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Shippers’ Council Cooperative Society declares 60% net surplus for 2023

Shippers’ Council Cooperative Society declares 60% net surplus for 2023

The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has declared a net surplus of N141.85 million for 2023, compared to N88.89 million recorded in 2022.

Speaking at the 38th annual general meeting/election held on Monday in Lagos, Adeyemi Olaolu, president of the NSC Cooperative Society, said the value shows a difference of N52.95 million representing a growth of about 60 percent of the net surplus compared to 2022.

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Olaolu said N70.92 million would be paid as dividends for the year under review, representing an increase compared to N44.44 million paid as dividends to members in the previous year.

He said the society is committed to disbursing dividends to members after the approval of the financial statement by the cooperators.

On loan disbursement, he said, one of the major roles of a Cooperative Society is to give loans and make funds available to its members in time of need.

“Our own Cooperative Society is not exceptional, and it gives two major types of loans including regular and children’s education loans. To avoid financial embarrassment to members, eligibility remains the major determinant for accessibility and disbursement.

“Occasionally, we give palliative loans to members to reduce financial difficulties that might arise due to a delay in cash flow, and we give them at reasonable interest rates,” Olaolu said.

He said the Society also paid the sum of N119.34 million which was the savings for members who retired within the year under review.

Also speaking, Pius Akutah, executive secretary of the Council, urged the leadership of the Cooperative Society to undertake more rewarding ventures to improve members’ benefits.

He said it has become difficult for people to stay with a salary as the only source of income and be able to pay school fees, train children, and take care of the children’s medical bills.

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“Some cooperative societies even make provision for housing for their members and when you come together as a group of off-takers, it is even easier to approach developers and then be able to put a roof over the heads of your members in a very easy manner.

“Cooperative is not only for building 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,” he said.

Speaking on the theme, ‘The Cooperative Society: Building a Sustainable Economic Resilience,’ Akutah, said the management of the council was already discussing with the authoritie