The Nigerian Shippers’ Council Staff Multipurpose (NSCSM) Cooperative Society Limited has announced the distribution of N70.9 million in dividends to its members for the 2023 financial year.
The society also reported a net surplus of N141.8 million for 2023, a significant increase from N88.9 million the previous year, marking a 60 per cent growth.
Also, the net assets of the society grew by 6.8 per cent year-on-year, with an average overhead cost of 7.8 per cent.
The President of the Society, Adeyemi Olaolu, presented the financial statements of accounts and return for 2023 during the 28th yearly general meeting (AGM)/elections held yesterday in Lagos, with the theme, ‘the Cooperative Society: Building Sustainable Economic Resilience’.
Olaolu said the society is committed to continuing the dividend disbursement to members through individual bank accounts, adhering to financial regulations that prohibit cash payouts.
Regarding loan disbursement, he mentioned that the society would offer various loans, including regular and children’s education loans, to assist members in need.
Also, the society plans to provide palliative loans to members to alleviate financial difficulties due to cash flow delays at reasonable interest rates.
The Executive Secretary/Chief Executive Officer of the Nigerian Shippers’ Council, Pius Akutah, praised the cooperative for its dedication to supporting its members, particularly through providing soft loans.
He noted the cooperative’s impressive 55 per cent revenue growth in 2022 compared to 2021 and urged the executives to avoid complacency and continue seeking innovative revenue generation and profit maximisation strategies.
Akutah also emphasised the importance of capacity building for members to keep them informed of global and national economic realities.
The Director of Cooperatives at the Lagos State Ministry of Commerce, Industry and Cooperatives, Zulikha Ibraheem, lauded the society for its financial performance and the timely submission of accounts.
Ibraheem disclosed that cooperative societies in Lagos State are encouraged to adopt the Cooperative Insurance Policy to protect their funds and minimise risks related to sudden death, accidents, and other forms of incapacitation.
She suggested that the society’s accumulated reserve fund should be managed in a separate interest-yielding account or other financial instruments, advising the society’s executive to take measures to continually improve performance in the future.
