Subsidy removal: LBIC increases transport allowance for staff by 50%
Following hike in transportation fare which has trailed the removal of subsidy on premium motor spirit (PMS), Lagos Building Investment Company (LBIC) has raised Staff Transport Allowance by 50 percent to offset impact of fuel subsidy removal and rising transportation cost.
A statement confirming the development from the media office of the company reads partly: “The Lagos Building Investment Company (LBIC), a leading investment firm, has taken a proactive step to support its staff members amidst the recent removal of petroleum subsidies and the subsequent surge in transportation expenses across the Country.”
In a memo addressed to all employees, Mr. Oluwatobiloba Lawal, the Managing Director of LBIC, announced a significant increase of 50 percent in the staff transport allowance, effective from June 1, 2023.
The Managing Director of LBIC, emphasized the company’s commitment to the well-being and welfare of its employees.
He further stated that: “The 50 percent increment in Staff transport allowance is a recognition of the economic difficulties that have arisen due to the removal of fuel subsidies and LBIC being a responsible organisation has undertaken this measure to alleviate the financial burden faced by its valued workforce to ensure that employees can commute to work without undue strain on their finances.
“LBIC remains steadfast in its commitment to continuously explore additional measures that provide support to its workforce during these challenging times. The management of LBIC will closely monitor the situation and respond accordingly to any further developments that may arise.”
LBIC is an accredited Primary Mortgage Bank (PMB) certified to operate in Nigeria by the Central Bank of Nigeria (CBN) and vastly experienced in the provision of mortgage banking services, having financed over 20,000 low-cost housing in Lagos State.
LBIC is a renowned investment firm committed to driving sustainable economic growth and development in Lagos, Nigeria. With a focus on strategic investments in various sectors, LBIC aims to foster long-term value creation and contribute to the prosperity of the State.
