The Nigerian Insurers Association and the Nigerian Council of Registered Insurance Brokers (NCRIB) have revealed that Fourscore Homes didn’t insure the collapsed Ikoyi building.
Gatekeepers News reports that NCRIB has revealed that Fourscore Homes did not insure the collapsed Ikoyi building.
NCRIB is the umbrella body of insurers and brokers in Nigeria.
The body said they have no record of an insurance policy on the building.
The body noted that the building owner, Femi Osibona, who also died in the rubble of the building, failed to obey Sections 64 and 65 of the Insurance Act 2003.
The section states that existing public buildings and those under construction with more than two floors must be insured against construction risks caused by negligence.
NCRIB President, Mr Rotimi Edu, in an exclusive interview with The Nation correspondent yesterday, said they could not establish any form of insurance on the building.
Rotimi emphasised that the law provides that every public building must be insured against liability in the case of loss, damage to property, death or bodily injury caused by collapse, fire, earthquake, storm or flood.
He said: “The developer of the collapsed 21-storey building, Femi Osibona, who was among the 44 victims of the crash, did not do insurance, and this is unfortunate. Unless he went directly to insurers to insure it, we do not have any insurance records among our members.
“We wrote a letter to Governor Sanwo-Olu after the incident to set up a committee to investigate the matter.
“We are disappointed that the Governor set up the committee without involving us.
“Shortly before the incident, Mr Gbolahan Oki called me to have a meeting with some brokers.
“The date he called for was on the day of my investiture, so we reschedule the meeting. Unfortunately, the incident happened days after.
“We plan to keep the flame burning to ensure that the law is obeyed and all public buildings are insured in the country. Never again should this happen in the country.”
