Shippers’ Council Cooperative Posts N181.2m Surplus, Declares N90.6m Dividend

The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has recorded a net surplus of N181.22 million for the 2025 financial year, representing an increase of N24.81 million over the N156.41 million posted in 2024.

The outgoing President of the Society, Mr. Adeyemi Olaolu, disclosed this on Thursday during the Society’s 30th Annual General Meeting (AGM) and election held at the Shippers’ Towers, Apapa, Lagos.

Speaking on the theme, “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape,” Olaolu said registered cooperative societies continue to enjoy tax advantages under Nigeria’s 2025 tax reforms, particularly on members’ savings, loans, dividends and surplus distributions.

According to him, the cooperative has remained financially strong despite prevailing economic challenges.

He announced that N90.61 million would be distributed as dividends to members through electronic transfers into their bank accounts, noting that the Society had fully adopted an e-dividend system in line with financial regulations prohibiting cash disbursement.

The outgoing president also revealed that N102.4 million was paid to retired members as savings benefits during the year under review.

“I am pleased to report that these payments were made promptly and without any deductions,” he said.

On members’ welfare, Olaolu said the Society continued to provide access to Regular Loans and Children’s Education Loans, stressing that loan approvals remained based on members’ eligibility to ensure financial sustainability.

He also disclosed that letters of introduction and recommendation issued by the cooperative continued to receive recognition from various embassies as supporting documents during visa application processes.

The president further announced that a legal action instituted against the Society by Polysonic Nigeria Limited, which sought to recover N9.62 million, had been struck out by the court.

He commended the management of the Nigerian Shippers’ Council for supporting members who attended court proceedings and appreciated the Council’s Legal Services Department for its assistance throughout the litigation.

Olaolu paid tribute to the late Barrister Nathaniel Dan Ahmed, describing his commitment to the court proceedings as instrumental to the successful defence of the Society.

He also urged members who had been allocated plots of land by the cooperative in different states to take physical possession of their properties to prevent encroachment and advised landowners within each estate to establish Community Development Associations to facilitate infrastructure development.

As part of the AGM, members elected a new executive committee to manage the affairs of the Society for the next two years.

The Electoral Committee announced that all candidates were returned unopposed after meeting the requirements of the election guidelines.

The newly elected officers are: Christian Bassey Okon, president; Mangu Abershi Nwel, vice president; Oladunwo Mathew Adewale, secretary; Chabulatuda James, assistant secretary; Temisanren Uwala Joyce, public relations officer; Atuonwu Victor Chibuzor, financial secretary, Zaliha Ibrahim Imam, treasurer; Obiageli Uchenna Charles, ex-officio II

Reflecting on his tenure in an interview after the AGM, Olaolu said his administration built on the achievements of previous leaders while introducing innovations that improved service delivery.

Among the major reforms, he cited the introduction of an electronic dividend payment system, replacing the previous practice of paying dividends in cash envelopes.

He also said his administration ensured retirees received their savings promptly, without delays or deductions, and introduced measures allowing retired members to remain within the cooperative to continue benefiting from dividends, loans and other investment opportunities.

“We made sure retirees receive their payments promptly, even before retirement where necessary, so they would not have to borrow money while waiting for their benefits,” he said.

Olaolu added that his administration encouraged savings by ensuring members who consistently saved with the cooperative earned attractive dividends.

He urged the new executive to remain transparent, listen to members and continue expanding the Society’s business opportunities.

“They should work very hard, listen to members’ voices, encourage savings, remain transparent and do more business so that greater returns can be achieved for members,” he said.

On preserving his legacy, Olaolu attributed the Society’s steady growth to teamwork and continuity in leadership.

He noted that he had served as Treasurer under former President Dr. Bashir Ambi, whose emphasis on transparency and accountability laid a solid foundation for successive administrations.

According to him, the incoming President had also served in previous executive positions, giving him the experience needed to sustain the cooperative’s growth.

“As leaders, we always shared experiences and reminded ourselves that we are serving humanity. Whatever we do today will determine the future of the cooperative and the welfare of our members,” he said.

In his farewell remarks, Olaolu thanked members, the management of the Nigerian Shippers’ Council, past executives and the Lagos State Ministry of Commerce, Industry and Cooperatives for their support throughout his tenure as the Society’s eighth president.Ship

He expressed confidence that the cooperative would continue to expand its welfare programmes and strengthen home ownership opportunities for members under the new leadership.