Lagos State Governor Babajide Sanwo-Olu has introduced the Lagos State Building Insurance Scheme (LAGBIS) as part of efforts to reduce the recurring cases of building collapse and provide financial protection for property owners, tenants and construction workers.
The initiative, developed by the Lagos State Building Control Agency (LASBCA) in collaboration with Veda Technology, is designed to improve building safety, strengthen regulatory compliance and ensure compensation for insured properties affected by structural failures.
Speaking at the launch through his Deputy Chief of Staff, Sam Egube, Governor Sanwo-Olu described the programme as the first of its kind in Nigeria, noting that it would encourage a culture of safety and accountability in the construction sector.
He said that while Lagos continues to experience rapid infrastructural development, growth must not come at the expense of lives and property.
According to the governor, building collapses often result in significant financial losses for businesses, developers and residents.
He explained that the new insurance framework would help protect construction workers, tenants and property owners while promoting safer building practices across the state.
Sanwo-Olu also called on residents to report distressed buildings and structural defects in their communities, adding that the state government would intensify enforcement of the Insurance Act to ensure compliance with mandatory building insurance requirements.
The Special Adviser to the Governor on e-GIS and Urban Development, Dr. Olajide Babatunde, announced that the government would begin strict enforcement of compulsory insurance for eligible buildings.
He warned that multi-storey buildings, hotels, filling stations and other commercial structures without the required insurance coverage could face sanctions, including closure.
The General Manager of LASBCA, Mrs. Gbolahan Oki-Florence, said the scheme reflects the government’s commitment to protecting investments, improving public safety and creating a more resilient built environment.
She explained that although building insurance has long been a legal requirement before construction approval is granted, enforcement has remained weak over the years.
According to her, LAGBIS has been designed to simplify compliance while ensuring transparency and accountability. She added that LASBCA would identify buildings covered under the scheme and notify their owners accordingly.
Oki-Florence noted that insured buildings would benefit from quicker financial recovery and reconstruction in the event of structural failure, reducing the burden on affected property owners and communities.
She urged developers and property owners to see the insurance scheme not only as a legal obligation but also as a responsible investment that safeguards lives, protects assets and contributes to a safer Lagos.
