Nigeria Witnesses Increase In Pirate Activities
News: Nigeria is witnessing an increase in piracy off its oil-rich coast that has further raised the risk of doing business there, Reuters reports. Pirates demanded a ransom worth NGN200mn (US$1.28mn) to free six foreigners who were abducted on February 17. This was the latest incident in at least five attacks that took place in Nigerian waters in February. Exxon Mobil and Shell said that security is a major concern in Nigeria, and it is one of the most expensive oil-producing countries in which to do business. The piracy has forced oil and shipping companies to employ crisis management teams, pay huge insurance premiums and face the possibility of ransom payments.