Lagos State Governor Babajide Sanwo-Olu has launched the Lagos State Building Insurance Scheme (LAGBIS), a move aimed at tackling the recurring incidence of building collapse and protecting property owners, tenants and construction workers from financial losses.

The scheme, an Initiative of the Lagos State Building Control Agency (LASBCA) in partnership with Veda Technology, is designed to promote safer buildings, strengthen regulatory compliance and provide financial protection in the event of building collapse.

Represented by his Deputy Chief of Staff, Mr Sam Egube, the governor described LAGBIS as the first initiative of its kind in Nigeria, saying it would transform the state’s building culture by placing greater emphasis on safety and accountability.

According to him, Lagos has witnessed significant infrastructural growth, but development must not come at the expense of human lives.

He said, “This is the first of such initiatives in Nigeria. It is a scheme that will change the building culture of our people. The state has been experiencing remarkable infrastructural transformation, but growth without safety is not progress.

“When a building collapses, businesses suffer and there are financial consequences. LAGBIS will establish a framework that protects construction workers, tenants and property owners.”

Sanwo-Olu urged residents to promptly report distressed buildings and structural infractions within their communities, assuring that the government would strengthen enforcement of the Insurance Act to improve compliance.

“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,” he added.

Also speaking, the Special Adviser to the Governor on e-GIS and Urban Development, Dr Olajide Babatunde, said the state would begin strict enforcement of compulsory insurance for applicable buildings.

He warned that buildings above one storey, as well as commercial facilities such as filling stations and hotels that fail to obtain the required insurance cover, would face sanctions, including closure.

General Manager of LASBCA, Mrs Gbolahan Oki-Florence, said the scheme reflects the government’s commitment to promoting safer buildings, protecting investments and creating a more resilient built environment across Lagos.

She explained that although building insurance has long been a statutory requirement for obtaining approval to commence construction, enforcement had remained weak until now.

According to her, LAGBIS has been designed to simplify compliance while ensuring transparency, accessibility and accountability.

She said buildings covered under the scheme would be identified and notified by LASBCA, adding that insured properties would be better positioned for quicker recovery and reconstruction after any structural failure.

“Rather than relying solely on public intervention after unfortunate incidents, insured properties are better positioned for quicker recovery and reconstruction. This allows businesses to resume operations faster, families to recover more quickly, and communities to rebuild with greater confidence,” she said.

Oki-Florence urged property owners and developers to embrace the scheme not only as a legal obligation but also as a demonstration of responsible ownership and sound financial planning.

She said compliance would help safeguard lives, protect investments and contribute to a safer built environment across the state. (The Nation)