Lagos State Launches Africa’s First Digital Building Insurance Scheme.

…Targets 500,000 Protected Buildings

Raheem Akingbolu

The Lagos State Government, in collaboration with VEDA Technology and key stakeholders across the insurance industry, has launched the Lagos Building Insurance Scheme,(LAGBIS), which is Africa’s first fully digitised building insurance, compliance and risk management programme aimed at improving public safety and protecting lives, property and investments across the state.

The unveiling took place last Friday in Lagos. The promoters said it was a response to a growing need for stronger building protection following a series of devastating fire incidents across Lagos, including the Christmas Eve fire that engulfed the Great Nigeria Insurance Building on Martins Street, Lagos Island, destroying hundreds of shops and goods worth billions of naira. Against a backdrop of more than 1,685 fires recorded across Lagos in the past year and property losses estimated at ₦19.7 billion, LAGBIS introduces a technology-enabled system designed to make building insurance more accessible while strengthening compliance with mandatory insurance laws.

The initiative also aligns with Governor Babajide Sanwo-Olu’s THEMES agenda by protecting building owners, occupiers and third parties against risks including fire, building collapse and floods, while reinforcing Lagos’ commitment to safer and more resilient urban development.

Developed by VEDA Technology, the Lagos Building Insurance Platform leverages 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. The platform 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 issued through the platform automatically generates an insurance compliance certificate verifiable by LASBCA during inspections. Beyond compliance, 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, reinforcing a culture of protection rather than punishment.

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 a major institutional reform that strengthens public confidence and improves urban resilience.

“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.”

Elaborating on the technology underpinning the initiative, Chief Executive Officer of VEDA Technology, Bode Pedro, said the platform was developed through extensive collaboration between government, regulators, insurers and technology partners to remove longstanding barriers to 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 noted that insurance only delivers value when claims are honoured, adding that the platform was intentionally designed to simplify policy issuance, improve transparency and support faster recovery following insured losses.
“Insurance is only valuable when valid claims are paid. The policy is the document. The claim is the promise.”

The state aims to protect 500,000 buildings in the first phase of implementation, drawing on a digital database of approximately three million mapped buildings across Lagos State.

Unlike conventional insurance initiatives, LAGBIS integrates four critical pillars: insurance, compliance, public education, and enforcement, into a single digital ecosystem. Under the pilot phase, nine NAICOM-licensed insurance companies are underwriting policies issued through the platform, with participation expected to expand to all licensed insurance companies before the end of 2026. While insurers provide insurance cover and manage claims, the Lagos State Building Control Agency (LASBCA) oversees compliance and enforcement through a secure digital verification system. The rollout also comes at a time when Nigeria’s insurance industry is projected to pay approximately one trillion naira in claims in 2026, highlighting the scale and capacity of the sector supporting the initiative.

The launch brought together senior government officials, insurance regulators, traditional rulers, insurance industry leaders and stakeholders from across the built environment, 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 Chief Executive of NAICOM; Mrs Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association; and the White Cap Chiefs representing the Oba of Lagos, Oba Riliwan Akinolu.
Building owners, developers and other stakeholders can learn more about the scheme, obtain mandatory building insurance, verify policies and access Insurance Compliance Certificates at Lagos Building Insurance Platform