In a strong demonstration of financial growth and commitment to staff welfare, the Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited is rolling out a massive ₦193 million payout. This milestone includes ₦102.4 million allocated to retirees and ₦90.6 million distributed as 2025 dividends to reward its shareholders.
Cooperator Olaolu hiAdeyemi, President of the Cooperative Society, took center stage on Thursday, July 16, during the body’s landmark 30th Annual General Meeting (AGM). Addressing the members, Adeyemi delivered timely insights built around the event’s powerful theme: “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape.”
In a strong display of financial integrity, Olaolu revealed that retirees received ₦102,397,433.39 “without any deductions,” a move that underscores the society’s focus on welfare
He also declared a upcoming ₦90.61 million dividend package, ensuring transparency by scheduling payments “directly into beneficiaries’ bank accounts in line with financial regulations.”
”This financial wind is backed by stellar growth, as the Cooperative recorded a net surplus of ₦181.22 million in 2025, outperforming 2024’s ₦156.41 million by an impressive ₦24.81 million.
According to Olaolu, the latest financial milestones are a direct result of “prudent management” mixed with unwavering “member confidence.”
He emphasized that registered cooperative societies remain uniquely insulated from specific provisions of Nigeria’s new tax regime. By securing exclusive exemptions on members’ savings, loans, dividends, and retained surpluses, these organizations firmly establish themselves as an invaluable financial sanctuary during uncertain economic times.
Reaffirming a steadfast commitment to member advancement, the outgoing president highlighted the continued impact of the Regular Loan and Children’s Education Loan schemes. These strategic credit lifelines are designed to provide robust financial backing, with access remaining responsibly tied to individual eligibility and sustainable repayment capacity.
In a major legal triumph, he also announced that a high-stakes ₦9.62 million lawsuit instituted against the cooperative by Polysonic Nigeria Limited had been decisively struck out by the court. He hailed the judgment as a total vindication that unequivocally reinforces the Society’s corporate integrity and prudent management.
As the cooperative elected its new leadership, Olaolu charged the electoral committee to maintain absolute transparency, fairness, and credibility throughout the voting process. He further urged members to reject ethnic or religious biases, emphasizing that ballots should be cast solely based on a candidate’s competence, unyielding integrity, and proven commitment to the society’s growth.
Earlier, the Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council, Dr. Akutah Pius Ukeyima, MON, FCILT —represented by the Director of Consumer Affairs, Mrs. Ify Okolue—hailed cooperative societies as “dependable financial safety nets.” He emphasized that they serve as vital vehicles for “disciplined savings, affordable credit and collective financial resilience amid Nigeria’s changing economic and tax landscape.”
Dr. Akutah highly commended the leadership for its three-decade legacy of sustaining sound financial management, strict accountability, and robust member welfare. Looking ahead, he challenged the incoming executive committee to “uphold integrity, embrace innovation and adopt best practices that would strengthen the Society’s growth and long-term sustainability.”
He further urged members to remain actively involved in the Cooperative’s affairs, expressing absolute confidence that the Society would continue to amplify the Nigerian Shippers’ Council’s staff welfare initiatives. By elevating the financial well-being of its members, he noted, the cooperative serves as a vital vehicle supporting the Federal Government’s Renewed Hope Agenda.
The Chairman of the occasion, Mr. Stephen Olaniyi—NSC Director of Finance and Accounts (DFA) , who was represented by Mr. Emeka Odaba—urged workers to cultivate a disciplined habit of regular savings early in their careers. He described cooperative societies as exceptionally effective platforms for building sustainable financial security and long-term wealth.
Mr. Odaba, who also serves as an Assistant Director of Finance, praised the Society for maintaining highly affordable lending rates. He noted that members enjoy exclusive access to loans worth up to twice the value of their savings—a distinct competitive advantage that compares exceptionally well with commercial financial institutions.
The landmark 30th AGM reached its pinnacle with the formal inauguration of a dynamic new executive committee, with Mr. Christian Okon emerging as the newly elected President of the NSC Staff Multipurpose Cooperative Society.
In his acceptance remarks, Mr. Okon expressed deep appreciation to the members for the immense confidence reposed in the new executive team. He pledged to vigorously build upon the stellar achievements of the outgoing administration through transparent leadership, prudent financial management, and aggressively improved welfare programmes for all members.
The newly minted President assured cooperators that his leadership would prioritize aggressive membership growth and deepen access to highly affordable financial services. Furthermore, he committed to strengthening the Society’s investment portfolio and promoting greater inclusiveness to ensure the Cooperative remains an unshakeable pillar of financial security for every member.
The Newly Inaugurated Executive Committee – President: Christian Bassey Okon, Vice President: Mangu Abershi Nwel, Secretary: Oladunwo Mathew Adewale, Assistant Secretary: Chabulatuda James, Public Relations Officer: Temisanren Uwala Joyce, Financial Secretary: Atuonwu Victor Chibuzor, Treasurer: Zaliha Ibrahim Imam
Ex-Officio Officer II: Obiageli Uchenna Charles
Ex-Officio I: Adeyemi Olaolu
