Liberia's Central Bank Seeks NAICOM's Expertise on Insurance

The Central Bank of Liberia (CBL), led by Mr Mulbah Francis Bowah, has approached Nigeria’s National Insurance Commission (NAICOM) for technical guidance to strengthen Liberia’s insurance industry. The CBL aims to implement risk-based capital requirements and improve insurance supervision practices.

Bowah expressed gratitude to NAICOM for its support, referring to Nigeria as a “big brother” in advancing insurance regulation across Africa. The delegation was received by NAICOM’s Deputy Commissioner for Finance and Administration, Mr Ekerete Ola Gam-Ikon, who reaffirmed NAICOM's commitment to regional partnerships and knowledge exchange among African insurance regulators.

This engagement follows Nigeria's recapitalization exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which ran from August 2025 to July 31, 2026, resulting in 50 insurance and reinsurance companies raising approximately N720 billion to meet revised capital thresholds.