As reviewed by the Nigerian Shippers’ Council Staff Corporative Society in 2023, N70.9m was disbursed as dividends to it members.

Mr Adeyemi Olaolu, the President of the NSCSM corporative society,  declared this at the 28th annual general meeting/election of the association in Lagos.

The meeting had the theme ‘The corporative society: building sustainable economic resilience’.

He said the cooperative society closed the year with a net asset growth of 6.8 percent year-on-year and an average overhead cost of 7.8 percent.

“The total of N44.4m was shared among members as dividends in the previous AGM. I wish to inform this August gathering that the total sum of N70.9m would be disbursed as dividends for the year under review,” he stated.

Compared to what the association got in 2022, the group recorded a 60 percent increase in net surplus Olaolu stated.

“In the 2022 AGM, N88.8m was declared a net surplus, while the net surplus for the year under review was N141.8m. This shows a difference of N52.9m, representing a growth of about 60 per cent when compared with the net surplus of 2022,” he declared.

He stated that the corporative society also disbursed the sum of N119m to their retired members.

The NSCSM corporative society appreciated the management of the NSC for the timely remittance of the deductions of contributions from members’ salaries

Also, Pius Akutah, the Executive Secretary of the Nigerian Shippers’ Council, remarked that the theme of the meeting underscored the importance of cooperative societies in navigating economic challenges and fostering resilience.

He urged the executives to prioritise capacity building.

“I urge the management of the cooperative society to prioritise capacity building for its members, ensuring they remain informed about global and national economic realities. Equipped with the necessary knowledge and skills, the society can effectively address its objectives and meet the needs of its members,” he mentioned.

Akutah stated that the council was committed to support the cooperative society in enhancing its performance and promoting the well-being of its members.

“I encourage the executives to engage with the council on any request within its scope, as collaboration will ultimately benefit both organisations,” he noted.

The NSC boss expressed happiness about the impressive performance of the cooperative society.

“I am pleased to note the impressive performance of the NSC cooperative society in recent years, with a remarkable 55 per cent growth in revenue in 2022 compared to 2021

“However, I urge the executives not to become complacent but to continue exploring innovative avenues for revenue generation and profit maximisation,” he said.