By Tony Emeka Nwosu
The Lagos State Government has introduced two major policy changes that could redefine the city’s real estate landscape: compulsory insurance for all commercial buildings above two floors and the rollout of a comprehensive digital land administration system (E-GIS).
The dual initiative, quietly launched this week, aims to improve building safety, reduce document fraud, and increase transparency in property transactions across Africa’s most dynamic real estate market.
Under the new policy, all commercial properties exceeding two floors must carry valid insurance coverage — a move expected to enhance compliance with safety standards and protect both owners and occupants from structural and fire-related risks.
Complementing this measure is the state’s new Electronic Geographic Information System (E-GIS), which digitizes land records and automates key processes such as land searches, title applications, certificate issuance, and verification of ownership and development approvals.
“The goal is simple: safer buildings, fewer fake documents, and a more transparent market,” said Elliot E. Odia, Founder and Group CEO of Wisecom Realty, in a LinkedIn post reacting to the announcement.
Odia, a dealmaker active in Eko Atlantic City and a member of the executive board at Veluxe Capital, described the reform as a “big move every serious property investor should pay attention to,” noting that it will reshape how risk is assessed in Lagos real estate.
“It is no longer enough to ask, ‘Is the building nice?’ You now have to ask, ‘Can I pull up this title and approval online, and is the structure properly insured?’” he said. “In the coming years, compliant assets in well-planned districts will stand out even more.”
Odia added that the reforms align with the model already implemented in Eko Atlantic City, a flagship smart city project off Victoria Island built on engineered infrastructure and transparent title processes. He cited the Pink Star development off Eko Boulevard — a 40-storey residential tower currently selling off-plan — as an example of projects benefiting from these new regulatory standards.
Analysts say Lagos’ digital land system and insurance requirement could strengthen investor confidence, particularly among institutional and high-net-worth buyers seeking greater legal certainty and reduced transactional risk.
As the reforms take effect, stakeholders in the property market — from developers to tenants — are being urged to prioritize compliance and embrace digital verification tools as the new benchmark for trust and safety in Lagos real estate.
