Shippers’ Council cooperative society invests in members’ welfare, posts N156m surplus

…Akutah charges on unlocking higher returns 

By Ezurike Ugochukwu

The Nigerian Shippers’ Council Cooperative Society has recorded significant growth in its financial performance, with a net surplus of N156,413,348.97 in 2024. The society has also disbursed over N111 million to retirees and declared a dividend of N78,206,671.99 to its members.

At its 29th Annual General Meeting (AGM), the Nigerian Shippers’ Council Cooperative Society with the AGM’s focus which was on “Sustainable Practices for Cooperative Development Amid Global Trade Wars” the gathering was to review its performance and discuss strategies for resilience in a challenging global economic climate.

Speaking at the AGM, President of the Cooperative Society, Mr. Adeyemi Olaolu disclosed that the society had a significant improvement in its 2024 financial results.

Olaolu pointed out that a net surplus for the year rose to N156,413,348.97 signifying an increase of N14,558,620.24 over the previous years surplus of N141,854,723.73.

In line with its commitment to members’ welfare, je stated that the Cooperative would distribute N78,206,671.99 in dividends, up from N70,927,361.19 paid in 2023.

Dividend payments will continue to be made electronically, ensuring compliance with regulations and convenience for members.”

Similarly on loan disbursement and member support, the President stressed that the Cooperative reaffirmed its role as a financial lifeline, offering Regular Loans, Children’s Education Loans, and Palliative Loans at competitive interest rates. Eligibility criteria remain in place to prevent financial strain among members.

On retirees’ settlements, he stated that a total of N111,440,891.76 in member savings was disbursed to retirees during the year, processed promptly and without deductions.

Highlighting some of its activities, he noted that the Society’s recommendation letters are now recognized by embassies during visa application processes.

On legal update, Olaolu affirmed that the ongoing Polysonic Nigeria litigation, involving a claim of N9,616,000, has been transferred from Badagry Magistrate Court to Iba Magistrate Court adding that the Society expressed gratitude to the NSC Management and Legal Services for their support.

On land and infrastructure Projects, the President added that a Community Development Association has been established to drive infrastructure development at Mowe, Ogun State, saying that the Society had secured a Right of Occupancy, with the Certificate of Occupancy process underway at Jikoyi Land, Nasarawa State: , while adding that efforts to take full possession.

The President called on members to strengthen the Cooperative through innovation, risk management, and revenue diversification.

“While we have not yet reached our full potential, I am confident that with your support, the Cooperative will continue to evolve and deliver greater value to our members. Let us remain united in purpose and committed to building a more prosperous future,” the management stated.

The Executive Secretary of NSC, Barrister Pius Akutah, charged the society to invest more to grow members’ dividend for future purposes. He commended the Cooperative Society for a well-coordinated AGM and urged members to support the leadership for better revenue drive.