By Godwin Oritse& Favour Efughi
THE Nigerian Shippers’ Council, NSC,has called on members of the Lagos Chamber of Commerce and Industry, LCCI, to take advantage of the Council’s Cargo Defence Fund, CDF, to grow their businesses.
Speaking with members of the Export group of the Chamber, Executive Director of the Council, Mr. Hassan Bello said that the fund provides a viable solution to problems faced by shippers. bello who was represented by the Mr. Daniel Okwudili, a Deputy Director and Secretary of the Fund said that the CDF is a mutual scheme for both importers and exporters who contribute to it by way of registration.
He explained that at the establishment of the Fund, the Council noticed high rate of abandonment of legitimate claims by indigent shippers who could not afford the cost of pursuing their legitimate claims either in the of law court or through arbitration.
Explaining further, Bello said that the Fund is administered by three Committees the legal, the joint Committee of Cargo Defence Fund and the Nigerian Insurance Association and the Finance Committee. “Over the years, the Cargo Defence has had to re-examine the financial import-export policies and sought ways to protect the interest of the Nigerian shippers. We are hopeful that as keys in the maritime industry, your export group will support the mandate of the Cargo Defence Fund which is in place to protect your trade investment through the instrumentality of law and technical expertise.”
“Before now, the Fund was working with the Nigerian Export Promotion Council, NEPC, Nigerian Import Export Bank, NEXIM, Nigerian Maritime Arbitrators Association and the Central Bank of Nigeria, CBN to resolve problems and improve Financial, Insurance, legal and dispute resolution services to Nigerians export trade.”
“The fund has tried to ensure that both those in the old trade and emerging ones are sufficiently educated in the trades so as to avoid pitfalls.
‘This is for the benefits of the nation if all export proceeds are repatriated back to the for its growth” he said.