By Joshua Yousouph
The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has disbursed N102.4 million to retired members and approved N90.6 million as dividends for members, even as it elected a new executive committee to pilot the affairs of the Society.
The announcements were made at the Cooperative’s 30th Annual General Meeting (AGM) held on Thursday under the theme, “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape.”
Presenting the Society’s annual report, the outgoing President, Mr. Adeyemi Olaolu, disclosed that a total of N102,397,433.39 was paid to retired members in 2025 without any deductions, describing the gesture as a demonstration of the Cooperative’s commitment to the welfare and financial security of its members.
He also announced the approval of N90,610,340.84 as dividends for members following the presentation of the audited financial statements, adding that payments would be made directly into beneficiaries’ bank accounts in compliance with extant financial regulations.
According to Olaolu, the Cooperative recorded a net surplus of N181.22 million in 2025, representing an increase of N24.81 million over the N156.41 million surplus posted in 2024.
He attributed the improved performance to prudent financial management, effective investments and the sustained confidence of members in the Cooperative’s operations.
Speaking on the operating environment, Olaolu noted that registered cooperative societies remain largely insulated from some provisions of Nigeria’s evolving tax regime, as they enjoy exemptions on members’ savings, loans, dividends and retained surpluses.
He described cooperative societies as reliable financial shelters capable of helping workers navigate economic uncertainties while promoting a culture of savings and financial discipline.
The outgoing president reaffirmed the Society’s commitment to supporting members through its Regular Loan and Children’s Education Loan schemes, stressing that access to the facilities would continue to be guided by eligibility and repayment capacity.
He further revealed that a N9.62 million lawsuit instituted against the Cooperative by Polysonic Nigeria Limited had been struck out by the court, describing the judgment as a major victory that reaffirmed the Society’s integrity and prudent management.
As members prepared to elect a new executive committee, Olaolu urged them to uphold transparency, fairness and credibility throughout the electoral process, while encouraging them to vote based on competence, integrity and commitment rather than ethnic or religious considerations.
Earlier, the Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council, Dr. Pius Akutah Ukeyima, who was represented by the Director of Consumer Affairs, Mrs. Ify Okolue, described cooperative societies as dependable financial safety nets that provide platforms for disciplined savings, affordable credit and collective financial resilience.
Akutah commended the leadership of the Cooperative for sustaining accountability, sound financial management and members’ welfare over the past three decades.
He urged the incoming executive committee to uphold integrity, embrace innovation and adopt best practices that would strengthen the Society’s growth and long-term sustainability.
The NSC boss also encouraged members to remain actively involved in the affairs of the Cooperative, expressing confidence that it would continue to complement the Council’s staff welfare initiatives and contribute to the Federal Government’s Renewed Hope Agenda through improved financial well-being.
In his remarks, the NSC Director of Finance and Chairman of the occasion, Mr. Stephen Olaniyi advised workers to cultivate the habit of regular savings from the early stages of their careers, describing cooperative societies as effective platforms for building financial security and long-term wealth.
Olaniyi who was represented by the Assistant Director of Finance, Mr. Emeka Odaba praised the Society for maintaining affordable lending rates, noting that members can access loans worth up to twice the value of their savings, a benefit he said compares favourably with what is obtainable from commercial financial institutions.
The AGM also witnessed the inauguration of a new executive committee, with Mr. Christian Bassey Okon emerging as President.
Other members include Mangu Abershi Nwel as Vice President; Oladunwo Mathew Adewale as Secretary; Chabulatuda James as Assistant Secretary; Temisanren Uwala Joyce as Public Relations Officer; Atuonwu Victor Chibuzor as Financial Secretary; Zaliha Ibrahim Imam as Treasurer; Obiageli Uchenna Charles as Ex-Officio II; while immediate past President, Adeyemi Olaolu, will serve as Ex-Officio I.
In his acceptance speech, Okon thanked members for the confidence reposed in the new executive and pledged to consolidate on the achievements of the outgoing administration through transparent leadership, prudent financial management and enhanced welfare programmes.
He assured members that the new leadership would prioritise membership growth, deepen access to affordable financial services, strengthen the Society’s investment portfolio and promote greater inclusiveness to ensure the Cooperative remains a dependable pillar of financial security for all members.
