Lagos Partners with VEDA Technology to Launch Africa’s First Fully Digital Building Insurance Platform
In a groundbreaking move to enhance urban resilience and public safety, the Lagos State Government has officially launched the Lagos Building Insurance Scheme (LAGBIS), Africa’s first fully digitized platform for building insurance, compliance, and risk management. Developed in partnership with VEDA Technology and key industry stakeholders, LAGBIS represents a significant leap forward in modernizing infrastructure protection across Nigeria’s commercial hub.
The initiative responds to a rising tide of fire incidents and property losses that have plagued Lagos in recent years. Notably, the Christmas Eve fire that devastated the Great Nigeria Insurance Building on Martins Street, Lagos Island, resulting in billions of naira in damages, underscored the urgent need for a more effective safety and insurance framework. With over 1,685 fires recorded in the past year alone, causing an estimated ₦19.7 billion in property damage, Lagos is demonstrating its commitment to safeguarding its built environment through innovative technology.
LAGBIS is aligned with Governor Babajide Sanwo-Olu’s THEMES agenda, reinforcing the state’s vision for safer, more resilient urban development. The platform integrates four critical pillars—insurance, compliance, public education, and enforcement—into a streamlined digital ecosystem designed to make mandatory building insurance more accessible, transparent, and enforceable.
Under the pilot phase, nine NAICOM-licensed insurance companies are underwriting policies through the platform, with plans to expand to all licensed insurers by the end of 2026. The Lagos State Building Control Agency (LASBCA) oversees compliance and enforcement via a secure digital verification system, ensuring that policies are both issued and monitored in real-time. Developed by VEDA Technology, the platform harnesses address intelligence, cadastral mapping, satellite imagery, and digital building records across Lagos’ 20 local government areas, simplifying the process of mandatory insurance and strengthening regulatory oversight.
Every valid policy issued through LAGBIS automatically generates an insurance compliance certificate, verifiable during inspections by LASBCA. Public education campaigns will accompany the rollout to ensure building owners understand their legal obligations, available coverage options, and claims procedures—fostering a culture of proactive protection rather than punitive enforcement.
Speaking at the launch, Deputy Chief of Staff to Lagos State Governor Babajide Sanwo-Olu, Mr. Sam Egube, emphasized the initiative’s role in strengthening institutional 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.”
The state’s initial target is to protect 500,000 buildings in the first phase, leveraging a comprehensive digital database of approximately three million mapped structures across Lagos.
Bode Pedro, CEO of VEDA Technology, highlighted the transformative potential of the platform:“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.”He added, “Insurance only delivers value when claims are honoured. The platform was intentionally designed to simplify policy issuance, improve transparency, and support faster recovery following insured losses. The policy is the document. The claim is the promise.”
The launch event brought together senior government officials, insurance regulators, industry leaders, traditional rulers, and key stakeholders from across Nigeria’s built environment. Participants included Builder Florence Gbaye, General Manager of LASBCA; Dr. Olajide Babatunde, Special Adviser on e-GIS and Urban Development; Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance representing NAICOM; Mrs. Ebelechukwu Nwachukwu, Chairperson of the Nigerian Insurers Association; and representatives from the Oba of Lagos, including the White Cap Chiefs.
Building owners, developers, and stakeholders can now access the Lagos Building Insurance Platform to learn more about the scheme, obtain mandatory coverage, verify policies, and access insurance compliance certificates—marking a new era of digital safety and resilience for Lagos and beyond.