NSC cooperative posts ₦181.2m surplus as governance, member benefits take centre stage

By Reporter

The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited posted a net surplus of ₦181.22 million for the 2025 financial year, marking another year of strong financial performance as members elected a new executive committee to lead the society.

The announcement was made at the Cooperative’s 30th Annual General Meeting (AGM) and election in Lagos, where the Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah, urged the newly elected officers to uphold transparency, prudent financial management and members’ welfare.

Represented by the Director of Consumer Affairs, Ify Okolue, Akutah described the leadership transition as an opportunity to build on the achievements of previous administrations.

He said the incoming executives were inheriting not only leadership positions but also a legacy founded on trust, commitment and members’ confidence, urging them to strengthen that legacy through accountability, inclusive leadership and responsible management of the cooperative’s resources.

“Our collective responsibility is to ensure that each administration leaves the Society stronger than it found it,” he said, stressing that transparency and prudent financial management are essential to sustaining members’ confidence.

Akutah also encouraged the new leadership to embrace innovation, foster unity and expand programmes that improve members’ welfare. He urged members to remain actively involved by attending meetings, fulfilling their financial obligations and contributing ideas that would support the cooperative’s continued growth.

Earlier, the outgoing President of the Cooperative, Adeyemi Olaolu, announced that the society recorded a ₦181.22 million net surplus in 2025, representing an increase of ₦24.81 million from the ₦156.41 million reported in 2024.

Speaking on the theme, “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape,” Olaolu said recent tax reforms have reinforced the importance of cooperative societies by preserving tax exemptions on members’ savings, dividends, loans and surplus funds.

According to him, registered cooperative societies remain largely shielded from direct taxation because they operate primarily for the benefit of members rather than for profit.

The cooperative approved the payment of ₦90.61 million in dividends to members, with all payments to be credited directly into beneficiaries’ bank accounts in line with financial regulations.

Olaolu also disclosed that the society paid ₦102.4 million in savings to retired members during the year, noting that beneficiaries received their payments promptly and without deductions.

Beyond its financial performance, he highlighted the cooperative’s continued support for members through its Regular Loan Scheme and Children’s Education Loan Programme, explaining that loan approvals remained subject to eligibility and financial sustainability.

He added that letters of introduction issued by the cooperative continue to be recognised by several foreign embassies as supporting documents for visa applications.

On legal matters, Olaolu revealed that a ₦9.62 million lawsuit filed against the society by Polysonic Nigeria Limited was struck out by the court. He thanked the management and Legal Services Department of the Nigerian Shippers’ Council for their support throughout the litigation and paid tribute to the late Barrister Nathaniel Dan Ahmed for his contributions to the case.

He also advised members who acquired plots of land through the cooperative in various states to take physical possession of their properties to prevent encroachment and encouraged estate owners to establish Community Development Associations to facilitate infrastructure development.

The Cooperative Electoral Committee later announced that all aspirants emerged unopposed after the screening process.

The newly elected executive committee is headed by Christian Bassey Okon as President, alongside Mangu Abershi Nwel as Vice President, Oladunwo Mathew Adewale as Secretary, Chabulatuda James as Assistant Secretary, Temisanren Uwala Joyce as Public Relations Officer, Atuonwu Victor Chibuzor as Financial Secretary, Zaliha Ibrahim Imam as Treasurer and Obiageli Uchenna Charles as Ex-Officio II.

In his farewell remarks, Olaolu thanked members and the management of the Nigerian Shippers’ Council for their support during his tenure as the society’s eighth president, expressing confidence that the new leadership would build on the cooperative’s achievements and further strengthen it as a dependable financial support system for members.