In a bid to address the burden of extra war risk insurance (EWRI) premiums levied on Nigerian-bound vessels and cargoes, the Maritime Reporters Association of Nigeria (MARAN) has dedicated its 3rd Annual Maritime Lecture (MAMAL) on demystifying EWRI premiums amid the nation’s piracy-free waters.
This year’s lecture, scheduled to hold at the prestigious Eko Hotel and Suites in Lagos on August 28, 2025, will spotlight the ongoing international fraud perpetrated by foreign shipping lines under the guise of “War Risk Premiums” on vessels calling at Nigerian ports.
Speaking on the theme for MAMAL 2025 tagged “Addressing the Burden of War Risk Insurance on Nigerian Maritime Trade,” Mr. Godfrey Bivbere, President of MARAN, strongly condemned the war risk insurance, describing it as an international fraud burdening the economy of Nigeria and other developing countries in the Gulf of Guinea.
Findings by the association have revealed that the EWRI levied on Nigerian-bound vessels varies significantly. For instance, a very large crude carrier (VLCC) can incur a EWRI surcharge of $445,000 per voyage, while a new container vessel may face a charge of $525,000 per voyage. Beyond this, some shipping companies, such as Maersk, have introduced additional fees like a transit disruption surcharge, and others impose a war risk surcharge of $40-$50 per 20-foot container.
MARAN contends that these exorbitant charges are further strangulating Nigeria’s already strained economy.
Despite Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, recently confirming that Nigeria has not recorded a single pirate incident in the past three years, the imposition of war risk premiums continues unabated.
Oyetola credits this peace in the Gulf of Guinea to the multi-billion naira Deep Blue Project, a robust maritime security initiative spearheaded by the Nigerian Maritime Administration and Safety Agency (NIMASA).
In March 2025, Dr. Dayo Mobereola, Director General of NIMASA, met with a delegation from the Danish Ministry of Foreign Affairs, led by Kristin Skov-Spilling, where he passionately appealed to the international community to acknowledge Nigeria’s significant progress in securing its waters. He emphasized the critical need for a corresponding reduction in war risk insurance costs.
Dr. Mobereola’s words: “The Nigerian government has demonstrated a strong commitment to maritime security, leading to nearly zero incidents of piracy and armed robbery in the Gulf of Guinea over the past four years. Despite this, vessels coming to Nigeria continue to pay high war risk premiums, which is unjustifiable given the improved security landscape.”
Speaking further on the upcoming MAMAL 2025, MARAN President Godfrey Bivbere asserted that international shipping companies operating in Nigeria have shown “lackadaisical and complacent attitude towards the economic and social wellbeing of Nigeria as a nation.”
He explained that MAMAL 2025 aims to thoroughly examine the perceived threats, realities, and profound implications of persistent EWRI on Nigeria’s maritime trade and the wider Gulf of Guinea (GoG)
“The Summit will also explore issues leading to the classification of the nation’s waters as high-risk zones, roles of classification societies like the Lloyds of London, the roles of core stakeholders like NIMASA, Nigerian Navy and other maritime and security operators.”
According to Bivbere, the MAMAL 2025 is expected to draw over 500 key stakeholders, including maritime security experts, shipowners, terminal operators, international shipping lines, diplomats, insurers, regulators, and legal experts.
