The National Insurance Commission (NAICOM) has positioned itself as a key source of regulatory expertise for Liberia, offering technical guidance to the Central Bank of Liberia (CBL) as the West African country seeks to modernize its insurance sector.
NAICOM hosted a strategic working visit by a CBL delegation led by Mr Mulbah Francis Bowah, during which Liberia sought Nigeria’s experience in risk-based capital requirements, insurance supervision, and the management of regulatory transitions.
The Liberian delegation also identified risk assessment and mitigation frameworks, supervisory practices, and examination methodologies as priority areas for collaboration. NAICOM’s Deputy Commissioner for Finance and Administration, Mr Ekerete Ola Gam-Ikon, who received the delegation on behalf of the Commissioner for Insurance, reaffirmed the Commission’s readiness to share best practices and support capacity building among African regulators.
The engagement underscores NAICOM’s growing role as a regional partner in strengthening insurance regulation across Africa. Bowah described Nigeria as a “big brother” and strategic ally, expressing confidence that NAICOM’s guidance would support Liberia’s transition to a more resilient insurance framework.
NAICOM said it remains committed to partnerships that build stronger regulatory institutions and promote sustainable growth in African insurance markets. The Commission’s advisory role follows the completion of Nigeria’s insurance recapitalization exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The 12-month compliance window, which ended on July 31, 2026, required operators to meet higher minimum capital thresholds.
NAICOM further confirmed that 50 insurance and reinsurance companies complied, raising about N720 billion in fresh capital. The Commission described the outcome as a major milestone in strengthening the financial capacity and resilience of Nigeria’s insurance industry.
