Shippers’ Council Cooperative Declares N70.9m Dividend In 2023 Financial Year

The Nigerian Shippers’ Council Staff Multipurpose (NSCSM) Cooperative Society Limited, has declared that a total of N70.92 million will be distributed as dividend to its members for the 2023 financial year.
The society also declared a net surplus of N141.8 million for 2023, compared to the N88.9 million for the preceding year, with a difference of N52.9 million, representing 60 per cent growth.

The society’s net assets closed the year with a growth of 6.8 per cent year-on-year with an average overhead cost of 7.8 per cent.

The president of Society, Adeyemi Olaolu presented the financial statement of accounts and returns for 2023 yesterday, at the 28th Annual General Meeting (AGM)/Elections with the theme: “The Cooperative Society: Building a Sustainable Economic Resilience,” held in Lagos.

Olaolu said the society is committed to continue the disbursement of dividend to members after the approval of financial statements by the Cooperators via individuals’ bank accounts, in line with financial regulations that oppose cash disbursement.

On loan disbursement, Olaolu said the society will give loans, such as regular and children education loans, and make funds available to its members in need.

He said the society will also give palliative loans to members to reduce financial difficulties that might arise due to delay in cash flow at a reasonable interest rate.

The executive secretary/chief executive officer, Nigerian Shippers’ Council, Pius Akutah, commended the cooperative society for its commitment to supporting its members, particularly through initiatives such as providing soft loans.

He expressed satisfaction on the impressive performance of the NSC Cooperative Society in recent years, with a remarkable 55 per cent growth in revenue in 2022 compared to 2021.

Akutah urged the executives not to become complacent but to continue exploring innovative avenues for revenue generation and profit maximisation.

He also urged the management of the NSC Cooperative Society to prioritise capacity building for its members, ensuring they remain informed about global and national economic realities.