Lagos urges owned-estate allottees to insure homes

Lagos State Government yesterday called on allottees of government-owned housing estates to ensure regular annual payment of insurance dues.

It said the insurance payment was not a one-off payment, adding that the payment ensured risk of loss during disaster and unforeseen emergency situations was mitigated.

Commissioner for Housing Moruf Akinderu-Fatai said government investment through the provision of world-class facilities, as well as individual and collective assets of residents of government-owned estates must be protected against risk, with compulsory insurance subscription.

He spoke while receiving LASACO Insurance team led by the Managing Director, Ademoye Shobo, on a visit to the Ministry of Housing.

The commissioner, represented by the Permanent Secretary, Abdulhafis Toriola, congratulated Shobo on his appointment and hailed LASACO for “seeking honest feedback and deeper engagement with the ministry.”

He commended the company for its “openness to feedback, continuous collaboration, transparency, and accountability, which are essential to improving service delivery and protecting the interest of Lagos State.”

The ministry agreed to a deployment of technology-driven system leveraging API integration and data collaboration.

The system, he said, would enable the ministry to easily identify home unit allottees, who had insured their properties and those who had not, thereby strengthening compliance, monitoring and risk management.

Shobo informed the management of the Ministry of Housing that the visit was to introduce the new management and reinforce relationships with key stakeholders.

He said: ‘’It also provided an opportunity for the LASACO Managing Director to express the company’s appreciation to the ministry for its consistent support and for safeguarding the interests of Lagos State in critical insurance engagements”.

He commended the ministry for ensuring insurance portfolios linked to the state remained within LASACO, a company with significant Lagos State investment, noting that such actions were vital to protecting public investments and ensuring sustainable returns for the state.

Shobo highlighted LASACO’s proven technical capacity and financial strength in managing large-scale risks for Federal Government and Lagos State, reiterating that insurance was fundamentally about risk transfer and risk sharing.

He reaffirmed LASACO’s longstanding reputation for professionalism, noting that the company had consistently maintained the highest number of professionals in the Nigerian insurance industry for over two decades.

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The meeting also served as a platform for constructive engagement between the ministry officials and LASACO on how to better manage contractor’s bond liabilities, delivery timelines and project management process.

LASACO managing director assured the ministry of improved collaboration and responsiveness going forward.

 “Whenever there is a valid loss, LASACO will always honour its obligations. Our record in claims settlement reflects our commitment to accountability, professionalism and trust,” he said.