The Central Bank of Liberia (CBL) has approached Nigeria’s National Insurance Commission (NAICOM) for technical guidance on risk-based capital requirements, insurance supervision, and regulatory transition as it seeks to strengthen Liberia’s insurance industry.
The engagement was disclosed in a statement by NAICOM following a strategic working visit by a CBL delegation led by Mr Mulbah Francis Bowah.
According to the statement, the Liberian regulator identified the implementation of risk-based capital requirements and the management of regulatory transitions as key areas in which it hopes to benefit from NAICOM’s experience.
Other areas of engagement
Beyond risk-based capital and regulatory transition, Bowah identified risk assessment and mitigation frameworks, insurance supervision practices, and examination methodologies as priority areas for cooperation.
He said the visit was intended to deepen regulatory collaboration and enable Liberia to draw on Nigeria’s experience in strengthening insurance regulation and supervision.
- “The Central Bank of Liberia remains committed to strengthening its insurance regulatory framework and is confident that insights and technical guidance from NAICOM will play a significant role in supporting Liberia’s ongoing reform efforts and ensuring a seamless transition towards a more robust and resilient insurance sector,” Bowah said.
He thanked NAICOM for its reception and continued support for Liberia’s insurance regulatory authority, describing Nigeria as a “big brother” and a strategic partner in advancing insurance regulation and supervision across Africa.
NAICOM committed to regional partnership
The delegation was received by NAICOM’s Deputy Commissioner for Finance and Administration, Mr Ekerete Ola Gam-Ikon, who represented the Commissioner for Insurance.
Gam-Ikon reaffirmed the commission’s commitment to regional partnerships, capacity building, and knowledge exchange among African insurance regulators.
- “The Commission is ready to share experiences and best practices that contribute to stronger regulatory institutions and sustainable growth of the insurance industry across the continent,” he said.
The engagement highlights the role of regional cooperation and peer learning in strengthening regulatory institutions, improving supervisory standards, and developing more resilient insurance markets across Africa.
Nigeria completes insurance industry recapitalisation
The engagement follows the completion of Nigeria’s insurance industry recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The exercise ran from August 2025 to July 31, 2026, following the enactment of the new insurance law, which President Bola Tinubu signed on July 31, 2025.
The 12-month compliance period required insurance operators to meet revised minimum capital thresholds intended to strengthen the industry’s financial capacity and resilience.
NAICOM said 50 insurance and reinsurance companies had complied with the new capital requirements, raising approximately N720 billion.
The commission described the completion of the exercise as a major milestone in the transformation of Nigeria’s insurance industry.