war risk insurance Nigeria
$500m Spent on War Risk Insurance, Stakeholders Refute Minister’s Claim
Stakeholders in Nigeria’s maritime sector have strongly disputed recent claims by the Minister of Marine and Blue Economy, Adegboyega Oyetola, that piracy has been eradicated in Nigerian waters and that the country no longer bears the burden of war risk insurance (WRI). The Sea Empowerment and Research Centre (SEREC), a prominent maritime advocacy group, revealed […]
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Shipowners Pay $8,000 Daily Despite Piracy-Free Waters
Despite a clean record of zero piracy attacks in Nigerian waters over the last three years, shipowners continue to pay as much as $8,000 daily for private security escort services—a cost maritime stakeholders say is unsustainable and out of tune with current realities. This revelation follows a recent statement by the Minister of Marine and […]