The Nigerian Council of Registered Insurance Brokers (NCRIB) expressed regret on Thursday over the collapse of a seven‑storey building at Banana Island, Lagos State. The structure, which was under construction in the Ikoyi area of Banana Island, fell at around 5:00 p.m. on Wednesday while concreting work was underway on the sixth floor.
The National Emergency Management Agency (NEMA) issued a statement confirming that no deaths were recorded, although several workers were trapped inside the building. A response team has been mobilised to search for and rescue those individuals.
In a statement released in Lagos, NCRIB President Mr. Rotimi Edu described the incident as a case of negligence by the building experts responsible for the construction. “Though no casualty was reported, the collapse raises questions about the persistent failure of building contractors to adhere to existing regulatory prescriptions for public buildings in the country,” Edu said. He emphasized that the sensitivity of public structures necessitates that builders and owners secure appropriate insurance policies, such as Public Liability, Contractors All Risk, and the provisions of Sections 64 and 65 of the Insurance Act.
Edu noted that had these insurance policies been in place, the risk of total loss for the owners of the collapsed building would have been significantly reduced. He called on the Lagos State Government to expedite the investigation into the cause of the collapse and to promptly inform the public of the findings and the actions to be taken to prevent future building infractions in the state.
The incident echoes a similar collapse of a high‑rise block of flats under construction in Ikoyi in November 2021, which resulted in loss of life and attracted widespread public condemnation.
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