As Nigeria intensifies efforts to bridge its housing deficit, a question that continues to receive far less attention than it deserves continues to hang over homeowners' heads.
What happens after the keys to a house are handed over?
Heirs Insurance Group Managing Director and CEO Wole Fayemi tackled that question at the 20th Africa International Housing Show 2026, arguing that increasing the supply of homes will not be sufficient if the homes remain vulnerable to preventable risks.
“A housing policy that focusses solely on construction is incomplete,” said Mr Fayemi.
“The true measure of success is not only the number of homes we build, but how effectively we protect the people, investments and communities those homes represent.”
His remarks come in the wake of recurring building collapses across Nigeria, where incidents have resulted in the tragic loss of lives, economic waste and declining public confidence in the built environment.
While regulatory reforms continue to evolve, Mr Fayemi stressed that insurance must move from being viewed as a compliance requirement to becoming an integral pillar of responsible housing development. As such, he challenged policymakers, developers, financiers and homeowners to rethink the country’s housing agenda by placing risk protection at the centre of national conversations.
Citing the NIIRA Act of 2025, he highlighted that developers and occupiers have a responsibility to insure properties, not only to satisfy legal obligations, but also to strengthen resilience across the housing ecosystem.
“Every building represents years of investment, aspiration and sacrifice. When those assets are left uninsured, the consequences extend far beyond individual property owners,” said Mr Fayemi.
“Families are displaced, businesses are disrupted, financial institutions are exposed and national development suffers.”
He also said, “Insurance should not begin when disaster strikes; it should begin when plans are being drawn.
“If we are serious about creating sustainable cities and protecting the wealth of future generations, then insurance must become part of every housing conversation.”