The recent collapse of a three-storey shopping mall in Lagos has reignited urgent discussions about the enforcement of compulsory builders’ insurance. The tragic incident, which occurred on Old Ojo Road, has raised concerns over safety standards and regulatory oversight in the construction sector. Despite existing laws, including Section 75 of the Nigerian Insurance Act, implementation remains lax, putting lives and investments at risk.
Industry experts have long advocated for stricter regulations. “Compulsory builders’ insurance is not just a legal requirement; it is a necessity for protecting lives and properties,” stated Chika Nwosu, President of the Nigerian Institute of Builders. This incident highlights the dire consequences of neglecting such regulations, emphasizing the need for immediate action by both the government and the construction industry.
As stakeholders call for stricter enforcement and accountability, the government must prioritize the establishment of a robust insurance framework. Moving forward, a commitment to compulsory builders’ insurance could significantly reduce risks and enhance safety in construction, ensuring that tragedies like this do not recur. The time for action is now, before another life is lost.
