NAICOM Pushes Enforcement of Insurance for Public Buildings, Projects
Samuel Mobolaji
The National Insurance Commission (NAICOM) has intensified efforts to enforce insurance compliance for public buildings and buildings under construction, as stakeholders met in Abuja for the 4th meeting of the Joint Committee on the issue.
The meeting, held on May 14, 2024, at Bon Hotel Garki II, was chaired by NAICOM’s Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon. It brought together regulatory bodies, industry operators, and enforcement agencies to review progress and address challenges in implementing mandatory insurance provisions under Nigerian law.
In his opening address, Mr. Gam-Ikon welcomed new representatives from the quantity surveying profession and reaffirmed NAICOM’s commitment to broaden enforcement beyond third-party motor insurance.
He stressed that regulatory collaboration is crucial to achieving full compliance in the built environment sector.
Highlighting the commission’s focus on claims performance, he referenced the swift settlement of claims after a fire incident at the Cash and Carry supermarket, showcasing the effectiveness of insurance when properly implemented.
Stakeholders, including the Nigerian Insurers Association (NIA), the Federal Fire Service, and Development Control, discussed the status of enforcement. Development Control confirmed that enforcement of the insurance requirement began in January 2025 but noted that full implementation is pending due to the absence of some critical documents.
Gam-Ikon urged the agency to develop a comprehensive database of public buildings and ongoing construction projects, insisting that only properly documented structures should qualify for insurance cover.
Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked the committee members for their continued collaboration, noting that sustained stakeholder engagement is vital for strengthening risk management and public safety across the construction sector.
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