FCMB Partners TEHC on $40M Louisville Project to Redefine Urban Living in Lagos’ Eko Atlantic

First City Monument Bank (FCMB) has announced a $40 million loan facility to finance the Louisville Phase 1 residential tower, a flagship project by the TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC). Located in Eko Atlantic City, the high-rise will feature 157 units—ranging from two-bedroom apartments to luxurious five-bedroom penthouses. Louisville Phase 1 is the residential segment of a larger $150 million mixed-use development expected to transform Lagos’ skyline with world-class amenities, including a hotel, commercial center, cinemas, fitness and wellness facilities, and ample parking.

The Louisville project has already achieved international acclaim, earning two EDGE (Excellence in Design for Greater Efficiencies) certifications from the International Finance Corporation (IFC) for its sustainability and eco-friendly design. It is positioned as West Africa’s first fully integrated urban ecosystem. The development will incorporate green building materials, smart home technology, and energy-efficient systems, marking a major step forward in sustainable urban planning in Nigeria.

Construction is being led by ITB Nigeria Ltd, a reputable contractor with a proven track record, appointed through a competitive selection process. FCMB is serving as the sole financier for Phase 1, which marks its first major housing cooperative infrastructure partnership. With piling already completed, construction is expected to proceed in phases over 36 months. FCMB says the project aligns with its broader strategy to bridge Nigeria’s housing deficit, spur economic growth, and promote sustainable, mixed-use real estate investments.

Leaders from all stakeholders highlighted the significance of the project. FCMB CEO Yemisi Edun emphasized its role in shaping future Nigerian cities through integrated, globally competitive developments. TEHC’s CCO Oluwakemi Balogun hailed the partnership as a bold leap for urban renewal in Africa, while ITB’s MD Ramzi Chidiac predicted Louisville would redefine development standards in Lagos. Together, these organizations aim to build a smart, inclusive, and environmentally responsible community in the heart of Nigeria’s economic capital.