How Insurance Fraudsters Wreck Lagos Lagoon — More Revelations To Come At Sept 11 Waterfront Summit

One of the biggest threats facing the Lagos waterfront is the rising activity of insurance fraudsters, according to startling revelations.

These scammers have been linked to shipwrecks, abandoned dredgers, accidents, and environmental contamination that endanger lives and investments around the Lagoon.

The Lagos State Commissioner for Waterfront Development, Dayo “Bush” Alebiosu, disclosed this at a pre-event parley for the maiden Lagos Waterfront Summit, billed for Thursday, September 11, 2025.

The summit is themed “Pressure on the Lagoon: The Lagos Experience”.

The pre- event session took place on September 4 at the Bagauda Kaltho Press Centre, Alausa Secretariat.

“We have issues of abandoned shipwrecks, which we’ve realized are tied to insurance scams. They bring dredgers, use them, abandon them, and then claim insurance payouts,” Alebiosu revealed.

Investigations show the scheme is simple: fraudsters acquire dredgers, mine sand, insure the equipment, and use it long enough to recoup their money. They then abandon the machines, file for insurance claims, and walk away with multiplied profits.

The consequences are dire—lives are put at risk through accidents, rusting equipment poisons marine life, and communities along the waterfront suffer the fallout. At the same time, the fraudulent claims drain insurance firms, damaging both the industry and the wider economy.

Alebiosu’s revelation is seen as a preview of weightier discussions expected at the summit, which will also tackle illegal land reclamation, unregulated dredging, and encroaching developments that have left the state’s waterfront under severe pressure.

The summit is scheduled to kick off at 9:00 a.m. and has already been tagged the “talk of the town,”with seven key highlights expected by stakeholders and the public.

They are;

1, Honest Conversations

Stakeholders, including policymakers, developers, researchers, and traditional leaders, will hold frank discussions on the scale of environmental and social challenges facing Lagos’ lagoon.

2. Bold Policy Proposals

The summit is expected to produce new policy directions to tackle illegal reclamation, strengthen regulations, and promote sustainable use of waterfront resources.

3. Community-Driven Solutions

Displaced and threatened waterfront communities will have a voice in shaping solutions that protect their livelihoods and cultural heritage

4. High-Level Key Notes

Babatunde Raji Fashola, former Lagos governor; Gboyega Oyetola, minister of marine and blue economy; and Agbaoye Kola Karim, chairman of Shoreline Group, will deliver keynote addresses.

5. Expert Conversations

Other notable speakers include Muiz Banire, former commissioner for environment, as well as experts in dredging, construction, and the blue economy.

6. Broad Participation

The summit will bring together professionals, developers, and investors alongside government officials in what is expected to be a multi-sector conversation.

7. Free Participation With Registration

Attendance is free but requires prior registration.

Organisers say this is to ensure wider participation while maintaining order.

The summit is billed to set a new agenda for safeguarding the Lagos lagoon, balancing development with sustainability, and preserving the city’s heritage for future generations.