By Amina Ojelabi
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has reiterated Nigeria’s commitment to securing its maritime domain and ending the burdensome war risk insurance premium on Nigerian-bound cargoes.
Delivering a goodwill message at the Maritime Reporters Association of Nigeria (MARAN) lecture in Lagos, Dr. Mobereola represented by the Deputy Director, Reformed Coordinator Deep Blue Economy, Mr. Victor Iloh commended MARAN for spotlighting the issue, stressing its implications on national security and trade.
L-R: Secretary General, Abuja MoU, Capt. Sunday Umoren; Director, Regulatory Services, Nigerian Shippers’ Council (NSC), Mrs. Margaret Ogbonna; Deputy Director, Reform Coordinating, Strategic Management/ Blue Economy, NIMASA, Mr. Victor Illo; Special Adviser (Media) to the Minister of Marine and Blue Economy, Dr. Bolaji Akinola; President, Maritime Reporters’ Association of Nigeria (MARAN), Mr. Godfrey Bivbere; Chairman, Starzs Marine and Engineering Company Limited, Engr. Greg Ogbeifun; Special Adviser (Special Duties) to the Minister of Marine and Blue Economy, Mr. Funbi Adesokan; Chief Executive Officer, Le Look Bags, Mrs. Chinwe Ezenwa; and Assistant Controller, Western Marine Command, Nigeria Customs Service, CC Oputa; during the 3rd MARAN Annual Maritime Lecture (MAMAL) in Lagos on Wednesday.
He noted that Nigeria’s geographical position in the Gulf of Guinea has historically exposed it to piracy, armed robbery, and other maritime crimes, leading to the imposition of war risk premiums. However, he pointed out that Nigeria has recorded no piracy incident in the last four years, attributing the feat to the Deep Blue Project, the Suppression of Piracy and Other Maritime Offences (SPOMO) Act, and strategic deployment of maritime assets across land, sea, air, and intelligence.
According to him, these achievements led to Nigeria’s delisting by the International Maritime Bureau (IMB) from piracy-prone zones in 2021 and recognition by the International Maritime Organisation (IMO). In 2023, the IMB Forum also removed Nigeria from the list of high-risk maritime zones.
“Despite these milestones, Nigerian importers and exporters have paid over $5 billion in war risk premiums within the last three years,” Dr. Mobereola lamented, while urging stakeholders to adopt global best management practices for maritime security.
Representing the Minister of Marine and Blue Economy, Dr. Bolaji Akinola unveiled a three-pronged strategy to end the surcharge: sustained engagement with international shipping insurers, empowerment of indigenous shipowners through the disbursement of the Cabotage Vessel Financing Fund (CVFF), and the revival of a national carrier under a private sector-driven model.
He added that efforts are underway to domicile vessel insurance locally, a move expected to curtail capital flight and end the imposition of unjustified premiums.
Earlier, MARAN President Mr. Godfrey Bivbere had urged maritime stakeholders to confront the issue head-on, warning that the surcharge undermines competitiveness, increases costs, and discourages investment in Nigeria’s shipping sector.
The one-day conference featured goodwill messages from the Abuja MoU Secretary-General, Capt. Sunda Umoren, and the African Shipowners Association President, Capt. Adebowale, as well as a panel discussion on strategies to end the war risk insurance surcharge.
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