Nigeria to stop paying war risk premiums to Lloyds of London

Nigeria has ended its partnership with Llyod's of London and will stop paying the annual payment of $793.7 million as war risk insurance premiums for vessels calling on the ports of the country, after it was removed from the list of maritime risk nations, New Telegraph. The war risk insurance premiums were charged on Nigeria-bound cargoes in the past due to the heightened insecurity, fears and attacks including piracy, but the country has now improved security architecture in its sea lanes.