Navy resists moves by foreign firms to re-introduce war risk insurance

The Chief of the Naval Staff, Vice Admiral Awwal Zubairu Gambo, yesterday said there are concerted efforts by foreign shipping companies to re-introduce war risk insurance on vessels going to Gulf of Guinea countries.

Recalled that Nigeria achieved a major milestone in its anti-piracy drive in 2022 when the International Maritime Bureau (IMB) delisted the country from its piracy list.

Speaking after commissioning different housing projects in Lagos area, the Chief of the Naval Staff, Vice Admiral Awwal Zubairu Gambo said the zero piracy which Nigeria achieved in 2022  led to lifting of War Risk Premium tag on Nigeria.

According to him, this led to a reduction in high insurance premium paid by importers on ships coming to Nigerian-controlled waters to about 960 United States Dollars as against 5,000 United States Dollars, per shipment.

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He said there are speculations, however, that some Gulf of Guinea countries are again being considered to be tagged with the War Risk Premium due to recent developments within the Gulf of Guinea region.

“It is on this development that I want to emphatically state that efforts must be doubled round the clock to maintain positive postures toward sustained intelligence driven patrols to rid our maritime space of all forms of insecurity.

Also commissioned today were shoreline revetment at Nigerian Navy Ship BEECROFT, 3 office blocks for the Naval Doctrine Command and a 250 meters runway at Naval Air Base Ojo with in-built lights and non-directional beacons to aid training and operations in restricted visibility as well as to complement the existing 100 meters runway.