…as Council’s Cooperative Society nets N88.8 million profit in 2 years
The Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council (ES/CEO), Hon. Emmanuel Jime has called on staff of the Council to imbibe the culture of savings saying it is a tradition for everyone who wants to be successful and have a rewarding future.
The Shippers’ Council boss made the call at the 27th Annual General Meeting (AGM) of the Nigerian Shippers’ Council Staff Multipurpose Cooperative Society Limited that held at the Council’s towers in Thursday.
Hon. Jime called on staff who are not members of the Society to join as well as those who are members, to increase their savings for the flrainy days.
He also called in the management of the Cooperative to embark on aggressive and meaningful trainingfor themselves for the purpose of understanding of the cooperative society
According to him, the training would help the managers identify viable investment opportunities to increase the value of returns on the savings of the members.
Jime assured that the management of the Council would continue to give the required support and encouragement to the Cooperative Society to ensure that it operates within the stipulated regulations to achieve its objectives and provide to all members.
He expressed satisfaction with the fund managers for the way they handle the funds and prompt disbursement of dividends to members
“I was highly impressed with the dividend I received last year and really look forward to another one this year, believing that it would be more than that of last year due to the upward trend of performance of the society.”
“I must state that I am proud to remain as a member of the Council’s Cooperative Society not only because of huge dividend I received last year but because of the trust and sincerity of purpose exhibited by the mangers of the funds,” the NSC boss said.
Meanwhile, the President, Mr. Adeyemi Olaolu in his address, stated that the Society has been able to attain a net surplus of N88.8 million owing to a judicious management of funds in the last two years.
He also announced that the Cooperative had concluded plans to pay a dividend of N44.447 million to its members for the financial year 2022.
Olaolu also disclosed that the Cooperative paid its members the sum of N30.443 million last year while growing its net surplus from N60.887 million in 2021 to over N88.889 million, which represents about 45 percent growth in 2022.
Speaking at the event themed: “The Cooperative Society: A viable Key to Savings Culture and Investment for Rewarding Future,” Olaolu posited that all members who retired from the service during the year under review had their savings settled promptly with no deduction made, adding that the sum of N148.559 was disbursed to them.
On loan disbursement, he said: “We are still operating on two types of loan being granted to our members, that is regular loan as children education loan, of which eligibility remains the major determinant for approval an disbursement.
Occasionally, we give palliative loan to members to avoid financial embarrassment that might arise due to cash flow delay.
“On e-dividend, we are committed to continuing the disbursement of dividend to members after the approval of financial statement by the cooperators via individuals’ bank accounts as opposed to cash disbursement. We are also exercising all due diligence when it comes to investment. Be assured that we remain guided by our bylaws with professional analysis to achieve maximum returns,” he said.