Liberia has approached Nigeria’s National Insurance Commission (NAICOM) for technical assistance on insurance regulation and supervision as it works to strengthen its insurance industry following Nigeria’s N720 billion recapitalisation exercise.
The Central Bank of Liberia (CBL) made the request during a strategic working visit to NAICOM by a delegation led by Mulbah Francis Bowah, according to a statement issued by the Nigerian regulator.
The Liberian delegation identified risk-based capital requirements, regulatory transition management and insurance supervision as priority areas where it hopes to benefit from Nigeria’s experience.
Bowah said the engagement was aimed at deepening cooperation between the two countries’ regulatory institutions and supporting Liberia’s ongoing efforts to build a stronger and more resilient insurance sector.
He also highlighted risk assessment and mitigation frameworks, supervisory practices and examination methodologies as areas for technical collaboration.
Bowah expressed confidence that guidance from NAICOM would help Liberia strengthen its regulatory framework and manage the transition towards improved insurance industry standards.
He thanked the Nigerian commission for its support, describing Nigeria as a “big brother” and strategic partner in advancing insurance regulation and supervision across Africa.
The delegation was received by NAICOM’s Deputy Commissioner for Finance and Administration, 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.
He said NAICOM was willing to share its experience and best practices to help strengthen regulatory institutions and promote sustainable growth across the continent’s insurance industry.
The engagement comes after Nigeria completed its 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 signing of the new insurance law by President Bola Tinubu on July 31, 2025.
Under the reform, insurance and reinsurance companies were required to meet revised minimum capital thresholds designed to strengthen their financial capacity and resilience.
NAICOM said 50 insurance and reinsurance companies had met the new requirements, raising approximately N720 billion in capital.
The commission described the outcome as a major milestone in efforts to transform Nigeria’s insurance industry and strengthen its ability to withstand financial risks.
