Forging Ahead With Compulsory Building Insurance in Nigeria

Over the years, Nigeria has seen the collapse of many buildings, particularly that of residential accomodation. This played a huge part in the National Insurance Commission (NAICOM), and the Federal Fire Service recently holding a joint meeting targeted at enforcing compulsory public building liability insurance. The resolution has been described by insurance industry stakeholders as a welcome development and a step in the right direction. However, there are those who question whether the Commission which has been trying to get this passed since 2010, will succeed this time. In 2018, the government announced a new national building code that will regulate construction with the aim of improving on measures to safeguard lives and property in the country. A Bill is also on the cards, that when passed by the National Assembly and signed into law by President Muhammadu Buhari, will among others, make it mandatory for victims of a building collapse to be compensated by insurance firms.

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