Shippers’ Council Cooperative Society Declares Strong Financial Report Growth
. Holds 29th AGM
By Roland Ekama
The Nigerian Shippers’ Council Staff Multipurpose Cooperative Society Limited convened its 29th Annual General Meeting (AGM) with a focus on “Sustainable Practices for Cooperative Development Amid Global Trade Wars.”
The event brought together members to review the Society’s performance, approve financial statements, and discuss strategies for resilience in a challenging global economic climate.
President of NSC, Staff Multipurpose Cooperative Society Limited ,Adeyemi Olaolu while speaking on Thursday 10 July 2025 at the 29th Annual General Meeting held in Lagos, disclosed that the Society reported a significant improvement in its 2024 financial results.
According to him, a Net Surplus for the year rose to N156,413,348.97, marking an increase of N14,558,620.24 over the previous year’s surplus of N141,854,723.73.
In line with its commitment to member welfare, Olaolu 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.”
Similarly 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. Eligibility criteria remain in place to prevent financial strain among members.
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On retiree settlements, he stated 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
On legal update, Olaolu affirmed that the ongoing Polysonic Nigeria litigation, involving a claim of N9,616,000, has been transferred from Badagry Magistrate Court to Iba Magistrate Court adding that the Society expressed gratitude to the NSC Management and Legal Services for their support.
On land and infrastructure Projects, the President added that a Community Development Association has been established to drive infrastructure development at Mowe, Ogun State , saying that the Society has secured a Right of Occupancy, with the Certificate of Occupancy process underway at Jikoyi Land, Nasarawa State: , while adding that efforts to take full possession of the Ibadan property are progressing.
The President called on members to strengthen the Cooperative through innovation, risk management, and revenue diversification.
Primarily , he maintained that “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,” the management stated.
Also speaking, the Executive Secretary of NSC Barrister Pius Akutah called on the Society to investment in furtherance to grow members dividend for future purposes.
Akutah who commended the Cooperative Society for a well coordinated AGM , urging members to support the leadership for better and improved revenue drive .
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