Nigerian Navy has said that the International Maritime Bureau lifted War Risk Premium tag on Nigeria and reduced high insurance premium for ships in Nigerian-controlled waters from $5,000 to $960 per shipment.
The revelation was made by the Chief of Naval Staff Vice Admiral Awwal Gambo while commissioning projects at all the naval formation in Lagos.
According to Admiral Gambo, the sustained and aggressive patrols within the maritime domain, has significantly reduced piracy and other maritime crimes, which culminated in delisting Nigeria from the International Maritime Bureau list of piracy prone countries in March last year.
He said that further to this, the IMB has lifted War Risk Premium tag on Nigeria that reduced high insurance premium for ships in Nigerian-controlled waters to about 960 United States Dollars as against 5,000 United States Dollars, per shipment.
Militarynewsng.com reports that War risk insurance is an insurance policy that provides financial protection to the policyholder against losses from events such as invasions, insurrections, riots, strikes, revolutions, military coups, and terrorism.
He revealed that at present, there are speculations that some Gulf of Guinea countries are being considered to be tagged with the War Risk Premium due to recent developments within the Gulf of Guinea region. Admiral Gambo said it is on this development that efforts must be doubled round the clock, to maintain positive postures toward sustained intelligence driven patrols to rid our maritime space of insecurity,.
The CNS recalled that sustained and aggressive patrols within the maritime domain significantly reduced piracy and other maritime crimes in 2022, adding that “This culminated in delisting Nigeria from the International Maritime Bureau (IMB) list of piracy prone countries in March 2022.
The CNS reiterated that the Nigerian Navy, as the nations maritime sentinel, would not stop to ensure the domain is safer for sustainable development of the nation’s Blue Economy.
“Furthermore, the successful arraignment and conviction of Motor Tanker, HEROIC IDUN and her crew arrested last August, is an indication of the navy’s resolve to rid the nation of maritime crime.
“The crew was sentenced after a plea bargain to pay N5 million as penalty for the charge and 15 dollars million as restitution to the country.
“It is to be noted that the vessel and crew will not be released until the penalty and restitution are paid as well as public apologies made in the print and electronic media in Nigeria and Llyod’s list,” Gambo said.
He said that the projects inaugurated were initiated to consolidate on the comprehensive transformation plan, articulated to guide the Nigerian Navy towards effective discharge of its constitutional mandate.
“These infrastructural developments are in addition to already commissioned as well as ongoing projects like the reconstruction of the Base Flat Officers Accommodation in Nigerian Navy Ship BEECROFT.
“Also, a 250 metres runway at Naval Air Base, Ojo, with in-built lights and non-directional beacons, to aid training and operations in restricted visibility.
“The Nigerian Navy is cognisant of the significance of essential infrastructure and facilities within bases and barracks as they hasten necessary comfort and essential ambience to bolster security, productivity and efficiency,” the CNS said.
Admiral Gambo said that it was in this regard that the Naval Headquarters had continued to prioritise infrastructural development in the hierarchy of its preferences.
“Certainly, commissioning these structures will further ameliorate deficiencies experienced at the respective units and bases.
“I urge occupants of these structures and facilities to inculcate deliberate positive maintenance culture, so that these legacy projects will serve future generations of personnel.
“We must all be encouraged by this and many other achievements of the Nigerian Navy, regardless of unguarded comments and utterances from unpatriotic individuals,” he said.