The Maritime Reporters Association of Nigeria (MARAN) is set to host its 3rd Annual Maritime Lecture (MAMAL) on August 28, 2025, at the Eko Hotel and Suites in Lagos, to expose the ongoing international fraud perpetuated by foreign shipping lines under the guise of “War Risk Premiums” on vessels calling at Nigerian ports.
The Burden of War Risk Insurance
MARAN has condemned the war risk insurance, describing it as an international fraud burdening Nigeria’s economy and other developing countries in the Gulf of Guinea.
The association revealed that extra war risk insurance levied on Nigerian-bound vessels varies significantly, with .
A Very Large Crude Carrier (VLCC) incurring a WRI surcharge of $445,000 per voyage
A new container vessel facing a charge of $525,000 per voyage
Additional fees like transit disruption surcharges and war risk surcharges of $40-$50 per 20-foot container
Unjustified Premiums Despite Improved Security
Despite Nigeria’s Minister of Marine and Blue Economy confirming that Nigeria has not recorded a single pirate incident in the past three years, the imposition of war risk premiums continues unabated.
The Minister credits this peace to the multi-billion naira Deep Blue Project, a robust maritime security initiative spearheaded by the Nigerian Maritime Administration and Safety Agency (NIMASA).
MARAN demands an end to these exorbitant charges, which are further strangulating Nigeria’s already strained economy.
The association 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) during the MAMAL 2025 conference.
Expected Outcomes
The conference expects to draw over 500 key stakeholders, including:
– Maritime security experts
– Shipowners
– Terminal operators
– International shipping lines
– Diplomats
– Insurers
– Regulators
– Legal experts
The conference will explore issues leading to the classification of the nation’s waters as high-risk zones and the roles of core stakeholders like NIMASA, Nigerian Navy, and other maritime and security operators.
