NSC Cooperative declares N181.2m surplus, unveils new leadership

The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited on Thursday announced a net surplus of N181.22 million for the 2025 financial year, representing an increase of N24.81 million over the N156.41 million recorded in 2024.

The outgoing President of the Society, Mr Adeyemi Olaolu, disclosed this on Thursday during the Cooperative’s 30th Annual General Meeting (AGM) and Election, held at Shippers’ Towers, Apapa, Lagos.

Speaking on the theme “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape”, Olaolu said the 2025 Nigerian tax reforms had reinforced the relevance of cooperative societies by preserving tax exemptions on members’ savings, loans, dividends and surplus funds.

According to him, registered cooperative societies remain largely shielded from aggressive direct taxation because their activities are undertaken solely for the benefit of members.

Giving an account of the Society’s financial performance, the outgoing president announced that N90.61 million would be paid as dividends to members upon approval of the audited financial statements, with payments to be made directly into beneficiaries’ bank accounts in line with financial regulations prohibiting cash disbursements.

He also revealed that the Society disbursed N102.4 million in savings to retired members during the year, stressing that all payments were made promptly and without deductions.

Olaolu reaffirmed the Society’s commitment to improving members’ welfare through its loan schemes, including the Regular Loan and Children’s Education Loan programmes, noting that loan approvals continued to be guided by members’ eligibility and financial sustainability.

He further disclosed that letters of introduction and recommendation issued by the Cooperative continued to receive recognition from various foreign embassies as supporting documents for visa applications.

On legal matters, the outgoing president announced that the lawsuit instituted against the Society by Polysonic Nigeria Limited, which sought to recover N9.62 million, had been struck out by the court.

He expressed appreciation to the management of the Nigerian Shippers’ Council for supporting staff involved in the case, as well as the Council’s Legal Services Department for its guidance throughout the litigation.

Olaolu paid tribute to the late Barrister Nathaniel Dan Ahmed, describing his dedication to the defence of the Society as instrumental to the successful outcome of the case.

The Cooperative president also urged members who had acquired plots of land through the Society across 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.

Meanwhile, the Cooperative Electoral Committee announced that after scrutinising nomination forms submitted in accordance with the election guidelines, it found that all aspirants for the various executive positions were unopposed.

The committee listed the unopposed candidates as Christian Bassey Okon for President, Mangu Abershi Nwel for Vice President, Oladunwo Mathew Adewale for Secretary, Chabulatuda James for Assistant Secretary, Temisanren Uwala Joyce for Public Relations Officer, Atuonwu Victor Chibuzor for Financial Secretary, Zaliha Ibrahim Imam for Treasurer, and Obiageli Uchenna Charles for Ex-Officio II.

Ahead of the emergence of the new executive committee, Olaolu urged members to continue to uphold the values of the Cooperative and support the incoming leadership. He also advised the incoming officers to manage members’ expectations, encourage open dialogue and remain focused on advancing the Society’s vision and objectives.

He expressed appreciation to the management of the Nigerian Shippers’ Council for the timely remittance of members’ deductions, describing the Council’s support as critical to the growth and sustainability of the Cooperative.

Olaolu also thanked officials of the Lagos State Ministry of Commerce, Industry and Cooperatives, past executives, members of his management committee and the entire membership for their support throughout his tenure.

Stepping down as the eighth President of the Society after serving the Cooperative, Olaolu said he was leaving office with gratitude for the confidence reposed in his administration.

He expressed optimism that the Society would continue to expand opportunities for members’ welfare and remain a reliable financial partner in the years ahead.