FCMB Backs TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) Flagship Project (Louisville Phase 1) with $40m Loan Facility in Landmark Eko Atlantic.
Lagos, Nigeria – July 16, 2025 – First City Monument Bank (FCMB) and TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) have partnered to finance and deliver Louisville Phase 1, a tower that will comprise of 157 residential apartments including two and three apartments, four-bedroom maisonettes and five-bedroom penthouses in Eko Atlantic City, Lagos.
This residential tower is phase 1 of the larger Louisville project, a $150 million mixed used development that will include a world class hotel complex, a world-class commercial center with retail shops, multipurpose halls, high-quality cinemas and games arcade, state-of-the-art sporting facilities with a gym, swimming pool and wellness center and a car park facility to accommodate over 1,400 cars.
As West Africa’s first integrated urban ecosystem, Louisville Mixed-Use Development proudly holds two prestigious Excellence in Design for Greater Efficiencies (EDGE) certifications from the International Finance Corporation (IFC). These accolades recognized during the Future Cities – Africa Green Building Summit co-hosted by the Green Building Council Nigeria (GBCN) reflect Louisville’s bold commitment to sustainability and best-in-class green building practices.
The development will distinguish itself not only by its ambitious scale and innovative mixed-use structure, but also by its forward-thinking design that embraces smart living and eco-conscious living. The entire structure will be built to eco-friendly standards, integrating green technologies, smart home systems, and sustainable construction practices aimed at reducing environmental impact while maximizing energy efficiency, comfort, and modern luxury.
TEHC has engaged reputable technical experts with the necessary experience for the project, using a robust selection process to ensure the most qualified and competent contractors were appointed. ITB Nigeria Limited, with a proven track record of successful projects, is leading the technical team as the piling and turnkey EPC contractor for the development.
FCMB, the sole financier for the development of phase 1, is providing a $40 Million Facility for the residential. The piling work has been completed, with construction scheduled to be completed in phases over the next 36 months. The project is the bank’s first major international infrastructure collaboration involving a housing cooperative. It 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.
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 provides support for integrated living and the development of a live, work and play environment that meets global standards in facilities and hospitality. This collaboration also reflects FCMB's strategic focus on real estate to enable job creation and community 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.
Louisville will be a revolution in the developments within Eko Atlantic, Lagos, and Nigeria at large
About First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is part of FCMB Group Plc, a financial services group headquartered in Lagos, Nigeria. Guided by its purpose of fostering inclusive and sustainable growth, First City Monument Bank is committed to empowering individuals, communities, and businesses by connecting people, capital, and markets. FCMB supports Nigeria’s economic transformation by promoting innovation, backing entrepreneurs, fostering gender and youth inclusion, and providing credit access to underserved groups.
About TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC)
TEHC is a member-owned cooperative established in 2020 by employees of TotalEnergies EP Nigeria Limited. The cooperative is committed to redefining African urban living by developing sustainable, smart, and energy-efficient communities. TEHC leverages cooperative principles and innovation to drive inclusive, long-term wealth creation for its members.
