Shippers’ Council Cooperative Society records huge returns; disburses over N111 million to retirees
... as NSC boss, Akutah charges society to invest for higher dividends.
Segun Oladipupo
The Nigerian Shippers’ Council on Thursday, convened it’s 29th Annual General Meeting (AGM) to review it’s performance, approve financial statement and discuss strategies for resilience in a challenging global economic climate..
The focus for this year’s AGM is ‘Sustainable Practices for Cooperative Development Amid Global Trade Wars.’
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.
He averred 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, Olaolu 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.
Also speaking, the Executive Secretary of NSC Barrister Pius Akutah charged the Society to invest more in a bid to grow members’ dividend for future purposes.
Akutah who commended the Cooperative Society for a well coordinated AGM, urged members to support the leadership for better and improved revenue drive
