Dr. Dayo Mobereola, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), has accused an international insurance cartel of imposing a $400 million annual war risk surcharge on vessels operating in Nigerian waters. This high premium has led Nigeria to spend a staggering N456 billion on war risk insurance since 2022.
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During a recent session with maritime journalists, Mobereola criticized the insurers for maintaining exorbitant fees despite significant improvements in maritime security. He argued that the cartel profits from the high premiums and has little incentive to lower them, even though piracy incidents have decreased.
Mobereola highlighted that the cartel’s actions are detrimental to trade and called for international support to address the issue. He revealed that NIMASA is seeking assistance from international maritime organizations and the United Nations to pressure insurers into reducing premiums to more accurately reflect the current risk.
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In addition to addressing the insurance issue, Mobereola discussed challenges with the N50 billion Modular Floating Dock project. He admitted the initial plans were flawed but assured that NIMASA is revising the plan to ensure the facility benefits the economy, seafarers, and the agency.
“We are committed to optimizing the Modular Floating Dock’s potential and will place it in a suitable location to maximize its benefits,” Mobereola said.
