Shippers’ Council Cooperative Declares N44.4m Dividend, Grows Net Surplus By 45%

The Nigerian Shippers’ Council (NSC), Staff Multipurpose Cooperative Society Limited, on Thursday, said it would pay a dividend of N44.447 million to its members for the 2022 financial year.

Adeyemi who spoke at the 27th Annual General Meeting of the coop with the theme, “The Cooperative Society: A viable Key to Savings Culture and Investment for Rewarding Future,” said the cooperative paid its members the sum of N30.443 million last year while it grew its net surplus from N60.887 million in 2021 to over N88.889 million, which represents about 45 per cent growth in 2022.

Olaolu said all members that retired from the service during the year under review had their savings settled promptly with no deduction made, adding that the sum of N148.559 was disbursed to them.

On loan disbursement, he said, “We are still operating on two types of loan being granted to our members, that is regular loan as children education loan, of which eligibility remains the major determinant for approval and disbursement. Occasionally, we give palliative loans to members to avoid financial embarrassment that might arise due to cash flow delay.

“On e-dividend, we are committed to continuing the disbursement of dividend to members after the approval of financial statements by the cooperators via individuals’ bank accounts as opposed to cash disbursement. We are also exercising all due diligence when it comes to investment. Be assured that we remained guided by our bylaws with professional analysis to achieve maximum returns,” he said.

The executive secretary of the Council, Emmanuel Jime, commended the management of the Cooperative for managing the funds well, saying that the NSC Cooperative has shown that it is well managed by credible and competent hands that can manage financial trust without question.

“I was highly impressed with the dividend I received last year and really look forward to another one this year, believing that it would be more than that of last year due to the upward trend of performance of the society.”

“I must state that I am proud to remain as a member of the Council’s Cooperative Society not only because of the huge dividend I received last year but because of the trust and sincerity of purpose exhibited by the managers of the funds,” he said.

He added that the culture of savings is a tradition for everyone who wants to be successful to imbibe for rewarding future, adding that it is important for members to save from their current income for the future because staff of the Council can only work for a limited time to gather the seed that would be sown for more output in the future.

According to him, the discipline of savings promotes healthy and generous accumulation of funds to build reasonable resources that can be deployed to investments that would generate regular flow of income in the future.

“I wish to use this medium to call on staff members to increase their savings for the rainy days and for those staff that are not members, I urged them to urgently join the moving train. I implore management of the cooperative to embark on aggressive and meaningful training for themselves for the purpose of understanding the cooperative society and to identify viable investment opportunities to increase the value of returns on the savings of the members,” he added.