The Nigeria Shippers Council (NSC) Staff Multipurpose Cooperative Society Limited has declared N70.9million (N70,927,361.19) dividend and net surplus of N141.9million (N141,854,723.73) for the fiscal year 2023, compared to net surplus of N88.9million (N88,895,512.55) recorded in the preceding period of 2022.
This shows an increase of N52.9 million (N52,959,211.18) net surplus, which represents a growth of about 60 per cent of the net surplus from the previous year.
Speaking at the 28th Yearly General Meeting, the President of the Cooperative Society, Mr. Adeyemi Olaolu while analyzing the revenue figures, explained that as against the N44.5million (N44,443,859.50) shared to members as dividends in the 2022 financial year, a total of N70.9million (N70,927,361.19) would be given to members as dividends for the year under review.
He added that the society is committed to continuing the disbursement of dividends to members after the approval of the financial statement by the cooperators through individual members’ bank accounts, in line with financial regulations.
Speaking at the event, Executive Secretary/CEO of the Council, Mr. Pius Ukeyima Akutah announced plans to address the housing needs of the Council’s workforce through housing estates for members of staff, especially those in Lagos and Abuja.
The NSC-boss disclosed that he has already commenced talks with the Governor of Lagos State, Babajide Sanwo-Olu and the Minister of Federal Capital Territory FCT, Nyesome Wike with a view to making lands available for the project.
“We should take the issue of staff housing seriously because the challenge of shelter is a very serious one. I can see that it is something the Cooperative Society has plans for but I want you to prioritise it. We have commenced efforts to secure an NSC estate for staffers in Lagos and Abuja.”
“We have discussed with the Minister of the FCT to help provide land for this purpose and we are doing the same with Lagos State. The idea is to ensure that members of staff own their property.” he said
Akutah commended the Cooperative Society for the efficient management of resources and encouraged NSC staffers to become members.
“From my experience with Cooperative Societies, members usually fight and belong to cults over leadership. I have seen this happen time and time again, but when you come together to pull resources together, Cooperative Society is actually a good thing. With this cooperative, it is easy to engage developers to put roof over the heads of members. When members need loans to enable them take care of immediate needs, the Cooperative also helps out.”
“I am impressed that the executives have operated this society in a commendable manner with good cooperative governance. Today you are dissolving the management to elect new one which shows that as leaders you are happy to make room for others to come in. This is a step in the right direction,” the NSC boss further asserted.
He assured that his management team under his watch will look into the requests the NSC Staff Cooperative Society had made to encourage the group to continue to grow its investment fund and not rely solely on savings.
A highpoint of the AGM was the re-election of the Executive Committee of the NSC Staff Multipurpose Cooperative Society Limited led by its President, Mr. Olaolu Adeyemi, who were returned unopposed for another two-year tenure, which followed a unanimous decision of the members due to the satisfactory performance of the EXCO.
Another highpoint of the event was the presentation of special recognition award to the former Cooperative President, Mr. Bashir Ambi, who raised the revenue profile of the Society from N38million to over N420million in four years.
Ambi is also reputed to have introduced a number of reform and innovations for the Cooperative Society including; e-dividends, child education loans, health/ leadership training programmes, among others.
