Liberia seeks Nigeria’s insurance regulatory playbook after N720 billion recapitalisation

The Central Bank of Liberia (CBL) has reached out to Nigeria’s National Insurance Commission (NAICOM) for technical advice on risk-based capital requirements, insurance oversight, and regulatory change. This collaboration, revealed in a statement from NAICOM following a strategic visit by a CBL delegation headed by Mr. Mulbah Francis Bowah, aimed to bolster Liberia’s insurance sector.

The Liberian regulator pinpointed the adoption of risk-based capital standards and regulatory transition management as key areas where NAICOM's expertise could prove beneficial. In addition to these, Bowah highlighted risk analysis and mitigation frameworks, insurance supervision techniques, and examination protocols as priority topics for collaboration.

He emphasized that the visit sought to fortify regulatory cooperation and enable Liberia to leverage Nigeria's experience in fortifying insurance regulation and oversight. NAICOM’s Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, who represented the Insurance Commissioner, expressed gratitude for the reception extended to the delegation and reaffirmed the commission’s dedication to regional partnerships, skill enhancement, and knowledge transfer among African insurance regulators.

This interaction underscores the significance of collaborative efforts and peer learning in reinforcing regulatory bodies, enhancing supervisory criteria, and fostering more robust insurance markets throughout Africa. The engagement comes in the wake of Nigeria’s successful insurance industry recapitalization initiative under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This initiative, spanning from August 2025 to July 31, 2026, required insurance entities to adhere to updated minimum capital thresholds, a process that concluded with approximately N720 billion raised across 50 insurance and reinsurance firms. NAICOM noted this completion as a significant milestone in the reform of Nigeria’s insurance sector.