Pursue strategic investments for wealth creation, NSC CEO tasks cooperative society

The Executive Secretary/Chief Executive Officer of the Nigerian Shippers’ Council (NSC), Dr. Akutah Pius Ukeyima on Thursday called on members of the Council’s cooperative society to embrace long-term, high-yield investments as a strategy for building sustainable wealth and financial security.

Speaking during the society’s 29th Annual General Meeting (AGM) in Lagos, Dr. Akutah commended the leadership of the cooperative for its professionalism, transparency, and smooth internal operations — contrasting it with the conflict-ridden management crises seen in similar societies.

ALSO READ: NCS launches N100bn intervention fund to support cancer research

According to the NAC Boss, “It’s quite remarkable. Many societies struggle to even hold AGMs without legal battles or leadership disputes. That is not the case here. it speaks volumes about the integrity and vision of your leadership.”

Encouraging members to think beyond traditional welfare loans, the NSC Boss emphasized the power of collective finance in today’s economy.

“This is more than a loan platform. In a time when people no longer rely solely on individual funding, societies like this are vital for mobilizing resources for business and investment,” he said.

He urged members to diversify their financial strategies by exploring opportunities in real estate and other appreciating assets.

“Cars depreciate, but property will always appreciate. Don’t spend on things you don’t need. Use this platform to plan your future, build wealth, and aim to retire with real assets,” he advised.

Drawing from personal experience, Dr. Akutah shared how he missed early opportunities to invest in property and encouraged others not to do the same.

He pledged to support the cooperative in fast-tracking government documentation such as Certificates of Occupancy for its land assets, stating, “If you need help with the C of O, let me know — I’m here to support.”
He also stressed the importance of reinvesting dividends and cutting unnecessary expenditure, emphasising the potential for members to retire with substantial savings if they remain financially disciplined and goal-oriented.

“Some retirees go home with ₦50 million. You can too — if you think big and plan intentionally,” he said.

Dr Akutah concluded by reaffirming the NSC’s commitment to supporting the cooperative’s growth, stating, “As the Council grows, I pray that every member of this society grows. Use this platform well — it’s a gateway to your financial future.”

The AGM, marked by unity and forward-looking dialogue, reflected the growing importance of cooperative societies as a cornerstone of financial empowerment in Nigeria’s evolving economic landscape.

Also, the Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has announced a remarkable financial milestone, recording a net surplus of ₦156,413,343.97 for the 2024 financial year, a significant increase of ₦14.56 million compared to the 2023 surplus of ₦141,854,723.73.

Speaking earlier during the AGM, President of the Cooperative, Adeyemi Olaolu, attributed the positive performance to prudent financial management, member-centric initiatives, and the resilience of cooperative structures amid global economic tensions.

“This surplus underscores our collective efforts and the sound strategies we’ve implemented.

“Despite the backdrop of trade wars and protectionist policies, our Society has remained financially strong and committed to sustainable growth,” Olaolu stated.

As part of its 2024 achievements, dividends of ₦78,206,671.99 will be distributed to members, up from ₦70.9 million in 2023.

The Cooperative maintained its electronic dividend payment system, ensuring compliance with financial regulations.

It disbursed over ₦111.4 million in savings to retirees without deductions, highlighting its commitment to transparency and member welfare.

Loan schemes including regular, children’s education, and palliative loans continued to provide accessible financial support to eligible members.

Olaolu also spoke on operational updates, including the Cooperative’s growing recognition by foreign embassies for visa applications and ongoing litigation involving Polysonic Nigeria Limited.

A moment of reflection was observed for the late Barr. Nathaniel Dan Ahmed, the Society’s dedicated legal adviser.

With the AGM themed “Sustainable Practices for Cooperative Development Amid Trade Wars,” members were urged to contribute ideas to diversify revenue, adopt innovation, and strengthen risk management.
“Our journey isn’t over. But with unity, innovation, and continued support from the Nigerian Shippers’ Council, the NSC Cooperative will only get stronger,” Olaolu added.

The event concluded with a resounding call for unity and resilience, reinforcing the Cooperative’s central role in enhancing the economic well-being of its members.