance the Louisville Phase 1 residential development being spearheaded by the TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) in the prestigious Eko Atlantic City, Lagos.

Phase 1 of the project will deliver 157 high-end residential units, including two- and three-bedroom apartments, four-bedroom maisonettes, and five-bedroom penthouses. The Louisville development is part of a larger $150 million mixed-use project that will eventually include a luxury hotel, a commercial complex with retail stores, multi-purpose halls, cinemas, wellness and sporting facilities, and parking for more than 1,400 vehicles.

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The development has earned two EDGE (Excellence in Design for Greater Efficiencies) certifications from the International Finance Corporation (IFC), underscoring its commitment to sustainability and energy-efficient building practices. These recognitions were presented at the Future Cities – Africa Green Building Summit, hosted in collaboration with the Green Building Council Nigeria.

Designed as a smart, eco-conscious urban hub, Louisville will incorporate cutting-edge green technologies, sustainable materials, and smart home systems to reduce environmental impact while delivering premium comfort and modern lifestyle features.

Construction work is being led by ITB Nigeria Limited, selected for its extensive expertise and proven track record. Piling has already been completed, and the rest of the project will roll out in phases over the next three years.

This marks FCMB’s first major housing partnership with a cooperative and highlights the bank’s growing interest in sustainable real estate investments that address Nigeria’s housing needs and promote economic activity in special economic zones.

Speaking on the collaboration, FCMB CEO Yemisi Edun said: “Our partnership with TEHC represents our commitment to urban development projects that foster integrated living. Louisville is a testament to our strategy to invest in impactful infrastructure that supports job creation, community growth, and global living standards.”

Oluwakemi Balogun, Chief Commercial Officer of TEHC, added: “This venture is a milestone in urban renewal efforts and a strong example of global cooperation in real estate.”

Ramzi Chidiac, Managing Director of ITB Nigeria, described the Louisville project as “a transformative development that will redefine the real estate landscape of Eko Atlantic and beyond.”