Home Finance Shippers’ Council Cooperative Grows Net Surplus By 46%

Shippers’ Council Cooperative Grows Net Surplus By 46%

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The Nigerian Shippers’ Council Staff Multipurpose Cooperative Society Limited said it has grown its net surplus from N60.887 million in 2021 to over N88.889 million, representing about 46 percent growth in 2022.

Adeyemi Olaolu, the president of the NSC’s Cooperative, said at the 27th annual general meeting held with the theme: ‘The Cooperative Society: A viable Key to Savings Culture and Investment for Rewarding Future,’ on Thursday in Apapa, that the cooperative has perfected plans to pay a dividend of N44.447 million to its members for the financial year 2022.

According to him, the Society paid its members the sum of N30.443 million last year in 2022.

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

“We still give two types of loan to our members: regular loans for children’s education loan, of which eligibility remains the major determinant for approval and disbursement. Occasionally, we give palliative loans to members to avoid the financial embarrassment that might arise due to cash flow delay.

“We are committed to continuing the disbursement of dividends to members after the approval of financial statement 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 remain guided by our bylaws with professional analysis to achieve maximum returns,” he said.

Emmanuel Jime, the executive secretary of the NSC, commended the management of the Cooperative for managing the funds well, saying that the Cooperative has shown that is managed by credible and competent hands.

“I was highly impressed with the dividend I received last year and look forward to another one this year, believing that it would be more than 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 a 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 future income flow.

He said that the management of the Council would continue to give the required support and encouragement to the NSC Cooperative Society to ensure that it operates within the stipulated regulations for the benefit of all members.

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