Ikoyi Building Collapse: How Developer Ignored Instruction To Insure Property

Reports claimed that Femi Osibona, the deceased developer of the 21-storey building that collapsed on Gerrard Road, in Ikoyi area of Lagos, ignored a directive by the Lagos State Physical Planning Permit Authority (LAPPPA) to insure the structure.

PrimeBusiness.africa gathered that the developer was directed to insure the liabilities associated with construction of the building.

The development permit no-DCB/DO/2442IV, dated 09/04/2019 read that developer was duly directed by the Lagos State government to insure the construction risks of the building.

Part G of the permit read: “A developer of any building above two floors shall insure his/her liability in respect of construction risks and submit a Certified True Copy, CTC, of such insurance policy certification with his/her development permit to Lagos State Building Control Agency, LASBCA.”

“Non-compliance with the approved planning permit as designed will void the permit, and the development will be regarded as illegal.

“Owners of public buildings must desist from the act of constructing high-rise buildings without the regulatory building insurance coverage. Building without building insurance coverage means violation of the insurance law.”

Also speaking, the Director-General of Nigeria Insurers Association, NIA, Mrs. Yetunde Ilori said that all the stakeholders in the construction industry should take appropriate steps to ensure compliance with the extant laws to stop the needless loss of life and property.

Ilori said: “The Insurance Act 2003, in its Section 64(1) states that no person shall construct any building of more than two floors without insuring with a registered insurer his liability in respect of construction risks caused by his negligence or the negligence of his servants, agents or consultants which may result in bodily injury or loss of life to or damage to property of any workman on the site or of any member of the public.

“This is not the time for blame game but sober reflection and a call to action. Those who are vested with the power to enforce the laws of the land owe it a duty to ensure that laws are obeyed.”

On his part, President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Rotimi Edu said the increasing cases of building collapse are a call on relevant stakeholders to ensure compliance with extant regulations.