Historic ties: NAICOM receives Gambia’s CB delegation

Barbara Bako, Abuja

The National Insurance Commission (NAICOM) on Monday, June 23, 2025, hosted senior representatives from the Central Bank of The Gambia, marking a pivotal engagement aimed at deepening inter-agency collaboration and strengthening insurance regulatory frameworks in West Africa.…

Led by Mr. Nyang Medeleine Gomez, the Gambian delegation visited NAICOM as part of a strategic initiative to gain insights into Nigeria’s regulatory practices, with particular interest in three core areas: Risk-Based Supervision; Prudential Oversight; Inclusive Insurance Models.

Welcoming the team on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, NAICOM’s Deputy Commissioner for Technical, Dr. Usman Jankara, joined by Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, reaffirmed the Commission’s commitment to mutual growth and knowledge exchange.

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Dr. Jankara described the visit as a valuable opportunity for peer engagement, noting that collaborative learning is essential to strengthening regulatory systems across the continent.

Speaking during the visit, Mr. Gomez outlined the objectives of the mission, including understanding how Nigeria’s risk-based supervision approach enhances market stability, learning about strategies to widen insurance access for underserved populations, and exploring best practices in prudential regulation that protect policyholders and reinforce public trust.

In response, Dr. Jankara assured the delegation of NAICOM’s full support and willingness to share insights and regulatory tools.

He highlighted the Commission’s evolving regulatory framework, particularly its advances in corporate governance and compliance enforcement.

He also referenced the pending Insurance Regulatory Bill, expected to further align the insurance sector with the federal government’s broader economic goals, including the ambition to build a $1 trillion economy.

Dr. Jankara additionally noted Nigeria’s progress in financial inclusion, including the licensing of 15 microinsurance firms and six Takaful operators—achievements that signal increasing market penetration.

He confirmed that NAICOM would provide access to operational guidelines and supervisory resources, facilitating further dialogue through its key departments such as Inspectorate, Supervision, and Innovation & Regulation.