The National Insurance Commission (NAICOM) on Monday hosted a high-level delegation from the Central Bank of The Gambia, led by Mr. Nyang Medeleine Gomez, in Abuja for a strategic knowledge exchange focused on strengthening regulatory collaboration in Africa’s insurance sector.
The visit, which centered on risk-based supervision, prudential frameworks, and inclusive insurance, was described by both parties as a crucial step toward deepening regulatory capacity across the continent through peer-to-peer engagement.
Speaking on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, NAICOM’s Deputy Commissioner for Technical, Dr. Usman Jankara, welcomed the delegation alongside Deputy Commissioner, Finance and Administration, Mr. Ekerete Ola Gam-Ikon. He said the working visit underscored the importance of shared learning in an era of increasingly complex financial systems.
“No single regulator has all the answers,” Dr. Jankara said. “This is why engagements like this are critical to shaping responsive, risk-based regulatory systems that protect consumers and foster market growth.”
In his opening remarks, Mr. Gomez said the Gambian delegation aimed to gain deeper insight into Nigeria’s evolving insurance supervisory framework, particularly the implementation of risk-based supervision to promote sector resilience.
He added that The Gambia was keen on learning how Nigeria expands access to underserved populations through inclusive insurance models, as well as adopting best practices in prudential regulation to maintain public confidence in the insurance ecosystem.
Responding to the delegation’s objectives, Dr. Jankara highlighted NAICOM’s regulatory progress, noting a significant evolution in corporate governance enforcement and compliance mechanisms. He said the forthcoming Insurance Regulatory Bill, which is awaiting presidential assent, is expected to further strengthen Nigeria’s insurance sector and align with the government’s ambition of building a $1 trillion economy.
He also pointed to NAICOM’s strides in deepening financial inclusion, including the successful licensing of 15 microinsurance firms and 6 Takaful providers, a move he described as pivotal in expanding insurance penetration across Nigeria.
Dr. Jankara assured the delegation of NAICOM’s continued support and commitment to knowledge-sharing. He noted that the Commission would provide access to operational templates and regulatory manuals through relevant directorates and departments, including Inspectorate, Supervision, and Innovation & Regulation.
The visit concluded with technical sessions between both regulatory bodies, with discussions expected to shape future partnerships in cross-border insurance regulation and supervisory innovation.
