The Lagos State Government has launched the Lagos Building Insurance Scheme (LAGBIS), a digital platform designed to improve building insurance compliance and reduce the impact of fire, building collapse and flood risks across the state.
The scheme, unveiled in Lagos on Friday, was developed in partnership with VEDA Technology and stakeholders in Nigeria’s insurance industry. According to the state government, LAGBIS is Africa’s first fully digitised building insurance, compliance and risk management programme.
The initiative comes after a series of fire incidents in Lagos, including the Christmas Eve fire that destroyed the Great Nigeria Insurance Building on Martins Street, Lagos Island. The incident affected hundreds of shops and destroyed goods worth billions of naira.
Officials said the state recorded more than 1,685 fire incidents in the past year, with estimated property losses of ₦19.7 billion. They said the new platform is intended to make mandatory building insurance easier to obtain while strengthening compliance with existing insurance laws.
The scheme also supports Governor Babajide Sanwo-Olu’s THEMES agenda by providing protection for building owners, occupiers and third parties against risks such as fire, building collapse and flooding.
Developed by VEDA Technology, the Lagos Building Insurance Platform combines address intelligence, cadastral mapping, satellite imagery and digital building records covering Lagos’ 20 local government areas. The platform is designed to simplify the process of obtaining mandatory building insurance while helping regulators monitor compliance.
It is integrated with the Nigerian Insurance Industry Database (NIID), the Lagos State Building Control Agency’s compliance framework and the Electronic Physical Planning Permit System (EPPPS). This allows insurance policies to be issued and verified digitally while enabling compliance checks during building inspections.
Every valid policy generated through the platform automatically produces an Insurance Compliance Certificate that can be verified by the Lagos State Building Control Agency (LASBCA). Officials said the government will also carry out public education campaigns to help building owners and occupiers understand mandatory insurance requirements, insurance cover and the claims process.
Speaking at the launch, the Deputy Chief of Staff to the Governor of Lagos State, Mr Sam Egube, who represented Governor Babajide Sanwo-Olu, described the initiative as an important step in strengthening public confidence and improving urban safety.
“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.”
Chief Executive Officer of VEDA Technology, Bode Pedro, said the platform was developed through collaboration between government agencies, regulators, insurers and technology partners to address challenges that have limited compliance with mandatory building insurance.
“What we have built is more than a technology platform. It is a digital ecosystem designed to make building insurance simpler, more transparent and accessible for every eligible building owner while strengthening public confidence in the insurance system.”
Pedro said the value of insurance depends on the ability of policyholders to receive compensation when losses occur.
“Insurance is only valuable when valid claims are paid. The policy is the document. The claim is the promise.”
The Lagos State Government plans to insure 500,000 buildings during the first phase of implementation. The programme is supported by a digital database containing about three million mapped buildings across the state.
The scheme combines insurance, regulatory compliance, public education and enforcement within one digital system. During the pilot phase, nine insurance companies licensed by the National Insurance Commission (NAICOM) are underwriting policies issued through the platform. The government expects all licensed insurance companies in Nigeria to participate before the end of 2026.
While insurance companies will provide cover and process claims, LASBCA will oversee compliance through a digital verification system. The launch also comes as Nigeria’s insurance industry is projected to pay about ₦1 trillion in claims in 2026, reflecting the industry’s capacity to support the initiative.
The launch was attended by government officials, insurance regulators, traditional rulers and industry representatives. Among them were LASBCA General Manager Builder Florence Gbaye; Special Adviser to the Governor on e-GIS and Urban Development, Dr Olajide Babatunde; Deputy Commissioner for Insurance, Mr Ekerete Ola Gam-Ikon, who represented the Commissioner for Insurance and Chief Executive Officer of NAICOM; Chairman of the Nigerian Insurers Association, Mrs Ebelechukwu Nwachukwu; and White Cap Chiefs representing the Oba of Lagos, Oba Riliwan Akiolu.
Building owners, developers and other stakeholders can obtain mandatory building insurance, verify policies and access Insurance Compliance Certificates through the Lagos Building Insurance Platform.
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