Fed Govt loses over $7b yearly to piracy

Gulf of Guinea, Kidnap for Ransom, Maritime Security, oil products theft, Piracy, port security, Robbery 1 Minute

By Oluwakemi Dauda

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 to put in place measures to stem the tide of criminalities on the territorial waters.

Shittu, who spoke with The Nation on the sideline of a stakeholders forum organised by some auto importers in Lagos, added that the Federal Government needs to invest in maritime security and local capacity development to reduce piracy on the nation’s waters and get a sizeable chunk of the over $7 billion of the yearly freight cost.

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Source: thenationonlineng.net

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Published by Maritime Security News

I entered the maritime security world in 2009, becoming Intelligence Officer for Neptune Maritime Security (now the NeptuneP2P Group). In 2012, became piracy editor for SomaliaReport.com and in 2013 became editor of MarsecReview.com and intelligence consultant for CSO Alliance, which I left in 2019. I currently work with another UK maritime security firm as a consultant and have an interest in a cyber security concern in the UK. Need a maritime security report, article or advice on maritime cyber security? contact me at: marsecnews@gmail.com

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