The National Insurance Commission (NAICOM) has reaffirmed its commitment to enforcing compulsory insurance for public buildings and buildings under construction across Nigeria. This was the central focus of the 4th Meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction, held on Wednesday, May 14, 2024, at Bon Hotel Garki II, Abuja.
Chaired by Mr. Ekerete Ola Gam-Ikon, NAICOM’s Deputy Commissioner for Insurance (Finance and Administration), the meeting brought together key stakeholders from regulatory agencies, the insurance industry, and professional bodies. It served as a platform to review progress, address implementation challenges, and strengthen collaboration on the enforcement of compulsory insurance as mandated by Nigerian law.
In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and provided updates on NAICOM’s enforcement roadmap. He noted that the Commission began its enforcement campaign with third-party motor insurance and is now intensifying efforts to ensure compliance in the building and construction sector.
“Our focus is shifting toward ensuring public buildings and structures under construction are adequately insured, in line with the law,” he said. “The goal is to protect lives, property, and investments. We’ve already seen the value of proper insurance enforcement, such as the recent fire incident at a Cash and Carry supermarket, where prompt claims were paid to the insured.”
Participants discussed the current state of enforcement. A representative of the Development Control Department disclosed that enforcement officially began in January 2025. However, full implementation is still on hold, pending the submission of necessary documentation.
Representatives from the Nigerian Insurers Association (NIA) and the Federal Fire Service also weighed in, emphasizing the importance of risk assessment, complete documentation, and awareness campaigns to drive compliance.
Mr. Gam-Ikon stressed the need for Development Control to create a centralised database of public buildings and buildings under construction, noting that only structures with approved documentation should qualify for insurance coverage.
Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, closed the meeting with a call for continued collaboration. He thanked committee members for their active engagement and reiterated the Commission’s commitment to strengthening regulatory compliance and promoting safety within the construction sector.
The meeting concluded with a shared resolve to enhance enforcement strategies and ensure that insurance becomes a central tool in Nigeria’s efforts to mitigate building-related risks.
Stay informed, stay ahead with The Ameh News
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
