Liberia has approached Nigeria for technical support in strengthening its insurance regulatory framework, seeking to leverage the country’s experience in risk-based capital requirements, insurance supervision and industry reforms following a N720 billion recapitalisation exercise.
The Central Bank of Liberia (CBL) made the request during a strategic working visit to the National Insurance Commission (NAICOM), according to a statement issued by the Nigerian regulator.
The Liberian delegation was led by Mr Mulbah Francis Bowah, who identified risk-based capital implementation and the management of regulatory transitions as key areas where Liberia hopes to benefit from Nigeria’s experience.
Bowah said the engagement was designed to deepen cooperation between both countries and support ongoing efforts to build a stronger and more resilient insurance industry in Liberia.
He also identified risk assessment and mitigation frameworks, supervisory practices and examination methodologies as priority areas for collaboration.
According to him, technical guidance from NAICOM would help Liberia strengthen its regulatory framework and manage reforms more effectively.
“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 expressed appreciation to NAICOM for its reception and continued support for Liberia’s insurance regulatory authorities, describing Nigeria as a “big brother” and strategic partner in advancing insurance regulation across Africa.
NAICOM Pledges Support for African Regulators
Receiving the delegation on behalf of the Commissioner for Insurance, NAICOM’s Deputy Commissioner for Finance and Administration, Mr Ekerete Ola Gam-Ikon, reaffirmed the commission’s commitment to regional partnerships, capacity building and knowledge exchange among African insurance regulators.
Gam-Ikon said NAICOM was prepared to share its experiences and regulatory best practices to support stronger institutions and sustainable growth across the continent’s insurance industry.
“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 underscores the importance of cooperation among African regulators in improving supervisory standards, strengthening institutional capacity and building more resilient insurance markets.
Nigeria Raises N720bn Through Recapitalisation
Liberia’s request comes after Nigeria completed its insurance industry recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The exercise, which ran from August 2025 to July 31, 2026, followed the signing of the new insurance law by President Bola Tinubu on July 31, 2025.
Under the exercise, insurance and reinsurance operators were required to meet revised minimum capital thresholds aimed at improving their financial strength and capacity to meet obligations.
NAICOM reported that 50 insurance and reinsurance companies had met the new capital requirements, collectively raising approximately N720 billion.
The regulator described the completion of the exercise as a significant milestone in efforts to strengthen Nigeria’s insurance industry.
The higher capital requirements were intended to improve insurers’ financial capacity and resilience, while the regulatory transition provided an opportunity to reinforce oversight and industry standards.
Nigeria’s experience has now become a point of interest for Liberia as it seeks to strengthen its own insurance regulatory system.
The collaboration could provide a platform for both countries to exchange expertise and support wider efforts to improve insurance regulation and market resilience across Africa.
