LASG mandates insurance for buildings above one storey

The Lagos State Government has introduced the Lagos State Building Insurance Scheme (LAGBIS), a pioneering initiative designed to enhance safety and mitigate financial losses associated with building collapses. Governor Babajide Sanwo-Olu stressed that safety must be paramount amidst the state's rapid urban development.

Developed by the Lagos State Building Control Agency in partnership with Veda Technology, LAGBIS provides insurance cover for eligible buildings. This scheme aims to protect property owners, tenants, and construction workers against potential losses resulting from structural failures. Governor Sanwo-Olu described it as a transformative step for the state's building safety culture, noting that "growth without safety is not progress."

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This is the first of such initiatives in Nigeria. It is a scheme that will change the building culture of our people.

The scheme is mandated for buildings taller than one storey. Hotels, filling stations, and commercial buildings operating without the required insurance will face penalties, including potential closure. The state plans to strengthen enforcement of the Insurance Act and related regulations, urging residents to report distressed buildings and unsafe construction practices.

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The state has been experiencing remarkable infrastructural transformation, but growth without safety is not progress. We must come together to make dramatic changes.

Florence Gbaye, General Manager of the Lagos State Building Control Agency, stated that LAGBIS reflects the government's commitment to promoting safer buildings, protecting investments, and improving regulatory compliance. While existing laws require insurance for buildings under construction, weak enforcement has been an issue. The launch of LAGBIS signifies the full implementation of this statutory requirement.

"We are laying the foundation for the future Lagos, a city where development never comes at the expense of human lives. LAGBIS will strengthen our building culture," Governor Sanwo-Olu added, emphasizing the scheme's role in ensuring that development does not compromise human safety.

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We are laying the foundation for the future Lagos, a city where development never comes at the expense of human lives. LAGBIS will strengthen our building culture.