Ikoyi building collapse: How developer ignored directive to insure property

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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, investigation has revealed.

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

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

Part G of the permit reads: “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.”

Similarly, Part E said: “Non-compliance with the approved planning permit as designed will void the permit, and the development will be regarded as illegal.”

So far, 44 bodies have been recovered from the rubble, including that of the owner of the structure, Mr. Osibona, while 15 people survived the tragedy with over 49 persons still searching for their missing loved ones in the incident.

Lamenting the tragedy, Commissioner for Insurance, Mr. Sunday Thomas, said there was the need to implement compulsory insurance for public buildings and buildings under construction.

Thomas said: “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.”



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