Under the new law, landlords in Nigeria must now carry mandatory insurance policies for their properties.
The federal government has revealed that the Nigeria Insurance Industry Reform Act (NIIRA) 2025 will take effect from January 2026.
The new law will tax every landed property in the country and raise IGR therefrom.
Under the new NIIRA 2025, “Landlords in Nigeria must now carry mandatory insurance policies for their properties, covering risks like fire, flood, and building collapse, as well as liabilities from injuries or death to occupants and third parties.
“Failure to comply can result in significant penalties, including fines of at least ₦1 million and/or up to 12 months in prison.
“This reform is part of a broader effort to boost investor confidence and improve public safety in the real estate sector."
Analysts say the new property tax but veiled as insurance may generate well over N1tn for the government yearly.