LBIC Faces Backlash Over Insurance and Supervision Levy Payments

LBIC Faces Backlash Over Insurance and Supervision Levy Payments

Residents of Abesan and other low-cost housing estates in Lagos are up in arms over the handling of insurance and supervision levy payments by Lagos Building Investment Company (LBIC). Despite paying N8,000 in January 2025 for an annual plan, residents have yet to receive insurance policies, official receipts, or any correspondence regarding the payment.

The issue has sparked concerns about LBIC's transparency, accountability, and competence. "It's surprising that despite paying the levy, residents have not received any documentation or updates on the status of their payments. We don't even know if it's a scam," said Mr. Kayode Ogundare, a resident of Abesan Estate. "We've been left in the dark, and it's frustrating not knowing what's going on with our payments."

Residents are also worried about the effectiveness of the insurance coverage. "If we don't have proof of payment or insurance policies, how do we know we're covered in case of any eventualities?" asked Mrs. Funke Jimoh, another resident.

The residents' association has tried to get answers from LBIC through their agent, Mr. Tayo Ogunlade, but their efforts have been met with silence. "We've tried reaching out to LBIC multiple times, but they never respond to our inquiries," said Mr. Femi Odeyemi, Public Relations Officer of Abesan Estate Residents' Association (AERA). "Even the agent who collected our payments, Mr. Tayo Ogunlade, has told us that he's not receiving the support he expected from LBIC."

In response to an inquiry by Abesan News, Babatunde Olugbile, a representative of LBIC, explained that the company is currently verifying payments due to issues with proper tagging of payments to specific blocks or flats. "Notifications to the respective estates will commence on or before Tuesday, June 24, 2025," Olugbile stated.

While LBIC's response has been met with skepticism, residents are willing to give the company the benefit of the doubt. "We hope that LBIC will finally deliver on their promises and provide us with the necessary documentation," said Mr. Michael Kehinde, President of Abesan Estate Residents' Association. "We paid our levies in good faith, and it's only fair that we receive the services we're entitled to."

With the annual policy paid for in January yet to be implemented in June, residents are unsure of LBIC's sincerity but are awaiting Tuesday's development. "We're willing to cooperate with LBIC, but they need to show us that they're committed to sincerity, transparency, and accountability," Mr. Kehinde added.

The development has sparked a wave of concern among residents, who are demanding better management and supervision in the estates. In the coming days, residents will be watching closely to see if LBIC follows through on its promises.