Maritime insecurity costs West Africa over $500 million annually — Vice Admiral Yakubu

Former Chief of Naval Staff Vice Admiral Issah Adam Yakubu has noted that maritime insecurity is costing West Africa and the international community more than $500 million every year. According to him, the economic burden is driven less by stolen cargo and ransom payments than by the huge costs of counter-piracy operations, higher insurance premiums, private security, naval deployments and other protective measures.