Edu, President, NCRIB

Press Release

The Nigerian Council of Registered Insurance Brokers has expressed regret about the collapse of the seven storey building in Banana Island, Lagos State

Although, no casualty was reported, the Council noted that the collapse brings to questioning the continuous recalcitrance of building contractors to adhere to extant regulatory prescriptions concerning public buildings in the country

The President of The Nigerian Council of Registered Insurance Brokers, Mr. Rotimi Edu, in a release, regretted the collapse, describing it as a case of negligence by the building experts who undertook the construction.

Edu seized the opportunity to underscore the sensitivity of public buildings necessitating the need for builders and owners to imbibe insurance policies such as Public Liability, Contractors All Risk (CAR) and other prescription of Section 64 & 65 of the Insurance Act, with regards to public buildings.

“If these insurance policies had been in place, the risk of total loss incurred by the owners of the collapsed buildings would have been greatly reduced’, he noted.

Edu called on the Lagos State Government to expedite investigation on the cause of the building collapse and urgently apprise the public with the result of the findings and actions to be taken to avert future building infractions in the state and the Country.

It will be recalled, that sometime in November 2021, similar incidence of collapse of a high rise block of luxury flats under construction in the neighborhood of Ikoyi in Lagos, occurred in which several persons were killed, attracting public condemnation.