Despite Piracy Decline, Importers Pay $1.5bn War Risk Premium   Despite the reduction in piracy attacks in the Gulf of Guinea, importers paid $1.5bn as war risk insurance premiums on Nigeria-bound cargoes in the last three years. This came as operators, including shipowners and ship captains, rejected...

Nigeria, Others Lose N380bn Annually To Gulf Of Guinea Piracy Nigeria and other countries in the Gulf of Guinea have lost N380 billion yearly to sea robbers and pirates between 2015 and 2019. Data presented at the Nigerian Admiralty Colloquium in Lagos also showed that...

FG Loses Over $7bn Annually To Piracy   The Federal Government loses over $7 billion on freight cost yearly to criminal activities on the nation’s territorial waters, the former President, Association of Nigerian Licensed Customs Agents (ANLCA), Prince Olayiwola Shittu, has said. He called on the government...

CBN To Curb Piracy Using Digital Payment Option   Worried about the huge financial losses incurred by the Nigerian Creative Industry, through piracy of movies and music, the Central Bank of Nigeria (CBN) has said it is set to address the challenge by creating digital payment...

Nigeria Loses $2.7bn Yearly To Illegal Fishing, Piracy   Nigeria and 15 other countries in the Gulf of Guinea lose $2bn to pirate attacks annually. The nation is also said to be losing $70m annually to illegal fishing in its territorial waters. The Chief of Naval Staff, Rear...

Insurance Report: Nigeria Ranks Highest In Vessel Stowaways, Piracy   Nigeria overtook Indonesia in global piracy incidents in the maritime sector, accounting for one out of every four reported cases in 2018, according to the latest report by Allianz Global Corporate & Specialty, a global corporate...