Lagos State Launches Mandatory Building Insurance Scheme

On Friday, the Lagos State Government launched the Lagos State Building Insurance Scheme (LAGBIS) to enhance compliance with building insurance laws and mitigate the financial repercussions of building collapses. Governor Babajide Sanwo-Olu, represented by Deputy Chief of Staff Sam Egube, stated that LAGBIS is Nigeria's first initiative of its kind, aimed at transforming the state's building safety culture.

The scheme provides insurance coverage for eligible buildings, safeguarding property owners, tenants, and construction workers from losses due to structural failures. Sanwo-Olu urged residents to report unsafe buildings and emphasized the need for strict enforcement of the Insurance Act.

Olajide Babatunde, Special Adviser on e-GIS and Urban Development, announced that compulsory insurance would be enforced for buildings over one storey, with potential sanctions for non-compliance. Florence Gbaye, General Manager of the Lagos State Building Control Agency, noted that while existing laws require insurance for construction, compliance has been weak, and LAGBIS marks the start of rigorous implementation.