AGM: NSC Staff Cooperative Declared over N141.8m as Net Surplus to Disburse over N70.9m Back to Members as Dividends

The Nigeria Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited, has declared a net surplus of N141.854 million for the year 2023 as against N88.895m made in the preceding year 2022. And, to disburse over 70.9 million to members as dividends.

The Cooperative Society President, Mr Adeyemi Olaolu at the 28th Annual General Meeting held at Shippers Towers, Lagos, said the value shows a difference of N52,959,211.18, representing a growth of about 60 per cent of the net surplus from the previous year.

He said that contrary to the sum of N44.443 million shared as dividends to members in the previous year, a total of N70.927 million would be distributed as dividends for the year under review.

According to him, the society is committed to continuing the disbursement of dividends to members after the approval of financial statements by the Cooperators through individuals’ bank accounts in line with financial regulations that oppose cash disbursement.

On loan disbursement, he noted that the Society operates both regular and children’s education loans to avoid the financial embarrassment of members.

“However, eligibility remains the major determinant for accessibility, approval and disbursement of these loans. Occasionally, we give palliative loans to members to reduce financial difficulties that might arise due to a delay in cash flow. Also, all these loans are given at reasonable interest rates,” he said.

“Process to take possession of Ibadan Land is still ongoing, but for Abuja Land, Nassarawa State Government has issued approval of Right of Occupancy (RoO) in respect of the Cooperative land at Jikoyi, Nassarawa State. We have also filled all other necessary documents for processing the Certificates of Occupancy (C of O),” he said.

Speaking further, the President of the Society disclosed that the sum of N119.340 million in savings of its members who retired from service during the year under review was disbursed promptly to them without delay and any deduction of service charges.

Also speaking at the AGM themed “The Cooperative Society: Building a Sustainable Economic Resilience”, the Executive Secretary of the Council, Pius Ukeyima Akutah, commended the management of the Cooperative Society for its commitment to supporting its members, particularly through initiatives such as providing loans.

He urged them to prioritize capacity building for members, ensuring they remain informed about global and national economic realities.

“Equipped with the necessary knowledge and skills, the Society can effectively address its objectives and meet the needs of its members,” he said.

On Lands located in Mowe, Abuja and Ibadan, he said efforts are underway to set up a Community Development Association that will champion the development of necessary infrastructure and amenities in the estate.

Speaking on the proposed land issue, Ukeyima disclosed that efforts are underway to ensure the Nigeria Shippers Council owns an estate in both Lagos and Abuja as management held a meeting with the Lagos government in this regard.

Chairman of the Occasion, Mr. Steven Olaniyi, in his address, enjoined all members to begin to think of better investment plans that will match with overcoming the devaluation of the Naira. He also stressed the importance of adequate and periodical training to enhance financial literacy among members of society.