Lagos launches digital insurance platform to fight building

The Lagos State government, in collaboration with VEDA Technology and insurance industry stakeholders, has launched the Lagos Building Insurance Scheme (LAGBIS), Africa’s first fully digitised building insurance, compliance, and risk management programme.

The initiative aims to improve public safety, protect lives, and safeguard property investments across the state.

The official unveiling took place in Lagos as a direct response to a rise in catastrophic fires and urban hazards, including the Christmas Eve fire at the Great Nigeria Insurance Building on Lagos Island, which destroyed hundreds of shops and goods worth billions of naira. With over 1,685 fires recorded in Lagos over the past year—resulting in estimated property losses of ₦19.7 billion—LAGBIS introduces a tech-enabled system designed to streamline mandatory insurance compliance.

Aligning with Governor Babajide Sanwo-Olu’s THEMES agenda, LAGBIS protects property owners, occupiers, and third parties against fire, building collapse, and flooding.

Developed by VEDA Technology, the platform leverages address intelligence, cadastral mapping, satellite imagery, and digital building records across Lagos State’s 20 local government areas. The system integrates the Nigerian Insurance Industry Database (NIID), the Lagos State Building Control Agency (LASBCA) compliance framework, and the Electronic Physical Planning Permit System (EPPPS) to enable near-instant policy issuance and digital monitoring. Every valid policy issued automatically generates a digital compliance certificate verifiable by LASBCA during routine inspections.

Speaking on behalf of Governor Sanwo-Olu, Deputy Chief of Staff Sam Egube described the launch as a critical 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, “ Egube said

Bode Pedro, CEO of VEDA Technology, highlighted the collaborative effort behind the platform and its focus on efficiency.

“What we have built is a digital ecosystem designed to make building insurance simpler, more transparent, and accessible for every eligible building owner,” Pedro stated.

The initial phase aims to cover 500,000 buildings, drawing from a digital database of approximately three million mapped properties across the state. Nine NAICOM-licensed insurance companies are underwriting policies during the pilot, with participation expected to expand to all licensed insurers before the end of 2026.

Unlike traditional coverage frameworks, LAGBIS unifies four core pillars: insurance, compliance, public education, and enforcement. While participating insurers handle coverage and claims, LASBCA will oversee digital verification and compliance. The initiative is backed by a public education campaign to ensure stakeholders understand their coverage, statutory requirements, and claims processes.

The launch event was attended by top government officials and industry leaders, including Builder Florence Gbaye, General Manager of LASBCA; Dr. Olajide Babatunde, Special Adviser on e-GIS and Urban Development; Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance (representing NAICOM); Mrs. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association; and White Cap Chiefs representing the Oba of Lagos, Oba Rilwan Akiolu.