Nigeria Bemoans Giant Oil Losses

Following the increased activities of pirates, Nigeria lost a total of $131Billion to the sea robberies in three years. Disclosing this at a maritime security and safety symposium in Lagos , Professor Charles Ukeje paper titled ‘Economic Implications of Piracy and other Crimes to the Maritime Industry and the Nigerian Economy’ noted that except for 2007 and 2013, the number of pirate attacks on African waters exceeded the global figures in all cases, by more than double. He explained that the crime has become so lucrative such that what a pirate makes from one single attack could last him for 20 to 25 years if he lives minimally.