The Lagos State Government has reaffirmed its commitment to promoting safer and more resilient buildings with the official launch of the Lagos State Building Insurance Scheme (LAGBIS) on Friday, an initiative designed to deepen compliance with building regulations, encourage responsible development and provide financial protection for property owners.
The scheme, launched through a collaboration between the Lagos State Building Control Agency (LASBCA) and VEDA Technology, brings together key stakeholders in the built environment, insurance sector and government to advance a safer and more sustainable building industry in Lagos State.
Speaking at the launch, Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu, represented by the Deputy Chief of Staff, Mr. Sam Egube, stressed the need for insurance companies to ensure that every building covered under insurance complies fully with approved building codes, standards and regulations.
According to him, the insurance sector has a critical role to play in preventing building-related disasters by insisting on compliance before providing insurance cover.
He further emphasized the importance of conformity to established building standards, noting that Lagos remains the leading state in setting the pace for development across the country.
Describing Lagos as the nation's economic and developmental hub, he stated that the State should be regarded as a national asset whose policies and initiatives must continually reflect the highest standards of professionalism, safety and regulatory compliance.
The Governor's representative urged all stakeholders to ensure that every innovation and development introduced in the State aligns with existing laws and regulations, adding that the success of the Lagos State Building Insurance Scheme will depend on the collective commitment of government, professionals, developers and insurance providers.
He also commended the staff of the Lagos State Building Control Agency and all partners involved in bringing the initiative to reality, encouraging them to remain committed to ensuring that the scheme delivers meaningful impact and achieves its intended objectives of improving safety within the built environment.
Also speaking, the Commissioner for Justice and Attorney-General of Lagos State, Mr. Lawal Pedro, called for a more liberal approach to the processing of insurance claims, urging insurance providers to ensure that genuine claims are promptly honoured.
He noted that timely settlement of claims would strengthen public confidence in the insurance industry and encourage greater participation in the scheme.
On his part, the Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, underscored the importance of collaborative efforts in advancing initiatives that promote safety, sustainability and confidence in the built environment, describing the Building Insurance Scheme as a significant step towards protecting lives and investments across the State.
In his remarks, The Special Adviser on E-GIS and Urban Development, Dr. Olajide Abiodun Babatunde, described the Lagos State Building Insurance Scheme (LAGBIS) as a strategic initiative that aligns with the Lagos State Government's commitment to building a safer, smarter and more resilient urban environment. He noted that the scheme complements ongoing reforms in physical planning and urban development by encouraging compliance with approved building standards while strengthening accountability within the built environment.
Dr. Babatunde further stated that the integration of innovation and technology into the implementation of the scheme would enhance transparency, improve regulatory processes and support effective monitoring of buildings across the State. He stressed that LAGBIS represents another important milestone in the government's vision of creating a well-regulated, sustainable and globally competitive Lagos where development is guided by best practices, compliance and public safety.
Similarly, the Permanent Secretary, Office of Urban Development, Engr. Adeyemi Adetunji, emphasized the importance of institutional collaboration in ensuring the effective implementation of the scheme, adding that building insurance complements existing regulatory mechanisms aimed at safeguarding lives and property.
The General Manager of the Lagos State Building Control Agency (LASBCA), Bldr. Gbaye Florence, described the launch of the Lagos State Building Insurance Scheme as a landmark achievement in the State's efforts to strengthen building safety and enhance compliance within the construction industry.
She noted that the initiative is expected to encourage greater adherence to building regulations while providing an additional layer of protection for building owners and occupants.
She reiterated LASBCA's commitment to working closely with stakeholders to ensure the successful implementation of the scheme and its contribution to a safer built environment across Lagos State.
Also lending his voice to the initiative, the Commissioner for National Insurance Commission, Mr. Olusegun Ayo Omosehin, represented by the Deputy Commissioner of the National Insurance Commission, Mr. Ekerete Ola Gam-Ikon, commended the Lagos State Government and LASBCA for introducing the Lagos State Building Insurance Scheme, describing it as a significant step towards strengthening insurance penetration and promoting a culture of risk management within the built environment.
He noted that building insurance remains an important safeguard for lives, properties and investments, stressing that compliance with compulsory insurance policies would contribute immensely to public safety and economic resilience.
Speaking on behalf of the technical partner, the Chief Executive Officer of VEDA Technology, Mr. Bode Pedro, disclosed that the organisation has set an ambitious target of paying out over ₦2 billion in insurance claims on or before 2027, demonstrating its confidence in the sustainability and effectiveness of the Lagos State Building Insurance Scheme.
He explained that the initiative is designed to provide reliable insurance protection while supporting the State Government's vision of ensuring safer buildings through compliance-driven insurance coverage.
The launch of the Lagos State Building Insurance Scheme (LAGBIS) marks another significant milestone in the Lagos State Government's continuous efforts to promote building safety, encourage regulatory compliance and foster stronger collaboration between government, the insurance industry and stakeholders in the built environment.
Through the initiative, the State aims to ensure that building insurance becomes a vital instrument for enforcing compliance, reducing risks associated with building failures and protecting lives, investments and infrastructure while reinforcing Lagos' position as the benchmark for sustainable urban development in Nigeria.
0 Comments