The National Insurance Commission (NAICOM) on Monday hosted a high-powered delegation from the Central Bank of The Gambia, led by Mr. Nyang Medeleine Gomez, for a working visit aimed at strengthening regulatory collaboration and knowledge exchange in critical areas of insurance supervision.
The primary focus of the visit was to study Nigeria’s approach to three core areas of insurance regulation: Risk-Based Supervision, Prudential Frameworks, and Inclusive Insurance.
Welcoming the delegation on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, the Deputy Commissioner for Technical, Dr. Usman Jankara, along with the Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, expressed NAICOM’s readiness for cooperation and mutual learning. Describing the visit as a “knowledge-sharing exercise,” Jankara emphasized the importance of peer-to-peer learning in building regulatory capacity across the African continent.
In his remarks, Mr. Gomez stated that the purpose of the visit was to understand NAICOM’s implementation of a risk-based supervisory approach for a stable and resilient insurance sector, explore strategies for extending insurance access to underserved and low-income communities, and learn best practices in prudential regulation to protect policyholders and maintain public trust.
In a comprehensive response, Dr. Jankara reaffirmed NAICOM’s commitment to supporting the Gambian delegation across all areas of interest. He emphasized the significant evolution of Nigeria’s insurance regulatory framework, especially in corporate governance, where the Commission has progressed from basic compliance to robust enforcement. He further stated that the recently passed Insurance Regulatory Bill, once granted presidential assent, would play a pivotal role in Nigeria’s goal of achieving a one-trillion-dollar economy.
Dr. Jankara also spotlighted NAICOM’s advances in promoting financial inclusion, citing the successful licensing of 15 microinsurance firms and 6 Takaful insurance providers as milestones that demonstrate growing insurance penetration. He assured the visiting delegation of NAICOM’s willingness to share its operational templates and regulatory manuals, while also deepening engagement with key departments such as Inspectorate, Supervision, and Innovation & Regulation.
The visit concluded with a reaffirmation of both institutions’ commitment to ongoing collaboration and knowledge sharing, marking an important step towards a more resilient and inclusive insurance landscape across the African region.
