Sanwo-Olu launches building insurance scheme to curb collapses
By Taiwo Scholarstica
The Lagos State Government has launched the Lagos State Building Insurance Scheme (LAGBIS) as part of efforts to enforce compulsory building insurance and protect lives and property across the state.
The government said the initiative was necessary to ensure that the rapid growth and development being witnessed in Lagos were matched with adequate safety measures and accountability.
Governor Babajide Sanwo-Olu, represented by the Deputy Chief of Staff, Sam Egube, stated this on Friday at the unveiling of the scheme in Lagos.
He said the initiative was designed to improve building safety, promote accountability within the construction industry and further position Lagos 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 noted that Lagos had continued to witness rapid physical development, driven by rising investments in residential, commercial and infrastructure projects.
He, however, said the expansion of the built environment came with the responsibility of ensuring that buildings were safe for occupants and the public.
Sanwo-Olu disclosed that Lagos recorded 171 building collapses between 2011 and 2025, accounting for more than half of the incidents recorded nationwide.
He added that six building collapses recorded in the first half of 2025 alone claimed 14 lives.
According to him, the incidents had caused loss of lives, financial difficulties for businesses, reduced public confidence and emotional trauma for affected families.
“Preventing disasters will always cost less than recovering from them,” he said.
The governor said the state government had strengthened regulatory oversight through the Lagos State Building Control Agency (LASBCA) by expanding inspections, improving enforcement and insisting on compliance with building regulations.
He disclosed that the agency had identified more than 27,000 distressed buildings and removed 349 dangerous structures before they could collapse and result in loss of lives.
Sanwo-Olu said LAGBIS would provide a technology-driven framework to ensure that eligible buildings were adequately insured against insurable risks, while also protecting property owners, occupants and construction workers.
He noted that compulsory building insurance was already provided for under the Insurance Act and reinforced by Lagos State building regulations, but compliance had remained inconsistent.
The governor said the state government would intensify enforcement to ensure greater compliance with the law.
He also urged licensed insurance companies to work with the government towards the successful implementation of the initiative.
According to him, stronger collaboration between the government and insurance industry would improve institutional confidence and encourage responsible development across Lagos.
“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 that demonstrated the state government’s commitment to safer buildings, improved regulatory compliance and a more resilient built environment.
Gbaye said the scheme represented a deliberate move towards 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.
She said LASBCA’s responsibilities extended beyond enforcing building regulations to protecting lives, preserving investments and strengthening public confidence in the built environment.
Gbaye explained that under the scheme, LASBCA would identify and notify all buildings within the prescribed categories.
She added that LAGBIS would be integrated into the state’s Electronic Physical Planning Permit Processing System to make compliance easier and promote transparency, accessibility and accountability.
According to her, the insurance framework would also improve economic resilience by reducing the financial burden on the government 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, stressing that it was not only a statutory requirement but also a demonstration of responsible ownership and sound financial management.
The event was attended by developers, engineers and other stakeholders in the built environment and construction sector, alongside government officials.