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The Fund is a project of the Nigerian Shippers' Council, which is the Federal Government parastatal charged with the responsibility to protect the interests of importers and exporters.
Following the numerous complaints recieved from Importers and Exporters over the years, the Council embarked on a series of studies handled by expert Consultants in order to identify those areas where shippers have suffered greatest loss.
The Council, on the recommendation of the Consultants that carried out the research registered a company limited by guarantee known as the CARGO DEFENCE FUND.
In a summary the functions/activities are to: -

  1. Examine complaints, process and settle claims in accordance with the Rules of Procedure
    of the Fund
  2. Initiate and provide arbitration procedures as an alternative method of dispute resolution
    for Nigeria's International Trade;
  3. Identify risks faced by Nigerian Importers and Exporters which are not covered by the regular insurance policies and arrange appropriate cover for them;
  4. Improve the capital base of the Fund by actively encouraging Shippers to subscribe, sale of books and materials published by the Fund, contribution from other Agencies and the investment and prudent management of the Fund.
  5. Maintain proper records and accounts of the activities of the Cargo Defence Fund and to act with utmost good faith at all times in relation to matters affecting the Fund and to the interests of the beneficiaries and the Board in line with the Cargo Defence Fund object clause, its adopted rules and procedures designed to guide its work in a determined effort to ensure the achievement of the desired objectives.
  6. Hold enlightenment programmes on the Fund and activities of the Fund and to hold joint enlightenment programmes with other Agencies on issues of particular interest to Importers and Exporters e.g. the Awareness Seminars, Arbitration Workshop making Lagos a center for International Commercial Arbitration, and the Joint Seminar with N.I.A;
  7. Carry out such other activities that are conducive to the discharge of its functions.

These include: