Building homes without embedding comprehensive insurance from the ground up leaves Nigeria’s housing developments vulnerable to economic disaster, warned Wole Fayemi, Managing Director and Chief Executive Officer of Heirs General Insurance.
​Speaking at a real estate leadership summit in Lagos, Fayemi urged developers, mortgage financiers, government officials, and home buyers to radically reshape how the country approaches housing deliverability. Rather than treating risk protection as an afterthought, he argued that insurance must be integrated into project design, financing models, and urban policy from day one.
​”Nigeria cannot build its way out of a housing deficit if the structures we create are left exposed to structural failures, fire outbreaks, and extreme weather events,” Fayemi said. “True sustainability means ensuring that every naira invested in housing is protected against unpredictable loss.”
​Highlighting the economic toll of recurring property collapses and uninsured casualties across major commercial hubs, Fayemi emphasized that property insurance creates a safety net for families and long-term security for lenders. He urged regulatory bodies to strictly enforce existing property insurance laws, framing risk management not as a financial burden, but as a crucial driver of national economic resilience.
