The Maritime Reporters Association of Nigeria (MARAN) has announced its 3rd Annual Maritime Lecture (MAMAL) focusing on the alleged international fraud perpetuated by foreign shipping lines through “War Risk Premiums” on vessels calling at Nigerian ports.
MARAN President, Godfrey Bivbere, speaking on the lecture scheduled to hold on August 28, 2025, at the Eko Hotel and Suites in Lagos, strongly condemned the war risk insurance, describing it as an international fraud that burdens Nigeria’s economy and other developing countries in the Gulf of Guinea.
The association’s findings revealed that extra war risk insurance levied on Nigerian-bound vessels varies significantly, with a very large crude carrier incurring a surcharge of $445,000 per voyage and a new container vessel facing a charge of $525,000 per voyage.
Despite Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, confirming that Nigeria has not recorded a single pirate incident in the past three years, war risk premiums continue unabated. He attributed this peace in the Gulf of Guinea to the multi-billion naira Deep Blue Project, a maritime security initiative spearheaded by the Nigerian Maritime Administration and Safety Agency (NIMASA).
Over 500 key stakeholders, including maritime security experts, shipowners, terminal operators, international shipping lines, diplomats, insurers, regulators, and legal experts are expected to attend the conference.
The conference, according to Bivbere will examine the perceived threats, realities, and implications of persistent Extra War Risk Insurance (EWRI) on Nigeria’s maritime trade and the wider Gulf of Guinea.
Topics for discussion include Classification of Nigeria’s waters as high-risk zones, roles of classification societies like Lloyds of London, and the roles of core stakeholders like NIMASA and the Nigerian Navy.
MARAN demands an end to war risk premiums, citing Nigeria’s significant progress in securing its waters. The association’s President asserts that international shipping companies operating in Nigeria have shown a “lackadaisical and complacent attitude towards the economic and social wellbeing of Nigeria as a nation”.