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The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has reaffirmed its commitment to staff welfare and financial security with N102.4 million to retired members in 2025, even as it announced plans to disburse N90,610,340.84 to members as 2025 dividends.
The President of the Cooperative Society, Mr. Adeyemi Olaolu, disclosed this on Thursday during the Society’s 30th Annual General Meeting (AGM) themed; “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape.”
Olaolu said the Cooperative paid N102,397,433.39 to retired members without any deductions, underscoring its commitment to members’ welfare.
He also announced that members would receive N90.61 million in dividends upon approval of the Society’s audited financial statements, with payments to be made directly into beneficiaries’ bank accounts in line with financial regulations.
The Cooperative recorded a net surplus of N181.22 million in 2025, up from N156.41 million in 2024, representing an increase of N24.81 million.
Olaolu said the strong financial performance reflected prudent management and the continued confidence of members in the Society.
He noted that registered cooperative societies remain insulated from certain provisions of Nigeria’s new tax regime, enjoying exemptions on members’ savings, loans, dividends and retained surpluses, making cooperatives a reliable financial safety net.
The outgoing president reaffirmed the Society’s commitment to supporting members through its Regular Loan and Children’s Education Loan schemes, noting that access to the facilities remains based on members’ eligibility and repayment capacity.
He also announced 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 significant victory that reaffirmed the Society’s integrity and prudent management.
As members elected a new executive committee, Olaolu urged them to uphold transparency, fairness and credibility throughout the electoral process, while encouraging cooperators to vote based on competence, integrity and commitment rather than ethnic or religious considerations.
Earlier, the Executive Secretary/Chief Executive Officer of the Nigerian Shippers’ Council, Dr. Pius Akutah Ukeyima, MON, represented by the Director of Consumer Affairs, Mrs. Ify Okolue, described cooperative societies as dependable financial safety nets, saying they remain vital platforms for disciplined savings, affordable credit and collective financial resilience amid Nigeria’s changing economic and tax landscape.
Akutah commended the Cooperative’s leadership for sustaining sound financial management, accountability 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.
He further encouraged members to remain actively involved in the affairs of the Cooperative, expressing confidence that the Society would continue to complement the Nigerian Shippers’ Council’s staff welfare initiatives while supporting the Federal Government’s Renewed Hope Agenda through improved financial well-being.
Chairman of the occasion, Mr. Emeka Odaba, urged workers to cultivate the habit of regular savings early in their careers, describing cooperative societies as effective platforms for building financial security and long-term wealth.
Odaba, who is also an Assistant Director, Finance praised the Society for maintaining affordable lending rates, noting that members enjoy access to loans of up to twice the value of their savings – an advantage that compares favourably with commercial financial institutions.
The AGM also witnessed the inauguration of a new executive committee, with Mr. Christian Okon emerging as the new President of the NSC Staff Multipurpose Cooperative Society.
In his acceptance remarks, Okon expressed appreciation to members for the confidence reposed in the new executive, pledging to build on the achievements of the outgoing administration through transparent leadership, prudent financial management and improved welfare programmes for members.
He assured cooperators 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.
The Cooperative’s new executives are; Christian Bassey Okon as President; Mangu Abershi Nwel – Vice President; Oladunwo Mathew Adewale – Secretary; Chabulatuda James – Asst. Secretary; Temisanren Uwala Joyce – Public Relations Officer; Atuonwu Victor Chibuzor – Financial Secretary; Zaliha Ibrahim Imam – Treasurer; Obiageli Uchenna Charles – Ex-Officio Officer 11; Adeyemi Olaolu – Ex-Officio 1.
