NSC Cooperative Society declares 60% net surplus

The Nigeria Shippers’ Council Staff Multipurpose Cooperative Society Limited, has declared a net surplus of N141,854,723.73 for the year 2023 as against that of the preceding year 2022, which was N88,895,512.55.

This was disclosed on Monday by the president, NSC Cooperative Society, Mr Adeyemi Olaolu at the 28th Annual General Meeting/ election held at Shippers Towers, Lagos, stating the value shows a difference of N52,959,211.18, representing a growth of about 60 percent of the Net Surplus from the previous year.

Olaolu added that contrary to the sum of N44,443,859.50 shared as dividend to members in the previous AGM, a total of N70,927,361.19 will be distributed as dividend for the year under review.

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

On loan disbursement,  Olaolu noted that the Society operates both regular and Children Education loan to avoid financial embarrassment of members.

“However, Eligibility remains the major determinant for accessibility, approval and disbursement of these loans.”

Occasionally, we give palliative loan 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 rate,” 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 development of necessary infrastructure and amenities in the estate.

“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 N119,340,133.68 savings of it’s members that 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.

Speaking on 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 meeting with Lagos government in this regard.

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

The event also saw to the swearing-in of new executive members of the Cooperative, expected to oversee the activities of the society for the next two years and also an award of excellence was given to Bashir Ambi Muhammed, immediate past President of the Society (2017-2021) and also the 7th President of NSC Cooperative Society by the Executive Secretary of the Council, Pius Ukeyima.

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