From Ogbonnaya Ndukwe, Aba
Stakeholders in the maritime trade have been cautioned to stop relying on documents only, especially the bill of lading, as a key facilitator while transacting business. They were told that such trust in a key document which can be adulterated and issued in multiple originals, had become a major contributor to many fraudulent acts being perpetrated in the sector today.
A lecturer at the Federal University of Technology, Owerri (FUTO), Dr Geraldine Okeudo, gave the advice at a seminar organised by the Aba zonal office of the Nigerian Shippers’ Council (NSC) on “The effects of fraud on business of international trade and measures for reducing its occurrence.”
She noted the urgent need towards understanding the various actors involved in maritime trade and mapping out the entire value chain of activities on a transparent platform to enable stakeholders monitor the trail of documentation and cargo movement.
The don posited that such process will help curb, and possibly eliminate gaps created by questionable individuals and groups for fraudulent activities: “This proposition points towards the adoption of electronic transportation of documents across the value chain which is an emerging technology that is yet to gain wide acceptance among stakeholders.”
Okeudo called for the adoption of measures that will sensitize organizations in the possibilities of fraud risks, with respect to their policies and expectations.
She further advocated the creation of a set of compulsory regulations and code of conduct for staff to cover assessment, monitoring and handling risks of fraud as part of their assigned duties, as well as ensuring that suppliers and vendors are thoroughly checked and confirmed periodically.
In his keynote address, NSC Executive Secretary and Chief Executive Officer, Emmanuel Jime, said the event was historic as it represented another milestone in the Council’s efforts towards developing the capacity of players in the shipping trade through well-designed enlightenment programmes.
Represented by the South South Zonal Coordinator, Mr Glory Onajedo, he said that in view of recent developments in which the Council was inundated with series of complaints bordering on fraud related issues, from the Southeast stakeholders, “It became incumbent of us to arrange and facilitate a forum such as this, to redress the ugly trend and ensure stakeholders conduct their international trade under safest, reliable and cost-effective trade condition.”
South East Zonal Coordinator of the Council, Mrs Celestina Ijeaku said the situation became more worrisome in the zone, as it had eroded the trust and confidence stakeholders had on their international business partners.