Shippers’ Council Cooperative Society Disburses N90.61m Dividend, As New President Emerges
By Roland Ekama
The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society has announced the disbursement of N90,610,340.84 in dividends to members at its 30th Annual General Meeting (AGM) held at Shippers’ Towers, Apapa, Lagos on Thursday, July 16, 2026.
The payment follows the approval of the society’s financial statements for the year ended December 31, 2025, and will be credited directly to members’ bank accounts in line with financial regulations that discourage cash payouts.
Delivering the address at the AGM, outgoing President Mr. Adeyemi Olaolu highlighted the cooperative’s improved financial performance in 2025, reporting a net surplus of N181,220,681.69 — an increase of N24,807,337.72 from the previous year. He said the society’s stronger surplus made the dividend distribution possible while enabling other member services, including loans and retiree benefits.
Olaolu said the cooperative continues to prioritise member welfare through two main loan schemes — Regular Loan and Children Education Loan — both offered at reasonable interest rates and subject to eligibility criteria to protect financial sustainability. He also announced that N102,397,433.39 in members’ savings had been disbursed to retirees promptly and without deductions during the year under review.
The outgoing president pointed to institutional resilience beyond finance, noting that the cooperative’s letters of introduction continue to gain recognition from embassies as valid supporting documents for visa applications.
Land allocation matters and member services featured in the address, with Mr. Olaolu urging beneficiaries of plots acquired by the society across the federation to take physical possession to avoid encroachment and to form Community Development Associations to pursue local infrastructure improvements.
He reminded those who will serve to translate their vision into practical plans that manage members’ expectations and prioritise open dialogue.
As he stepped down as the society’s eighth president, he expressed optimism that continued collaboration would expand the cooperative’s role as “a safe financial shelter” amid Nigeria’s changing tax landscape.
The AGM also included the election of a new executive committee to lead the cooperative for the next two years. Mr. Olaolu appealed for transparent and credible elections, urging members to vote based on integrity and commitment rather than ethnic or religious considerations.
The newly elected officers were unopposed and expected to serve for two years.
Earlier, Earlier , Dr. Pius Akutah Ukeyima, Executive Secretary/CEO of the Nigerian Shippers’ Council (NSC), urged members of the NSC Staff Multipurpose Cooperative Society to deepen financial discipline and collective resilience as Nigeria’s tax landscape undergoes major reforms.
Akutah who was represented by Okolue Ify, Director Consumer Affairs Department NSC,
congratulated the cooperative’s leadership and members for sustaining the society for three decades, describing the event as a celebration of “collective effort, shared responsibility and financial discipline.”
The AGM theme, “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape,” was described by the NSC boss as “timely and thought‑provoking,” given recent reforms aimed at strengthening government revenue, improving transparency and creating a more sustainable economy.
The Executive Secretary further said the reforms present new realities for individuals and businesses but also highlight the importance of prudent financial planning. He emphasised that cooperative societies remain relevant by providing members with a dependable platform to save, access affordable credit and invest wisely.
“A cooperative is much more than a financial institution. It is a community built on trust, shared values and mutual responsibility,” he said, adding that working together often achieves far more than acting alone.
Commending the Society’s focus on members’ welfare and sound financial management, Dr. Ukeyima urged members to view tax changes as opportunities to become better informed and make sound financial choices. He called for knowledge, transparency and prudent management to remain the cooperative’s greatest assets.
He also praised the Executive Committee for its dedication and sacrifice, encouraging leaders to continue upholding integrity while embracing innovation and best practices to enhance the Society’s performance.
He appealed to all members to stay actively involved in the cooperative’s affairs, saying their participation and constructive contributions are essential to sustaining the organisation for future generations.
Linking the cooperative’s role to broader national objectives, he said the Nigerian Shippers’ Council’s pursuit of excellence in service delivery complements the Federal Government’s Renewed Hope Agenda, with the cooperative supporting the financial well‑being and economic stability of the NSC workforce.
The Executive Secretary expressed hope that the AGM’s deliberations would be fruitful and that the upcoming election would produce “a credible, visionary, resilient, dedicated and transparent” executive management team to advance the cooperative’s growth and prosperity.
He concluded by officially declaring the 30th Annual General Meeting open and invoking blessings on the gathering.
In his acceptance speech, newly elected President, Chris Okon pledged to introduce feedback mechanism in furtherance to work closely with members.
Okon promised to promote transparency, innovation, newness, cooperation among members .
Others include – Mangu Abershi Nwel Vice President, Oladunwo Mathew Adewale Secretary, Chabulatuda James Asst. Secretary and Temisanren Uwala Joyce Public Relations Officer
, Atuonwu Victor Chibuzor Financial Secretary
, Zaliha Ibrahim Imam Treasurer, Obiageli Uchenna Charles Ex-Officio Officer