The Lagos state government has launched the Lagos Building Insurance Scheme (LAGBIS), a compliance and risk management programme aimed at protecting houseowners and occupants from financial losses.
The scheme was launched in collaboration with VEDA Technology, which developed the digital platform, and the insurance cover extends beyond completed structures to any construction site for buildings above one storey.
The Lagos State Building Control Agency (LASBCA) is responsible for enforcing compliance with the scheme.
Babajide Sanwo-Olu, governor of Lagos, who was represented at the launch by Sam Ebube, his deputy chief of staff, said the scheme is aimed at protecting building owners, occupiers and third parties against risks including fire, building collapse and floods.
“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,” Ebube said.
“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.”
Bode Pedro, the chief executive officer (CEO) of VEDA Technology, said the platform uses address intelligence, cadastral mapping, satellite imagery and digital building records across Lagos’ 20 local government areas to simplify mandatory building insurance and strengthen regulatory oversight.
He added that LAGBIS also integrates the Nigerian Insurance Industry Database (NIID), LASBCA’s compliance framework and the Electronic Physical Planning Permit System (EPPPS), enabling near-instant policy issuance, verification and digital compliance monitoring.
At least nine National Insurance Commission (NAICOM)-licensed companies are underwriting policies issued through the platform, and participation is expected to expand to all licensed insurance companies before the end of 2026.
On her part, Florence Gbaye, general manager of LASBCA, said LAGBIS demonstrates the government’s resolve to ensure that every building in Lagos is properly designed, constructed and maintained.
She added that LASBCA’s mandate extended beyond enforcing building regulations to safeguarding lives, preserving investments and promoting public confidence in the built environment.
“It also reflects the resolve to ensure buildings are adequately protected against uncertainties and insurable risks,” she said.
Olajide Babatunde, the special adviser to the governor on urban development, said the government will also commence enforcement of compulsory insurance for buildings above one storey.
He added that commercial buildings like hotels and banks operating without the required insurance cover would face sanctions, including closure.
Interested parties can sign up here for the insurance scheme.
