Foreign Charcoal Buyers Dupe Nigerian Exporters – Cargo Defence Fund

More Nigerians are falling victims of fraudulent practices of foreign buyers in the international charcoal business, the Cargo Defence Fund (CDF) has reported.
Miss Azuka Ogo, the Secretary of the Fund, disclosed this in an interview with the News Agency of Nigeria (NAN) last week in Lagos.
Ogo said that cases of fraudulent activities received by the CDF had risen from 27 to 32.
 She alleged that outstanding claims owed Nigerian charcoal exporters amounted to more than N97.4 million, excluding interests and damages.
Ogo cautioned Nigerian exporters not to accept hook, line and sinker information received from foreigners who tended to woo them at seminars on international trade.
 She said that the major problem was that Nigerians usually exported their commodities on ``open account’’.
``Open account’’ means trading without a letter of credit which assures the seller of money available for payment by the buyer’s bank.
Ogo said that the Fund needed to seek mediated resolution in line with the best practises in contemporary business relationship to reverse the trend.
 She said that the CDF was ready to take legal action against foreigners who were unwilling to negotiate or were out-rightly fraudulent.
``We request all those involved in this unfair trade to conduct proper due diligence check on their partners including the company’s credit rating before entering into any contract,`` Ogo said.
 The scribe, had on Dec. 21, 2011, alleged at a news conference in Lagos that massive frauds were being perpetrated against Nigerian exporters by charcoal buyers from European countries.
The Fund named the perpetrators as business partners from Germany, Poland Spain and Netherland.

Section