Shippers’ Council Cooperative Society increases net surplus to N141 million.
...As ES/CEO, Akutah advises staff to increase contributions
Segun Oladipupo
The Nigerian Shippers’ Council Staff Multipurpose Cooperative Society Limited.said that its surplus at the end of December, 2023 grew to N141,854,723.73 from N88,895,512.55 in 2022.
The figure was reeled out at the 28th Annual General Meeting/Election of the Nigerian Shippers’ Council Staff Multipurpose Cooperative Society Limited on Monday.
The increase represents 59 percent while the net assets closed the year with a growth of 6.5 percent, year-on-year saying the expense for the year with an average overhead cost of 7.8 percent in the year under review
In his address at the AGM, president of the Cooperative Society, Mr. Adeyemi Olaolu said that the net surplus had improved tremendously more than that ofnthe preceding year’s net surplus in the 2022 AGM.
According to him, the society had a net surplus of N88,895,512.55 (Eighty eight million, eight hundred and ninety five hundred, five hundred and twelve Naira and fifty kobo) while the net surplus for the year 2023 is N141,854,723.73 (One hundred and forty one million, eight hundred and twenty three naira and seventy three kobo.
Olaolu said that the difference stood at N52, 959,211.18 representing a growth of about 60 percent of the net surplus from the previous year.
Speaking further, he maintained that the total sum of N44,443,859,50 was shared as dividend to members in the previous AGM.
He said, “I wish to inform this August gathering that the total sum of N70,927,361.19 will be distributed as dividend for this year under review.
On loan disbursement, he said, “One of the major roles of a Cooperative Society as an organisation is to give loans and make funds available to its members in need.
“Our own Cooperative Society is not exceptional and it operates via two major types of loans or. regular loan and children education loan. To avoid financial embarrassment of members, eligibility remains the major determinant for 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. All these loans are given at reasonable interest rate.”
For the retirees, the Cooperative Society stated that the sum of N119,340,133.68 was the savings from members that retired from the Service during the year under review was disbursed to them promptly with our delay and deductions of service charge.
Also speaking the Executive Secretary/Chief Executive Officer of the Council, Barr. Pius Akutah Ukeyima reiterated the Council’s commitment to supporting tie Society in enhancing its performance and promoting the well being of the members.
“I encourage the Society’s Executives to engage with the Council on any requests within its scope as collaboration will ultimately benefit both organisation.
“I am pleased to note the impressive performance of the NSC Cooperative Society in recent years, with a remarkable 55 percent growth in revenue in 2022 compared to 2021.
“However, I urge the Executives not to become complacent but to continue exploring innovative avenues for revenue generation and profit maximisation.
“As we celebrate our Cooperative society’s achievement,.let us recommit ourselves to building a sustainable future for generations to come. Let us uphold the values of cooperation, solidarity and democratic governance that have been integral to our success. Together, we can overcome challenges and build a brighter tomorrow for all,” he stated.
He lauded the management of the Cooperative Society for transparency and being run appropriately.
He added that the management of the Council would.look into the request of training for the Society members
He advised staff of the Council to increase their contributions so that they can have something to fall back to in the future.
He maintained that it would not be good for any staff to put in thirty five years into the service and at the end of the whole thing, have not roof on his head.
On landed property, he said that the Society’s Executives should work hard to acquire lands in high brows like the Abuja and other areas even as he offered to help in that area.
