Immediate past President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Babatunde Oguntade, has praised the new Insurance Act for providing long-awaited clarity in the sector. Speaking on the Act’s implications, Oguntade emphasized that it establishes robust consumer protection procedures and defined claims processing timelines, offering real estate professionals opportunities to secure their investments.
He urged industry players to procure insurance for properties under their management, highlighting the Act’s potential to enhance transparency and investor confidence.
Representing FIABCI Africa and Near East, the President Adeniji Adele, through Vice President FIABCI-Nigeria, Ayodeji Odeleye, noted that real estate professionals now have a clear legal responsibility to ensure compliance across all transactions, development proposals, and property management portfolios.
Odeleye stressed:
“Non-compliance now carries enforceable penalties, making risk awareness and proper documentation indispensable. The legislation offers more than regulatory compliance; it presents a strategic opportunity to boost investor confidence, strengthen project viability, and reduce financial risks.”
He also highlighted recurring challenges in the sector—building collapses, fire outbreaks, infrastructure failures, and other hazards—as reasons why insurance compliance is no longer optional but essential for safeguarding investments and mitigating losses.
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