The Executive Secretary, Nigerian Shippers’ Council, Mr. Hassan Bello, has advised exporters to register with the Cargo Defence Fund, an advocacy platform, established by the council to aid exporters and importers with legal services in the course of their business.
Speaking to members of the Export Group of the Lagos Chamber of Commerce and Industry through the Deputy Director, Board and Cargo Defence Secretariat, NSC, Mr. Okwudili Daniels, Bello said that the CDF was a limited company by warranty established by the NSC to assist importers and exporters in the pursuit of their legitimate business.
He said, “Prior to the establishment of the fund, the council noticed a high rate of abandonment of legitimate claims by indigent Nigerian shippers who could not afford the cost of pursuing their legitimate claims in the court of law or through arbitration as may be prescribed in the carriage contract.
“To provide a viable solution to this problem, the council set up a service product initially known as the Cargo Protection Indemnity Fund and the Cargo Litigation Fund in its legal unit.“They were merged into the present CDF with a special unit created to form its secretariat.”
He said shippers contributed to the fund through registration, adding, “When a registered member runs into problems, the mutually contributed funds are used to assist the member solve the problem.”
If you’s into exporting business, here some benefits the platform provides:
- Provision of legal, technical advice.
- Loan to pursue litigation/arbitration.
- Payment for risk management services.
- Foreign legal representation.
- Cover of special rates as agreed.
- Quality information services.
- General risk management advice.
Over the years, the fund has protected the interests of Nigerian shippers by ensuring successful reparation of export proceeds, prevention of Letters of Credit fraud, negotiation among importers and exporters, ensuring that Nigerian goods receive value for their money, partner Department of Trade and Exchange, Nigerian Export-Import Bank and others to ensure that modern trading terms are incorporated into terms of trade for Nigerian shippers.
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