Shippers’ Council Cooperative Records N156.4m Surplus

The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has recorded a net surplus of N156.4 million for the 2024 financial year.

The 2024 net surplus has a significant increase of N14.56 million compared to the 2023 surplus of N141.8 million.

Speaking at the 29th Annual General Meeting (AGM) held in Lagos, titled, “Sustainable Practices for Cooperative Development Amid Trade Wars,” President of the Cooperative, Adeyemi Olaolu, said dividends of N78.2 million would be distributed to members, up from N70.9 million in 2023.

Olaolu attributed the positive performance to prudent financial management, member-centric initiatives, and the resilience of cooperative structures amid global economic tensions.

“This surplus underscores our collective efforts and the sound strategies we’ve implemented. Despite the backdrop of trade wars and protectionist policies, our Society has remained financially strong and committed to sustainable growth.”

As part of its 2024 achievements, dividends of N78.2 million would be distributed to members, up from N70.9 million in 2023.

Olaolu stated that the Cooperative maintained its electronic dividend payment system, ensuring compliance with financial regulations.

He stated further that the society disbursed over N111.4 million in savings to retirees without deductions, highlighting its commitment to transparency and member welfare.

“Loan schemes, including regular, children’s education, and palliative loans, continued to provide accessible financial support to eligible members.”

Olaolu also spoke about the Cooperative’s growing recognition by foreign embassies for visa applications and ongoing litigation involving Polysonic Nigeria Limited.

“Our journey isn’t over,” Olaolu emphasised. “But with unity, innovation, and continued support from the Nigerian Shippers’ Council, the NSC Cooperative will only get stronger.”

Speaking earlier, the executive secretary of the Council, Dr Pius Akutah called on members of the Council’s cooperative society to embrace long-term, high-yield investments as a strategy for building sustainable wealth and financial security.

Dr Akutah commended the leadership of the cooperative for its professionalism, transparency, and smooth internal operations contrasting it with the conflict-ridden management crises seen in similar societies.

“Many societies struggle to even hold AGMs without legal battles or leadership disputes. That is not the case here, it speaks volumes about the integrity and vision of your leadership.”

Encouraging members to think beyond traditional welfare loans, Dr Akutah emphasised the power of collective finance in today’s economy.

“This is more than a loan platform. In a time when people no longer rely solely on individual funding, societies like this are vital for mobilising resources for business and investment,” he said.

He urged members to diversify their financial strategies by exploring opportunities in real estate and other appreciating assets.

“Cars depreciate, but property will always appreciate. Don’t spend on things you don’t need. Use this platform to plan your future, build wealth, and aim to retire with real assets,” he advised.

Drawing from personal experience, Ukeyima shared how he missed early opportunities to invest in property and encouraged others not to do the same.

He pledged to support the cooperative in fast-tracking government documentation such as Certificates of Occupancy for its land assets, stating, “If you need help with the C of O, let me know I’m here to support.”

He also stressed the importance of reinvesting dividends and cutting unnecessary expenditure, emphasising the potential for members to retire with substantial savings if they remain financially disciplined and goal-oriented.