The Nigerian Shippers’ Council (NSC) Staff Multipurpose Cooperative Society Limited has reinforced its reputation as a financial lifeline for workers after disbursing N102.4 million to retired members in 2025 and approving N90.61 million in dividends for members, following another year of strong financial performance.

The outgoing President of the Cooperative, Mr. Adeyemi Olaolu, disclosed this on Thursday at the Society’s 30th Annual General Meeting (AGM), themed “Cooperative Society: A Safe Financial Shelter in Nigeria’s Changing Tax Landscape”.

Olaolu revealed that the Cooperative paid N102,397,433.39 to retired members without any deductions, describing the gesture as a reflection of its unwavering commitment to members’ welfare.

He also announced that members would receive N90,610,340.84 as dividends, subject to the approval of the audited financial statements, with payments to be made directly into beneficiaries’ bank accounts in compliance with financial regulations.

The Cooperative recorded a net surplus of N181.22 million in 2025, compared to N156.41 million in 2024, representing an increase of N24.81 million. 

According to Olaolu, the improved performance underscores prudent financial management and the confidence members continue to repose in the Society.

Speaking on the changing tax environment, he noted that registered cooperative societies remain exempt from certain provisions of Nigeria’s new tax regime, including taxes on members’ savings, loans, dividends and retained surpluses, making them dependable financial safety nets.

He reaffirmed the Cooperative’s commitment to supporting members through its Regular Loan and Children’s Education Loan schemes, stressing that access to the facilities would continue to be based on members’ eligibility and repayment capacity.

Olaolu also announced a legal victory for the Society, revealing that a N9.62 million lawsuit filed against it by Polysonic Nigeria Limited had been struck out by the court, describing the judgment as a vindication of the Cooperative’s integrity and sound management.

As members prepared to elect a new executive committee, he urged them to uphold transparency, fairness and credibility, while encouraging them to 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, represented by the Director of Consumer Affairs, Mrs. Ify Okolue, described cooperative societies as reliable platforms for disciplined savings, affordable credit and financial resilience, particularly in the face of Nigeria’s evolving economic and tax policies.

Akutah commended the Cooperative’s leadership for maintaining sound financial management, accountability and members’ welfare over the past three decades.

He urged the incoming executive committee to sustain the culture of integrity, embrace innovation and adopt best practices that would strengthen the Society’s long-term growth.

He also encouraged members to remain actively involved in the Cooperative’s activities, expressing confidence that it would continue to complement the Council’s staff welfare initiatives while advancing the Federal Government’s Renewed Hope Agenda through improved financial well-being.

Chairman of the occasion, Mr. Emeka Odaba, encouraged workers to cultivate a savings culture early in their careers, describing cooperative societies as effective vehicles for building long-term financial security.

Odaba, an Assistant Director of Finance, praised the Society’s affordable lending structure, noting that members can obtain 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 Bassey Okon elected President of the NSC Staff Multipurpose Cooperative Society.

In his acceptance speech, Okon thanked members for their confidence and pledged to consolidate on the achievements of the outgoing administration through transparent leadership, prudent financial management and enhanced welfare programmes.

He said the new leadership 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 for all members.

Other members of the newly inaugurated executive committee are Mangu Abershi Nwel (Vice President), Oladunwo Mathew 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).