…Shares over N70 million dividend to members
….As NSC Eyes Estate in Lagos and Abuja
ZAINAB JUNAID
The Nigeria Shippers’ Council Staff Multipurpose Cooperative Society Limited, has declared a net Surplus of one hundred and forty one million, eight hundred and fifty- four thousand, seven hundred and twenty three naira and seventy- three kobo (N141,854,723.73) for the year 2023 as against that of the preceding year 2022, Eighty -Eight million, eight hundred and Ninety -five thousand, five hundred and twelve naira and fifty- five kobo(N88,895,512.55).
This was disclosed on Monday by the President, NSC Cooperative Society, Mr Adeyemi Olaolu at the 28th annual general meeting/ election held at Shippers Towers, Lagos, stating the value shows a difference of N52,959,211.18, representing a growth of about 60% of the Net Surplus from the previous year.
Mr Olaolu added that contrary to the sum of N44,443,859.50 shared as dividend to members in the previous AGM, a total of N70,927,361.19(Seventy million, nine hundred and twenty seven thousand three hundred and sixty-one naira and nineteen kobo) would be distributed as dividend for the year under review.
He said the society is committed to continue the disbursement of dividend to members after the approval of financial statement by the Cooperators through individuals’ bank accounts in line with financial regulations that oppose cash disbursement.
On loan disbursement, Mr. Olaolu noted that the Society operates both regular and Children Education loan to avoid financial embarrassment of members.
“However, Eligibility remains the major determinant for accessibility, approval and disbursement of these loans. Occasionally, we give palliative loan to members to reduce financial difficulties that might arise due to a delay in cash flow. Also all these loans are given at reasonable interest rate,” he said.
On Lands located in Mowe, Abuja and Ibadan, he said efforts are underway to set up a Community Development Association that will champion development of necessary infrastructure and amenities in the estate.
“Process to take possession of Ibadan Land is still ongoing, but for Abuja Land, Nassarawa State Government has issued approval of Right of Occupancy (RoO) in respect of the Cooperative land at Jikoyi, Nassarawa State. We have also filled all other necessary documents for processing the Certificates of Occupancy (C of O),” he said.
Speaking further, the President of the Society disclosed that the sum of N119,340,133.68(One Hundred and nineteen million, three hundred and forty thousand, one hundred and thirty three Naira, sixty-eight kobo) savings of it’s members that retired from service during the year under review was disbursed promptly to them without delay and any deduction of service charges.
Also speaking at the AGM themed “The Cooperative Society: Building a Sustainable Economic Resilience”, the Executive Secretary of the Council, Pius Ukeyima Akutah, commended management of the Cooperative Society for its commitment to supporting members particularly through initiatives such as providing loans.
He urged them to prioritize capacity building for members, ensuring they remain informed about global and national economic realities.
Ukeyima also disclosed that efforts are underway to ensure the Nigeria Shippers Council owns an estate in both Lagos and Abuja as management held meeting with Lagos government in this regard.
The Executive Secretary, who is the Special Guest of Honour at the event, also urged members of the Society to improve their earnings with investments.
His words, “I never wanted to join the cooperative because of issues surrounding corporate governance and the challenges in corporate societies, seeing members fighting and sometimes ending up in the courts, fighting over money, issues of distrust, disunity and among others.
“The cooperative society is meant to bring people working together into a group of serious-minded people who believe that they will save and invest their money, and at the end derive some benefits from the investments.
“Some cooperative societies even make provision for housing for their members and when you come together and form a group of off-takers, it is even easier to approach developers and then be able to put roof over the heads of your members in a very easy and sustainable manner.
“In today’s economy, especially ours in Nigeria, it is difficult for you to actually stay with your salary as your only source of income and be able to pay all your bills.
“Cooperative societies come handy when your members are looking for loan. Some members will be more privileged than others, but when resources are pooled together, sometimes the ones that are less-privileged will benefit from soft loans that will enable them to take care of their immediate needs.
The Council is committed and will look into how we can encourage your members in whichever way within the confines of what we can do.”
However, “not only the culture of savings. Savings alone will not guarantee any good returns, but when you save and invest, it is most likely that your investment will bring a better return than savings. This is because if you are really serious about growing your money, then you have to invest. The interest that comes from your money just sitting in the bank is low because it is actually low risk.”
Another Speaker, Chairman of the Occasion, Mr. Steven Olaniyi, in his address enjoined all members to begin to think on better investment plans that will match with overcoming the devaluation of the Naira. He also stressed on the importance of adequate and periodical training to enhance financial literacy among members of the society.
On her part, Director of Cooperatives, Lagos State Ministry of Commerce, Industry and Cooperatives, Mrs. Zulikha Ibrahim, commended the Cooperative society for a successful financial year, noting that its financial performance matrix revealed an experienced growth in the year under review.
She extolled the executives for the judicious use of available funds and rendition of the account within the stipulated period.
Ibrahim disclosed that cooperative societies in Lagos State are directed to take up the Cooperative Insurance policy to protect its fund and minimise risks associated with sudden death, accidents, and other forms of incapacitation with LASACO Assurance Plc as the lead under-writer of the scheme.
She added that the society’s accumulated reserve fund should be funded and invested in a separate interest yielding bank account or other financial instruments of choice, while advising the executive to take necessary measures that will continually improve on this performance in the future.
The event also saw to the swearing-in of new executive members of the Cooperative, expected to oversee the activities of the society for the next two years and also an award of excellence was given to Bashir Ambi Muhammed, immediate past President of the Society (2017-2021) and also the 7th President of NSC Cooperative Society by the Executive Secretary of the Council, Pius Ukeyima.
