NSC Cooperative declares ₦181.2m surplus as Akutah tasks Chris Okon-led executive on transparency

By Ezurike Ugochukwu

The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has recorded a strong financial performance for the 2025 financial year, declaring a net surplus of ₦181.22 million, while unveiling a new executive committee to steer the affairs of the society.

The announcement was made on Thursday during the Cooperative’s 30th Annual General Meeting (AGM) and election held at the Shippers’ Towers in Apapa, Lagos, where the Executive Secretary of the Nigerian Shippers’ Council, Dr. Pius Akutah, charged the newly elected officers to prioritise transparency, prudent financial management and members’ welfare.

Ify Okolue and Christian Okon

Speaking through the Director of Consumer Affairs, Mrs. Ify Okolue, Dr. Akutah described the leadership transition as an opportunity to consolidate on the achievements of previous administrations.

He said the incoming executives were inheriting not just offices but a legacy built on trust, commitment and members’ confidence, urging them to strengthen that legacy through accountability, inclusive leadership and responsible management of the society’s resources.

“Our collective responsibility is to ensure that each administration leaves the Society stronger than it found it,” he said, stressing that transparency and prudent financial management remain essential to sustaining members’ confidence.

He also urged the new leadership to embrace innovation, promote unity and continue expanding programmes that improve members’ welfare, while encouraging members to remain actively involved by attending meetings, meeting their financial obligations and contributing ideas that would drive the cooperative’s growth.

Earlier, the outgoing President of the Cooperative, Mr. Adeyemi Olaolu, announced that the society recorded a ₦181.22 million net surplus for 2025, representing an increase of ₦24.81 million over the ₦156.41 million posted in 2024.

Speaking on the theme, “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape,” Olaolu said recent tax reforms have further strengthened the relevance of cooperative societies by preserving tax exemptions on members’ savings, dividends, loans and surplus funds.

Olaolu

According to him, registered cooperative societies remain largely insulated from direct taxation because their operations are designed solely for the benefit of members rather than profit-making.

He disclosed that the society approved the payment of ₦90.61 million as dividends to members, with all payments to be made directly into beneficiaries’ bank accounts in line with existing financial regulations.

The outgoing president also revealed that the cooperative paid ₦102.4 million in savings to retired members during the year, noting that the payments were made promptly and without deductions.

Beyond financial returns, Olaolu highlighted the society’s continued commitment to members’ welfare through its Regular Loan Scheme and Children’s Education Loan Programme, explaining that loan approvals remained based on eligibility and financial sustainability.

He added that letters of introduction issued by the cooperative continue to enjoy recognition by several foreign embassies as supporting documents for visa applications.

On legal matters, Olaolu announced that a ₦9.62 million lawsuit instituted against the society by Polysonic Nigeria Limited had been struck out by the court, thanking the management and Legal Services Department of the Nigerian Shippers’ Council for their support throughout the litigation.

He paid tribute to the late Barrister Nathaniel Dan Ahmed for his dedication in defending the society’s interests, describing his contributions as instrumental to the favourable outcome.

The outgoing president also advised members who acquired plots of land through the cooperative in different states to take physical possession of their properties to prevent encroachment and encouraged estate owners to establish Community Development Associations to facilitate infrastructure development.

The Cooperative Electoral Committee subsequently announced that all aspirants emerged unopposed after the screening process.

Okon, new President

The newly elected executive committee is led by Christian Bassey Okon as President, with Mangu Abershi Nwel as Vice President, Oladunwo Mathew Adewale as Secretary, Chabulatuda James as Assistant Secretary, Temisanren Uwala Joyce as Public Relations Officer, Atuonwu Victor Chibuzor as Financial Secretary, Zaliha Ibrahim Imam as Treasurer, and Obiageli Uchenna Charles as Ex-Officio II.

In his farewell remarks, Olaolu expressed gratitude for the opportunity to serve as the society’s eighth president and thanked the management of the Nigerian Shippers’ Council for the prompt remittance of members’ deductions, describing the support as critical to the cooperative’s growth and sustainability.

He expressed confidence that the new leadership would build on the achievements recorded over the years and further strengthen the cooperative as a dependable financial support system for members.