The Nigerian Shippers’ Council Staff Multipurpose Cooperative Society Limited has paid a dividend of N44.447 million to its members for the financial year 2022.
The President of the Council’s Cooperative, Mr. Adeyemi Olaolu has charged members of the Cooperative to imbibe a savings culture, adding that this helps them to manage and plan a better future.
President Adeyemi Olaolu (left) and former President of the Shippers Council Cooperative, Mohammed Bashir Ambi at the event on Thursday
According to him, the cooperative paid its members the sum of N30.443 million last year while it grows its net surplus from N60.887 million in 2021 to over N88.889 million, which represents about 45 per cent growth in 2022.
Olaolu who Spoke at the Council’s Cooperative 27th annual general meeting with the theme: “The Cooperative Society: A viable Key to Savings Culture and Investment for Rewarding Future,” on Thursday in Apapa, said that all members that retired from the service during the year under review had their savings settled promptly with no deduction made, adding that the sum of N148.559 was disbursed to them.
On loan disbursement, he said: “We are still operating on two types of loan being granted to our members, that is regular loan as children education loan, of which eligibility remains the major determinant for approval an disbursement.
Occasionally, we give palliative loan to members to avoid financial embarrassment that might arise due to cash flow delay.
“On e-dividend, we are committed to continuing the disbursement of dividend to members after the approval of financial statement by the cooperators via individuals’ bank accounts as opposed to cash disbursement.
“We are also exercising all due diligence when it comes to investment. Be assured that we remian guided by our bylaws with professional analysis to achieve maximum returns,” he said.
Meanwhile, the Executive Secretary of the Council, Emmanuel Jime commended the management of the Cooperative for managing the funds very well, saying that the NSC Cooperative has shown that it is well managed by credible and competent hands that can manage financial trust without question.
“I was highly impressed with the dividend I received last year and really look forward to another one this year, believing that it would be more than that of last year due to the upward trend of performance of the society.
“I must state that I am proud to remain as a member of the Council’s Cooperative Society not only because of huge dividend I received last year but because of the trust and sincerity of purpose exhibited by the mangers of the funds,” he said.
He added that the culture of savings is a tradition for everyone who wants to be successful to imbibe for rewarding future, adding that it is important for members to save from their current income for the future because staff of the Council can only work for a limited time to gather the seed that would be sown for more output in the future.
According to him, the discipline of savings promote healthy and generous accumulation of funds to build reasonable resources that can be deployed to investments that would generate regular flow of income in the future.
“I wish to use this medium to call on staff members to increase their savings for the rainy days and for those staff that are not members, I urged them to urgently join the moving train. Implore management of the cooperative to embark on aggressive and meaningful training for themselves for the purpose of understanding of the cooperative society and to identify viable investment opportunities to increase the value of returns on the savings of the members,” he added.
He said that the management of the Council would continue to give the required support and encouragement to NSC Cooperative Society to ensure that it operates within the stipulated regulations to achieve its objectives.