Lagos State Launches Compulsory Building Insurance Scheme

The Lagos State Government has introduced the Lagos State Building Insurance Scheme, mandating compulsory building insurance to safeguard lives and property. Governor Babajide Sanwo-Olu, represented by Deputy Chief of Staff Sam Egube, announced this initiative on Friday in Lagos, emphasizing that growth without safety is not progress.

The scheme aims to enhance building safety, accountability in the construction sector, and reinforce Lagos' status as a globally competitive city. Sanwo-Olu noted that Lagos experienced 171 building collapses from 2011 to 2025, accounting for over half of such incidents nationwide, with six collapses in the first half of 2025 resulting in 14 fatalities.

He stated that preventing disasters is more cost-effective than recovery. The Lagos State Building Control Agency (LASBCA) has identified over 27,000 distressed buildings and removed 349 dangerous structures.

The new scheme will provide a technology-driven framework for insuring eligible buildings against risks, with the government intensifying enforcement for compliance. Sanwo-Olu urged licensed insurance companies to collaborate with the government for the initiative's success.