The Lagos State Government has introduced the Lagos State Building Insurance Scheme to enforce compulsory building insurance and protect lives and property.

The government said the scheme was introduced because growth without safety is not progress.

Governor Babajide Sanwo-Olu, represented by the Deputy Chief of Staff, Sam Egube, stated this at the unveiling of the scheme on Friday in Lagos.

He said the initiative was aimed at strengthening building safety, promoting accountability in the construction sector and reinforcing Lagos’ position 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 said the state had continued to experience rapid physical development, driven by increasing investments in residential, commercial and infrastructure projects.

He, however, stressed that every new building came with a responsibility to ensure safety.

He disclosed that Lagos recorded 171 building collapses between 2011 and 2025. He said the government would intensify enforcement to ensure wider compliance with the law.

Sanwo-Olu also called on licensed insurance companies to partner with the government in ensuring the success of the initiative.

According to him, such a partnership will strengthen institutional confidence and promote responsible development across the state.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.

Gbaye said the initiative underscored the state government’s commitment to safer buildings, stronger regulatory compliance and a more resilient built environment.

She said the scheme represented a deliberate shift 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 saidGbaye said LASBCA’s mandate extended beyond enforcing building regulations to safeguarding lives, preserving investments and promoting public confidence in the built environment.

She noted that under the scheme, all buildings within the prescribed categories would be identified and notified by LASBCA.

She also said LAGBIS would be integrated into the state’s Electronic Physical Planning Permit Processing System to simplify compliance and promote transparency, accessibility and accountability.

She added that the insurance framework would strengthen economic resilience by reducing the government’s financial burden 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, describing it as not only a statutory requirement but also a demonstration of responsible ownership and sound financial planning.

The News Agency of Nigeria (NAN) reports that participants at the event included developers, engineers, and stakeholders in the built environment and construction sector, as well as government officials.