NIMASA decries high war risk insurance fees on Nigerian-bound ships

The Managing Director of the Nigerian Maritime Safety Agency (NIMASA), Dr Jamoh Bashir has decried what he described as the excessive War Risk Insurance and Insecurity fees slammed on vessels coming to Nigerian.

Dr Bashir Jamoh who spoke with our reporter in Port Harcourt, Rivers State, through his Special Adviser on Media, Ubong Essien regretted that despite reduction in marital domain criminal activities Nigerian board vessels pay high War Insurance/Security fees.

He expressed sadness that the higher fees have persisted despite huge improvements in security in Nigeria waters.

“It is sad that the War Risk Insurance fees slammed on vessels coming to Nigeria are still high for the sake of insecurity.  It is also sad that this has persisted despite huge improvements in security in Nigeria’s waters. We are all paying the price for it. When goods enter the country, the higher cost in shipping and insurance will drive the cost up”

“The International Maritime Bureau (IMB) has admitted that the attacks have drastically dropped as never before in decades. What baffles the NIMASA management is that the reduction in attacks has been admitted by the IMB but the WRI is still in place.

“It’s a punitive insurance measure. The DG has gone to three international meetings where he has been making demands and appeals for removal of War Risk Insurance,” he said.