Lagos Introduces Building Insurance Scheme
The Lagos State Government has introduced the Lagos State Building Insurance Scheme (LAGBIS) to enforce compulsory building insurance and protect lives and property. The government says growth without safety is not progress, hence the scheme.
The state Governor, Mr Babajide Sanwo-Olu, represented by the Deputy Chief of Staff, Mr Sam Egube, stated this at the unveiling of the scheme on Friday in Lagos.
He said the initiative was aimed at strengthening building safety, promoting accountability in the construction sector and reinforcing Lagos’ position as a safe, responsible and globally competitive city.
“What we are launching today is not just a scheme; we are strengthening another institution that will deepen confidence in Lagos as a safe, responsible and globally competitive city.
“Growth without safety is not progress, and development without accountability is not sustainable.
“The true measure of development is not how much we build, but how well we protect the lives that those structures are meant to serve,” he said.
The governor said the state had continued to experience rapid physical development, driven by increasing investments in residential, commercial and infrastructure projects.
He however, stressed that every new building came with a responsibility to ensure safety. He disclosed that Lagos recorded 171 building collapses between 2011 and 2025.
This, he said, accounted for more than half of such incidents reported nationwide, while six building collapses recorded in the first half of 2025 claimed 14 lives.
According to him, the incidents have resulted in loss of lives, financial hardship for businesses, diminished public confidence and emotional trauma for affected families. “Preventing disasters will always cost less than recovering from them,” he said.
Sanwo-Olu said the government had strengthened regulatory oversight through the Lagos State Building Control Agency (LASBCA) by expanding inspections, improving enforcement and insisting on greater compliance with building regulations.
He said the agency had identified more than 27,000 distressed buildings and removed 349 dangerous structures before they could collapse and claim lives.
The governor said the newly inaugurated LAGBIS would provide a technology-driven framework.
He said the framework would ensure eligible buildings were adequately insured against insurable risks, while protecting property owners, occupants and construction workers.
He said that, although compulsory building insurance was already provided for under the Insurance Act and reinforced by Lagos State building regulations, compliance had remained inconsistent.
He said the government would intensify enforcement to ensure wider compliance with the law. Sanwo-Olu also called on licensed insurance companies to partner with the government in ensuring the success of the initiative.
According to him, such partnership will strengthen institutional confidence and promote responsible development across the state. “As we officially launch LAGBIS today, we are doing more than introducing another public policy.
‘’We are laying an institutional foundation for the future Lagos we all desire, where ambition is matched by responsibility,” he said.
Earlier, the General Manager of LASBCA, Mrs Florence Gbaye, described LAGBIS as a landmark initiative.
Gbaye said that the initiative underscored the state government’s commitment to safer buildings, stronger regulatory compliance and a more resilient built environment.
She said the scheme represented a deliberate shift toward a sustainable and globally aligned approach to building management and risk mitigation.
‘’The initiative reflects the government’s resolve to ensure that every building in Lagos is properly designed, constructed and maintained.
‘’It also reflects the resolve to ensure buildings are adequately protected against uncertainties and insurable risks, ‘’ she said.
Gbaye said LASBCA’s mandate extended beyond enforcing building regulations to safeguarding lives, preserving investments and promoting public confidence in the built environment.
She noted that under the scheme, all buildings within the prescribed categories would be identified and notified by LASBCA.
She said also that LAGBIS would be integrated into the state’s Electronic Physical Planning Permit Processing System to simplify compliance and promote transparency, accessibility and accountability.
She added that the insurance framework would strengthen economic resilience by reducing government’s financial burden during emergencies.
‘’It will also enable faster recovery and reconstruction for businesses, families and communities, ‘’ the general manager said.
Gbaye urged property owners and developers to embrace the scheme, describing it as, not only a statutory requirement, but also a demonstration of responsible ownership and sound financial planning. #Lagos Introduces Building Insurance Scheme#
