Urgent Call for Builders' Insurance After Mall Collapse

On June 25, 2026, a three-story shop mall located along Old Ojo Road near Alakija, Lagos State, collapsed, leading to the deaths of nine individuals and injuring 26 others. The building, which housed various businesses including a cyber café and a travel agency, was 30 years old and had previously been marked for demolition due to structural weaknesses.

This incident highlights the critical need for the swift implementation of Sections 75 and 76 of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which mandates compulsory builders' insurance for certain categories of buildings. Investigations revealed that the collapsed structure and another four-story building in Port Harcourt had no confirmed insurance coverage.

The NIIRA 2025 requires that no person shall construct a building of two floors or more without registered insurance against construction risks. Violations can lead to fines or imprisonment, emphasizing the importance of compliance to prevent future tragedies.