The Lagos State Government, in collaboration with VEDA Technology and key insurance industry stakeholders, has officially launched the Lagos Building Insurance Scheme (LAGBIS), marking Africa’s first fully digitised building insurance, compliance and risk management programme. The initiative is designed to enhance public safety and protect lives, property and investments across the state, with an initial target of securing 500,000 buildings.
Addressing Fire Risks and Property Losses
The scheme responds to a critical need for stronger building protection after a series of devastating fire incidents in Lagos, notably the Christmas Eve fire that destroyed the Great Nigeria Insurance Building on Martins Street, Lagos Island, causing the loss of hundreds of shops and goods worth billions of naira. In the past year, Lagos recorded over 1,685 fires, with property losses estimated at ₦19.7 billion. LAGBIS introduces a technology-driven system to make building insurance more accessible while strengthening adherence to mandatory insurance laws. The programme aligns with Governor Babajide Sanwo-Olu’s THEMES agenda by safeguarding building owners, occupiers and third parties against risks such as fire, building collapse and floods, reinforcing the state’s commitment to safer urban development.
A Comprehensive Digital Ecosystem
Unlike conventional insurance schemes, LAGBIS integrates four essential pillars—insurance, compliance, public education, and enforcement—into a single digital platform. During the pilot phase, nine NAICOM-licensed insurance companies are underwriting policies through the platform, with plans to include all licensed insurers by the end of 2026. While insurers provide coverage and manage claims, the Lagos State Building Control Agency (LASBCA) monitors compliance and enforcement via a secure digital verification system. The platform, developed by VEDA Technology, leverages address intelligence, cadastral mapping, satellite imagery and digital building records across Lagos’ 20 local government areas to simplify mandatory building insurance and enhance regulatory oversight. It 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. Every valid policy automatically generates an insurance compliance certificate verifiable by LASBCA during inspections.
Government and Industry Support
Speaking at the launch, Deputy Chief of Staff to the Governor, Mr Sam Egube, who represented Governor Sanwo-Olu, described the initiative as a major institutional reform. “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,” he said. The Chief Executive Officer of VEDA Technology, Bode Pedro, emphasised the collaborative effort behind the platform. “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,” he stated. Pedro added, “Insurance is only valuable when valid claims are paid. The policy is the document. The claim is the promise.” The launch was attended by senior government officials, insurance regulators, traditional rulers, and industry leaders, including Builder Florence Gbaye (General Manager of LASBCA), Dr Olajide Babatunde (Special Adviser to the Governor on e-GIS and Urban Development), Mr Ekerete Ola Gam-Ikon (Deputy Commissioner for Insurance, representing the Commissioner for Insurance and CEO of NAICOM), Mrs Ebelechukwu Nwachukwu (Chairman of the Nigerian Insurers Association), and White Cap Chiefs representing Oba Riliwan Akinolu of Lagos.
Future Goals and Public Education
The state aims to protect 500,000 buildings in the first implementation phase, utilising a digital database of approximately three million mapped buildings across Lagos. The initiative will be supported by sustained public education campaigns to ensure building owners and occupiers understand mandatory insurance requirements, available cover, and the claims process, fostering a culture of protection rather than punishment. Building owners, developers and stakeholders can learn more about the scheme, obtain mandatory building insurance, verify policies and access Insurance Compliance Certificates at the Lagos Building Insurance Platform.
