Lagos introduces building insurance scheme, says safety must match development

n n

Gov Sanwo-Olu

n

The Lagos State Government has introduced the Lagos State Building Insurance Scheme (LAGBIS) to enforce compulsory building insurance and protect lives and property.

n

The government says growth without safety is not progress, hence the scheme.

n

The state governor, Mr Babajide Sanwo-Olu, represented by the deputy chief of staff, Mr Sam Egube, stated this at the unveiling of the scheme on Friday in Lagos.

n

He said the initiative was aimed at strengthening building safety, promoting accountability in the construction sector and reinforcing Lagos’ position as a safe, responsible and globally competitive city.

n

“What we are launching today is not just a scheme; we are strengthening another institution that will deepen confidence in Lagos as a safe, responsible and globally competitive city.

n

“Growth without safety is not progress, and development without accountability is not sustainable.

n

“The true measure of development is not how much we build, but how well we protect the lives that those structures are meant to serve,” he said.

n

The governor said the state had continued to experience rapid physical development, driven by increasing investments in residential, commercial and infrastructure projects.

n

He, however, stressed that every new building came with a responsibility to ensure safety.

n

He disclosed that Lagos recorded 171 building collapses between 2011 and 2025.

n

This, he said, accounted for more than half of such incidents reported nationwide, while six building collapses recorded in the first half of 2025 claimed 14 lives.

n

According to him, the incidents have resulted in loss of lives, financial hardship for businesses, diminished public confidence and emotional trauma for affected families.

n

“Preventing disasters will always cost less than recovering from them,” he said.

n

Sanwo-Olu said the government had strengthened regulatory oversight through the Lagos State Building Control Agency (LASBCA) by expanding inspections, improving enforcement and insisting on greater compliance with building regulations.

n

He said the agency had identified more than 27,000 distressed buildings and removed 349 dangerous structures before they could collapse and claim lives.

n

The governor said the newly inaugurated LAGBIS would provide a technology-driven framework.

n

He said the framework would ensure eligible buildings were adequately insured against insurable risks while protecting property owners, occupants and construction workers.

n

He said that, although compulsory building insurance was already provided for under the Insurance Act and reinforced by Lagos State building regulations, compliance had remained inconsistent.

n

He said the government would intensify enforcement to ensure wider compliance with the law.

n

Sanwo-Olu also called on licensed insurance companies to partner with the government in ensuring the success of the initiative.

n

According to him, such a partnership will strengthen institutional confidence and promote responsible development across the state.

n

“As we officially launch LAGBIS today, we are doing more than introducing another public policy.

n

‘’We are laying an institutional foundation for the future Lagos we all desire, where ambition is matched by responsibility,” he said.

n

Earlier, the general manager of LASBCA, Mrs Florence Gbaye, described LAGBIS as a landmark initiative.

n

Gbaye said that the initiative underscored the state government’s commitment to safer buildings, stronger regulatory compliance and a more resilient built environment.

n

She said the scheme represented a deliberate shift toward a sustainable and globally aligned approach to building management and risk mitigation.

n

‘’The initiative reflects the government’s resolve to ensure that every building in Lagos is properly designed, constructed and maintained.

n

‘’It also reflects the resolve to ensure buildings are adequately protected against uncertainties and insurable risks,” she said.

n

Gbaye said LASBCA’s mandate extended beyond enforcing building regulations to safeguarding lives, preserving investments and promoting public confidence in the built environment.

n

She noted that under the scheme, all buildings within the prescribed categories would be identified and notified by LASBCA.

n

She said also that LAGBIS would be integrated into the state’s Electronic Physical Planning Permit Processing System to simplify compliance and promote transparency, accessibility and accountability.

n

She added that the insurance framework would strengthen economic resilience by reducing the government’s financial burden during emergencies.

n

‘’It will also enable faster recovery and reconstruction for businesses, families and communities,” the general manager said.

n

Gbaye urged property owners and developers to embrace the scheme, describing it as not only a statutory requirement but also a demonstration of responsible ownership and sound financial planning.

n

The News Agency of Nigeria (NAN) reports that participants at the event include developers, engineers, built environment and construction sector stakeholders, as well as government officials. (NAN)(

n n