Lagos Government to Enforce Insurance on Commercial Properties Above Two Floors

Lagos Government to Enforce Insurance on Commercial Properties Above Two Floors
…Warn developers against double allocations, forged surveys, and unapproved developments
Olumide Sotire emphasised the importance of regulation and professional collaboration in managing Lagos’s rapid urban expansion

The Lagos State Government has announced that all multi storey commercial buildings above two floors will now be required to have compulsory insurance.

Contents

EDITOR’S PICK
FURTHER READING

Eko Hot Blog reports that the disclosure was made at the 2025 Real Estate Discussions and Awards held in Lagos and organised by Thinkmint Nigeria.

EDITOR’S PICK

Delivering a keynote address, the Special Adviser to the Governor on Enterprise Geographic Information System and Urban Development, Dr Olajide Babatunde, reaffirmed the state’s commitment to transforming land administration, urban renewal, and housing delivery through technology, transparency, and sustainable planning.

According to him, Lagos State, in collaboration with international partners, has completed a comprehensive digital mapping process to support the rollout of the Enterprise Geographic Information System, a digital platform that will enable instant land searches, online applications, digital certification, and real time verification of ownership and approvals.

He announced that Lagos would soon begin enforcing compulsory insurance for all multi storey commercial buildings above two floors and commence land and building regularisation through a 300 property pilot project in Epe.

“In addition, a new electronic planning permit system will enable compliant applicants to secure building approvals in as little as 10 minutes, drastically cutting bureaucratic delays,” Babatunde said.

He warned developers against double allocations, forged surveys, and unapproved developments, noting that the state had commenced a comprehensive physical planning audit and would impose penalties on non compliant properties.

The special adviser urged residents and investors to verify all land titles, surveys, and building approvals before concluding any property transaction to avoid sanctions.

Babatunde reaffirmed Governor Babajide Sanwo Olu’s commitment to expanding land supply by unlocking more parcels for lawful and sustainable use.

He said the state had activated urban regeneration projects through the Lagos State Urban Renewal Agency, including the Katangua redevelopment, the relocation of Okobaba to Agboyi, and several site and service schemes designed to optimise land utilisation.

Lagos Government to Enforce Insurance on Commercial Properties Above Two Floors

He added that Lagos currently operates multiple inherited land title systems, ranging from Queen’s Titles to Federal and State Titles, but the government is consolidating these into a single transparent framework to harmonise ownership, eliminate duplication, and strengthen investor confidence.

Supporting the initiative, the Permanent Secretary, Office of Physical and Urban Development, Olumide Sotire, emphasised the importance of regulation and professional collaboration in managing Lagos’s rapid urban expansion.

He noted that population growth and internal migration have resulted in fragmented and unplanned developments, putting immense pressure on land, housing, and infrastructure. He called for strict adherence to physical planning laws to ensure orderly and sustainable urban development.

Sotire highlighted key infrastructure projects including the Lekki Deep Sea Port, the Lagos Calabar Coastal Road, the Lekki Epe and Lagos Badagry Expressway expansions, and the Lagos Rail and Water Transport Systems as catalysts driving new investment corridors across the state.

He also advocated green building designs, climate resilient infrastructure, and smart city innovations, describing sustainability as the foundation of Lagos’s future planning strategy. He underscored the role of the Enterprise Geographic Information System in promoting transparency and efficiency in land management.

From the national perspective, the Executive Director of Operations at Family Homes Funds, Dr Emeka Inegbum, shared insights on innovative financing models aimed at addressing Nigeria’s housing deficit.

He explained that the Family Homes Funds, a Federal Government institution under the Ministry of Finance, focuses on unlocking affordable housing through strategic funding mechanisms.

Inegbum outlined four major interventions: the Affordable Housing Fund, the Rental Housing Fund, the Help to Own Programme, and the Land and Infrastructure Development Fund.

In her remarks, the Chief Executive Officer of Thinkmint Nigeria, Imelda Olaoye, commended the high level of collaboration and policy clarity demonstrated during the 2025 real estate event.