Nigeria, Gambia Regulators Collaborate On Insurance Supervision

Nigeria, represented by the National Insurance Commission (NAICOM), last week, welcomed a high-powered delegation from the Central Bank of The Gambia, led by Nyang Medeleine Gomez, on a strategic working visit aimed at fostering regulatory collaboration and exchanging knowledge in key areas of insurance supervision.

The primary focus of the visit was to study Nigeria’s regulatory approach in three critical areas of Risk-Based Supervision, Prudential Frameworks and Inclusive Insurance.

Receiving the delegation on behalf of the commissioner for Insurance, Olusegun Ayo Omosehin; the deputy commissioner for Insurance, Technical, Dr. Usman Jankara, alongside the deputy commissioner, Finance and Administration, Ekerete Ola Gam-Ikon expressed NAICOM’s readiness for collaboration and mutual learning.

He described the engagement as a ‘knowledge-sharing visit,’ noting that, ‘no one regulator has all the answers,’ and emphasised the importance of peer-to-peer learning in enhancing regulatory capacity across Africa.

In his remarks, Gomez explained that, the visit was intended to: “understanding NAICOM’s implementation of a risk-based supervisory system to ensure a stable and resilient insurance sector; exploring strategies for expanding insurance access to underserved and low-income populations through inclusive insurance frameworks and learn best practices in prudential regulation to safeguard policyholders’ interests and uphold public confidence in the insurance market.”

In a detailed response, Dr. Jankara reaffirmed NAICOM’s commitment to supporting the Gambian delegation across all areas of interest.

He emphasised that, Nigeria’s regulatory framework has evolved significantly, especially in corporate governance, where the commission has moved from basic compliance to robust enforcement mechanisms.

He further noted that, the newly passed Insurance Regulatory Bill, once it receives presidential assent, will contribute meaningfully to the current administration’s goal of achieving a one-trillion-dollar economy.

Dr. Jankara also highlighted NAICOM’s progress in promoting financial inclusion, citing the successful licensing of 15 microinsurance companies and 6 Takaful insurance providers, milestones that reflect growing insurance penetration.

He assured the visiting delegation that NAICOM would share its operational templates and regulatory manuals through the appropriate directorates, while continuing engagement with key departments, including Inspectorate, Supervision, and Innovation & Regulation.