The Maritime Reporters Association of Nigeria (MARAN) will convene its 3rd MARAN Annual Maritime Lecture (MAMAL 2025) at the iconic Eko Hotel & Suites, bringing together maritime stakeholders to confront a pressing international issue: inflated war risk insurance charges levied on vessels calling at Nigerian ports.
This year’s lecture, themed “Addressing the Burden of War Risk Insurance on Nigerian Maritime Trade,” aims to unveil the financial injustices stemming from excessive War Risk Premiums, widely regarded by MARAN as an orchestrated international fraud draining Nigeria’s economy.
MARAN President, Mr. Godfrey Bivbere, in strong terms decried the continued imposition of these premiums as unjust and crippling, describing it asan international fraud burdening the economy of Nigeria and other developing countries in the Gulf of Guinea.
Findings by the association have revealed that the extra War Risk Insurance (WRI) levied on Nigerian-bound vessels can exceed $500,000 per voyage. Despite the region experiencing near-zero piracy in recent years, thanks to Nigeria’s robust Deep Blue Project, foreign shipping lines persist in applying the punitive fees, including additional charges like the transit disruption surcharge and container-level premiums of $40–$50 per 20-foot unit.
MARAN contends that these exorbitant charges are further strangulating Nigeria’s already strained economy.
Nigeria’s Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, recently confirmed three years of activity in the Gulf of Guinea without a single record of piracy. Yet the war risk classification remains, fueled by outdated perceptions and the reluctance of classification societies and insurers to acknowledge Nigeria’s improved maritime security.
Oyetola credited 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).
MARAN noted that despite these commendable efforts by the Federal Government, foreign shipping lines continue to unjustly extract millions of dollars from Nigerian shippers in the name of War Risk Insurance Premium, even though there are no demonstrable risks in the region.
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.
According to Dr. Mobereola, “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 Annual Maritime Lecture 2025, 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 Extra War Risk Insurance (EWRI) on Nigeria’s maritime trade and the wider Gulf of Guinea (GoG).
Providing more details about the highly anticipated conference, which has consistently served as a crucial rallying point for all maritime stakeholders due to MARAN’s respected voice, Bivbere added: “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.”
Bivbere added that, “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.”
MAMAL 2025 will undoubtedly spotlight the unfair economic burden placed on Nigeria and galvanize global support for a more equitable maritime trade framework.