The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has reinforced its reputation as a reliable financial safety net for workers, paying ₦102.4 million to retired members in 2025 while declaring ₦90.61 million as dividends for members from its 2025 financial year.
The announcement was made on Thursday by the President of the Cooperative Society, Mr. Adeyemi Olaolu, during the Society’s 30th Annual General Meeting (AGM), themed “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape.”
Olaolu disclosed that the Cooperative paid ₦102,397,433.39 to retired members without any deductions, describing the gesture as a demonstration of the Society’s unwavering commitment to members’ welfare and financial security.
He also announced that members would receive ₦90,610,340.84 as dividends following approval of the audited financial statements, adding that the payments would be credited directly into beneficiaries’ bank accounts in compliance with existing financial regulations.
According to him, the Cooperative recorded a net surplus of ₦181.22 million in 2025, up from ₦156.41 million in 2024, representing a growth of ₦24.81 million.
He attributed the improved performance to prudent financial management, sustained member confidence and sound investment decisions.
Speaking on the theme of the AGM, Olaolu noted that registered cooperative societies remain largely insulated from some provisions of Nigeria’s evolving tax regime, enjoying exemptions on members’ savings, loans, dividends and retained surpluses.
“These advantages continue to position cooperative societies as dependable financial shelters in an increasingly dynamic economic and tax environment,” he said.
The outgoing president reaffirmed the Society’s commitment to supporting members through its Regular Loan Schemeand Children’s Education Loan Scheme, stressing that access to the facilities would continue to be guided by eligibility and repayment capacity.
He also announced a major legal victory for the Society, revealing that a ₦9.62 million suit filed against the Cooperative by Polysonic Nigeria Limited had been struck out by the court.
Describing the judgment as a vindication of the Society’s integrity and accountability, Olaolu said it further strengthened members’ confidence in the Cooperative’s management.
As members prepared to elect a new executive committee, he urged them to conduct themselves peacefully and vote based on competence, integrity and commitment rather than ethnic or religious considerations.
Earlier, the Executive Secretary and 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 indispensable financial institutions that promote disciplined savings, affordable access to credit and collective economic resilience.
He commended the Cooperative’s leadership for maintaining high standards of accountability, prudent financial management and members’ welfare over the past three decades.
Akutah urged the incoming executive committee to sustain the culture of transparency while embracing innovation and global best practices to ensure the Society’s continued growth and sustainability.
He also encouraged members to remain actively involved in the affairs of the Cooperative, expressing confidence that it would continue to complement the Nigerian Shippers’ Council’s staff welfare initiatives and contribute to the Federal Government’s Renewed Hope Agenda by improving members’ financial well-being.
Chairman of the occasion, Mr. Emeka Odaba, encouraged workers to embrace a culture of regular savings from the early stages of their careers, describing cooperative societies as effective vehicles for wealth creation and long-term financial security.
Odaba, an Assistant Director of Finance, applauded the Society for maintaining affordable lending rates, noting that members could access loans worth up to twice their savings, an advantage he said compares favourably with commercial financial institutions.
The AGM also featured the inauguration of a new executive committee, with Mr. Christian Bassey Okon elected as the new President of the NSC Staff Multipurpose Cooperative Society.
In his acceptance speech, Okon thanked members for the confidence reposed in the new leadership and pledged to consolidate the achievements of the outgoing administration through transparency, prudent financial management and enhanced welfare programmes.
He assured members that his administration would focus on expanding membership, improving access to affordable financial services, strengthening the Cooperative’s investment portfolio and promoting greater inclusiveness to ensure the Society remains a dependable pillar of financial security.
The newly inaugurated executive committee comprises Christian Bassey Okon (President), Mangu Abershi Nwel (Vice President), Oladunwo Matthew Adewale (Secretary), Chabulatuda James (Assistant Secretary), Temisanren Uwala Joyce (Public Relations Officer), Atuonwu Victor Chibuzor (Financial Secretary), Zaliha Ibrahim Imam (Treasurer), Obiageli Uchenna Charles (Ex-Officio II) and Adeyemi Olaolu (Ex-Officio I).