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NSC’s cooperative society records surplus earnings

NSC’s cooperative society records surplus earningsWith an increase of over 98 per cent net surplus recorded in its 2018 financial statement, the Multipurpose Staff Cooperative Society of the Nigerian Shippers’ Council (NSC), has expressed interest to diversify its activities to agriculture in order to improve dividend to members.

At the 23rd yearly general meeting/election held in Lagos, President of the Society, Bashir Mohammed, highlighted the need for constant progress through investment, precisely in rice farming for the good of all, noting that some of the investments made in the banking sector, did not quite yield the anticipated dividend in the last financial year.

Nonetheless, he said the Society was still able to increase savings to N185.4 million in 2018 from N30.4 million recorded in 2017, which kept it financially healthy, with funds carefully fixed in accordance with the byelaw, adding that no member was owing above the legitimate credit level.

Speaking to the theme of the AGM, “Transparency and Integrity: Important Tools in Sustaining Effective Management of the Cooperative Society,” Mohammed emphasised the need for the automation of the Cooperative account for members to access at their convenience as well as apply for loans online.

The Chief Executive Officer, NSC, Hassan Bello, who was represented by Director Finance and Accounts, Daniel Bonat, stressed the need for better financial management, to restore co-operators’ trust in the leadership of the Society.

He commended the leadership for the positive development that had taken place in the general administration, particularly in areas of innovative welfare products for co-operators, automation of processes as well as social media presence, to foster effective communication and greater transparency.

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