Nigeria, through its insurance regulator—the National Insurance Commission (NAICOM)—last week hosted a high-level delegation from the Central Bank of The Gambia, led by Nyang Medeleine Gomez. The working visit aimed to deepen regulatory cooperation and share expertise in critical areas of insurance oversight.
The focus of the visit was to examine Nigeria’s regulatory practices in Risk-Based Supervision, Prudential Frameworks, and Inclusive Insurance. These areas are key to developing a more resilient and inclusive insurance sector.
Receiving the Gambian team on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, were Deputy Commissioners Dr. Usman Jankara (Technical) and Ekerete Ola Gam-Ikon (Finance and Administration). Dr. Jankara described the engagement as a “knowledge-sharing visit,” emphasizing that no single regulator has all the answers, and that peer learning remains vital to building stronger institutions across Africa.
In her remarks, Gomez said the visit aimed to better understand NAICOM’s risk-based supervisory system, explore strategies for expanding insurance to underserved communities, and learn best practices in prudential regulation to protect policyholders and maintain public confidence.
Responding in detail, Dr. Jankara reaffirmed NAICOM’s commitment to supporting the Gambian delegation’s learning objectives. He noted the evolution of Nigeria’s insurance regulatory framework, particularly in the area of corporate governance, where enforcement mechanisms have become more robust.
He also referenced the newly passed Insurance Regulatory Bill, currently awaiting presidential assent, as a significant step towards realizing Nigeria’s ambition of building a one-trillion-dollar economy.
Highlighting progress in financial inclusion, Dr. Jankara pointed to the licensing of 15 microinsurance firms and six Takaful providers as evidence of NAICOM’s efforts to broaden insurance access.
He assured the visiting team that NAICOM would make its operational templates and regulatory manuals available through the relevant departments, and continue collaboration with key directorates, including Inspectorate, Supervision, and Innovation & Regulation.
