The Lagos State Government has announced a new policy requiring compulsory insurance for all multi-storey commercial buildings with more than two floors. This initiative was revealed during the 2025 Real Estate Discussions and Awards held in Lagos, organized by Thinkmint Nigeria.
Dr. Olajide Babatunde, Special Adviser to the Governor on Enterprise Geographic Information System (E-GIS) and Urban Development, emphasized the government’s commitment to enhancing land administration and urban development through technology and transparency. He stated that a comprehensive digital mapping project has been completed to support the rollout of the E-GIS, which will facilitate online land searches, applications, and real-time verification of ownership.
Alongside the insurance mandate, the state will initiate a land and building regularization pilot project involving 300 properties in Epe. A new electronic planning permit system is also being introduced, allowing compliant applicants to secure building approvals in as little as ten minutes, significantly reducing bureaucratic delays.
Babatunde warned developers against practices such as double allocations and unapproved developments, indicating that penalties would be imposed for non-compliance. Residents and investors are encouraged to verify land titles and building approvals before engaging in transactions.
The Permanent Secretary for the Office of Physical and Urban Development, Olumide Sotire, reiterated the need for strict adherence to physical planning laws to manage Lagos’s rapid urban growth. He highlighted ongoing infrastructure projects, such as the Lekki Deep Sea Port and various road expansions, as crucial to opening new investment opportunities in the state.
Dr. Emeka Inegbum, Executive Director of Operations at Family Homes Funds, discussed innovative financing models aimed at addressing Nigeria’s housing deficit, including several funds designed to promote affordable housing.
The Chief Executive Officer of Thinkmint Nigeria, Imelda Olaoye, praised the collaborative efforts and policy clarity achieved during the discussions, reinforcing the importance of collaboration and innovation in the real estate sector.
This new insurance requirement is part of the Lagos State government’s broader strategy to enhance urban development, improve land management, and ensure sustainable growth in the region.
