PIRACY: Insurance Cost on Vessels Visiting Nigeria Drops from $5000 to $960

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By DAPO OLAWUNI

Following the removal of Nigeria from the list of piracy prone countries of the world in March 2023 by the International Maritime Bureau (IBM) there has been a reduction in the cost of insurance on vessels visiting Nigeria from $5000 to $960.

Chief of Naval Staff, Vice Admiral AZ Gambo stated this during shipping of stripes of two Rear Admirals at the Naval Headquarters, Abuja, at the weekend.

He said that there has been a reduction in piracy on Nigerian waters, adding that the reduction in piracy was the reason Nigeria was delisted from Piracy Prone Countries by the International Maritime Bureau (IBM).

Nigeria was delisted from the piracy prone countries by the IBM in March, 2022, leading to removal of War risk premium and reduction in the cost of insurance from $5000 to $960 for Merchant Ships coming to Nigeria.
Meanwhile, Gambo congratulated the newly decorated Rear Admirals for reaching the peak of their career, and urged them to justify the confidence of a proud and deserving nation.

The Nigerian Navy board had approved the promotion of 30 commodores to the rank of Rear Admiral in December 2022 and 28 of them were decorated on 21 December 2022.

However the remaining two, Rear Admiral are Preston Efedue and Jamila Malafa, were promoted unto retirement hence their decoration commonly called shipping of stripes in naval parlance was postponed till their time of retirement.

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