…. Maintain the good record, invest more, contact us for meaningful challenges…..Akutah
The Nigerian Shippers’ Council Staff Multipurpose Cooperative Society Limited recently held its 29th Annual General Meeting (AGM) with a theme on “Sustainable Practices for Cooperative Development Amid Global Trade Wars.”
This year’s meeting enable members review the performance of the Cooperative after securing an approved financial report from its regulatory body, the Lagos State Ministry of Commerce, Co-operatives, Trade & Investment.
Earlier in his opening speech, the President of NSC Staff Multipurpose Co-operative Society Limited, Adeyemi Olaolu informed the meeting that the Cooperative reported a significant improvement in its 2024 financial results, ”a Net Surplus for the year rose to N156,413,348.97 signifying an increase of N14,558,620.24 over the previous year’s surplus of N141,854,723.73
He also stated that the Cooperative will distribute N78,206,671.99 in dividends, up from N70,927,361.19 paid in 2023.
“Dividend payments will continue to be made electronically, ensuring compliance with regulations and convenience for members.”
on loan disbursement and member support, the President stressed that the Cooperative reaffirmed its role as a financial lifeline, offering Regular Loans, Children’s Education Loans, and Palliative Loans at competitive interest rates, but stressed that loan is only approved for eligible member (s) in adherence to Co-operative bye-law.
Olaolu further highlighted on retiree settlements where he informed the gathering that a total of N111,440,891.76 in member savings was disbursed to retirees during the year, processed promptly and without deductions.
Highlighting some of its activities, he noted that the Society’s recommendation letters are now recognized by embassies during visa application processes
He confirmed that the ongoing litigation between Polysonic Nigeria and the Cooperative on the claimant’s involving of N9,616,000, has been transferred from Badagry Magistrate Court to Iba Magistrate Court stating that the Society expressed gratitude to the NSC Management and Legal Services for their routine support.
On land and infrastructure Projects, the President added that a Community Development Association (CDA) has been established to drive infrastructure development at the Lagos axis Staff Cooperative Estate, Mowe, Ogun State. While for the landed property at Jikoyi, Karu Local Government, the Cooperative has secured a Right of Occupancy, with the Certificate of Occupancy process underway. He also stated that efforts to take full possession of the Ibadan property are progressing.
The President however charged members to strengthen the financial operations of Cooperative through by increasing their monthly savings, innovation, risk management, and revenue diversification.
“While we have not yet reached our full potential, I am confident that with your support, the Cooperative will continue to evolve and deliver greater value to our members. Let us remain united in purpose and committed to building a more prosperous future.”
In his keynote address, the Executive Secretary/CEO, Nigerian Shippers’ Council, Akutah, Pius Akutah, Esq, MON, FCILT, Ph.D called on the NSC Cooperative for investment in furtherance to members financial growth, dividend for future purposes.
Akutah, who commended the Cooperative Society for a well-coordinated AGM , urged them to support the leadership for better and improved revenue drive.
Speaking earlier, the Chairman of the occasion, Mr. Steve Olaniyi, the NSC’s Ag. Director Finance & Account represented by Mrs. Foluke OLaleru, a deputy director, budget, commended the Cooperative for maintaining clean records of account and urged them to proffer more investment opportunities for the Cooperative.
The AGM was attended by the Director of Cooperative Services, Mrs. Z. O. Ibrahim represented by the Apapa Area Officer, Mrs. Olubunmi Lawson, the immediate past and current Presidents of Apapa Multipurpose Cooperative Society, officers from Apapa Area Office and NSC Cooperators members across the six geo-political regions joined via zoom.
