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Akutah decries payment of $1.5 billion by Nigerian Shippers on War Risk insurance premium in three years

— as NSC set to engage Lloyd’s of London, P&I insurance over the unfair charges
Funso OLOJO 
The Nigerian Shippers’ Council(NSC) has decided to meet with international insurance underwriters over the continued imposition of War Risk Insurance premium on Nigeria- bound cargo.
The decision of the Council followed the continued collection of the subcharge by the foreign shipping companies from Nigerian Shippers despite improved security on Nigerian waters and the Gulf of Guinea.
Making this disclosure on Wednesday, August, August 27th, 2025 was the Executive Secretary of the NSC, Barrister Pius Akutah while delivering a goodwill message at the third edition of the MARAN Maritime Lectures(MAMAL) with the theme “Burden of War Risk Insurance Surcharge on Nigerian Maritime Trade – A Case for Review”.
Barrister Akutah, who spoke through
Mrs Margaret Ogbonna, Director Regulatory Services, lamented the loss of N1. 5 billion paid by Nigerian Shippers in the last three years to the foreign shipping companies as war insurance premium.
According to him, these payments were unfair and unjustified given the zero piracy incident recorded in the Gulf of Guinea in the last three years.
Consequently, the NSC boss said the agency will meet with international insurance underwriters in order to reassess the situation.
“The Nigerian Shippers’ Council, as the Port Economic Regulator and a strong advocate for the protection of shippers’ interests, has consistently called for a review and removal of this war risk insurance surcharge.
” It is our firm belief that the continued imposition of these premiums is no longer justifiable, given the improved security metrics and Nigeria’s demonstrable commitment to safe shipping.
“Base on the report we are getting, the NSC is working towards engaging with international underwriters, Lloyd’s Market Association, and P&I clubs, to advocate for a data-driven reassessment of the risk status of Nigerian waters.
“We will also engage with NIMASA and other agencies to compile and present empirical evidence that clearly reflects the current security realities in our maritime domain.
“Furthermore, the Council supports ongoing discussions at ECOWAS, the Gulf of Guinea Maritime Collaboration Forum (GOGMCF/SHADE), and IMO platforms, aimed at securing recognition of Nigeria’s security achievements and the need for fairer treatment by the global shipping and insurance communities.
“We recognize that addressing this challenge requires continued collaboration between government, the private sector, the media, and international partners
“Available figures indicate that Nigeria has paid over $1.5 billion in the past three years alone to Lloyd’s of London, Protection and Indemnity (P&I) insurance, and other foreign insurance firms” Akutah lamented.
He disclosed that these cost will ultimately be transferred to Nigerian importers, exporters, and consumers, thus inflating the price of goods and undermining the competitiveness of  trade.
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Tinubu swears in new IGP, Tunde Disu on Wednesday as Police council endorses his appointment

Funso OLOJO,  Editor
President Bola Ahmed Tinubu will on Wednesday, March 4th, 2026 swear- in the new Inspector – General of Police (IGP), Olatunji Rilwan Disu following the endorsement of his appointment by the Nigeria Police Council.
According to the Presidential spokesman, Bayo Onanuga, the  ceremony will take place during the Federal Executive Council meeting, scheduled for the same day.
The Council’s meeting, which took place at the State House, was presided over by President Bola Ahmed Tinubu and had in attendance Vice President Kashim Shettima, state governors and the Chairman of the Police Service Commission, retired DIG Hashimu Argungu, in accordance with the constitution.
Others in attendance were the Secretary to the Government of the Federation, Senator George Akume; the National Security Adviser, Nuhu Ribadu; the Chief of Staff, Femi Gbajabiamila; the Minister of Police Affairs, Senator Ibrahim Gaidam; the FCT Minister, Nyesom Wike; and the head of service, Mrs Esther Didi Walson-Jack.
The President appointed Disu as the new police chief, following the resignation of the former Inspector-General of Police, Kayode Egbetokun.
Governor of Lagos State, Babajide Sanwo-Olu, who spoke glowingly about the Acting Inspector-General of Police, commended Disu for his exemplary services as a policeman, especially when he served as the Commander of the Rapid Response Squad in Lagos State between 2015 and 2021, where his tenure earned him and the RRS recognition for excellence in crime control.
Governor of Nasarawa State, Abdullahi Sule, commended the President’s appointment of Disu, noting that it was based on his excellent career record.
Minister of the Federal Capital Territory and former Governor of Rivers State, Nyesom Wike, also lauded Disu for his professionalism.
Disu served in Wike’s home state of Rivers as Assistant Commissioner, Criminal Investigation Department, and Officer-in-charge, anti-kidnapping unit, between 2014 and 2015.
He later served as Commissioner of Police in the FCT Command when Wike became the minister.
Wike commended him for his efficiency as a crime fighter and for ensuring the command’s strategic impact in addressing security concerns within the territory.
Governor Peter Mbah of Enugu State seconded the motion endorsing Disu’s appointment.
Disu was born on April 13, 1966, in Lagos State and joined the Nigeria Police Force on May 18, 1992, as a Cadet Assistant Superintendent.
He rose through the ranks with multiple qualifications in public administration, forensic investigation, criminology, security, legal psychology, and entrepreneurship-credentials that reflect his commitment to knowledge-driven, modern policing.
The Acting Inspector-General has held critical operational, investigative, and strategic command positions nationwide.
His last position was as Assistant Inspector-General of Police in charge of the Special Protection Unit and the Force CID Annex, Lagos.
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Maersk’s suspension of shipping operations through Strait of Hormuz raises anxiety among Nigerian importers 

Attack on vessel in the Strait of Hormuz
Funso OLOJO, with agency report
The on- going hostilies in the Middle East have continued to stifle international trade as most of the shipping companies have suspended voyage through the troubled Strait of Hormuz.
The joint attacks by the military forces of the United States of America (USA) and Israel on the Islamic Republic of Iran, which resulted in the assassination of its Supreme leader, Ayatollah Ali Khomenei and over 40 top military officers of the Islamic country,have put a strain on shipping operations along the busy vessel route of Strait of Hormuz as the Houthis militias, who are sympathetic to Iran, have threatened to attack vessels on the route.
Strait of Hormuz accounts for one third of the world shipping passage while the route accommodates the world largest crude tankers , despite its narrow width.
As a result of the threats, which have raised safety concerns on the vessels, cargos and crews, major shipping lines have halted their operations along the route.
Maersk, the world’s largest container shipping company, has halted passage of cargo vessels through the Strait of Hormuz for “safety” reasons.

“We are suspending all vessel crossings in the Strait of Hormuz until further notice,” the Danish group said in an online advisory.“The safety of our crews, vessels and customers’ cargo remains our key priority,” it said.

Iran’s Revolutionary Guard had earlier announced the Strait’s closure.

Major Middle Eastern oil and gas exporters rely on it to move supplies to international markets while importing nations depend on its uninterrupted operation.
China, one of the biggest destinations of Nigerian importers, make use of the route for import of the crude oil from the Middle East, especially Iran and export of its manufactured goods to the developing countries, especially Nigeria.
This development has raised anxiety among Nigerian importers who expressed concerns over the implications of the disruption on the route one the cost of imports, especially from China.
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NRC hosts Rotary Club on mobile train

Gloria Odion, Reporter 
The Nigerian Railway Corporation (NRC) has played host to the Rotary Club of Ota by hosting Nigeria’s first-ever Rotary fellowship on a moving train, setting a remarkable benchmark for innovation in civic and humanitarian engagement.
The groundbreaking event brought together members of the club aboard a moving train for fellowship, leadership interaction, and strategic discussion centered on service to humanity, climate action, and sustainable community development.
The fellowship was led by the President of the Rotary Club of Ota, Mr. Charles Umukoro, alongside members of the club’s executive and general membership.
A major highlight of the occasion was the visit of the Railway District Manager, Engr. Rasheed Adedeji, who warmly welcomed the Rotarians on board.
His presence underscored the significance of the event and further strengthened the cordial relationship between the railway management and the Rotary Club.
In a symbolic moment reflecting shared values of service and partnership, Engr. Rasheed Adedeji was formally inducted as a member of the Rotary Club of Ota following his welcome address, adding prestige and deeper institutional collaboration to the landmark fellowship.
The moving-train fellowship was widely described as symbolic of progress, innovation, and forward movement—values that align closely with the transformation agenda of the Nigerian Railway Corporation.
The Nigerian Railway Corporation said it was committed to supporting initiatives that promote national development, environmental sustainability, and community advancement, while showcasing the railway as a safe, modern, and strategic platform for engagement.
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