The Nigerian Shippers’ Council Staff Corporative Society has disclosed that it paid dividends of N70.9 million to its members in the year 2023.
This was disclosed recently by The President of the NSCSM corporative society, Mr Adeyemi Olaolu at the 28th annual general meeting/election of the association with the theme ‘The corporative society: building sustainable economic resilience’ in Lagos, according to The Punch.
According to Olaolu, the cooperative society ended the year with a net asset growth of 6.8 per cent year-on-year, and an average overhead cost of 7.8 per cent.
He said “The total of N44.4m was shared among members as dividends in the previous AGM. I wish to inform this August gathering that the total sum of N70.9m would be disbursed as dividends for the year under review.”
He noted that compared to the amount received by the association in 2022, the group recorded a 60 % increase in its net surplus.
“In the 2022 AGM, N88.8m was declared a net surplus, while the net surplus for the year under review was N141.8m. This shows a difference of N52.9m, representing a growth of about 60 per cent when compared with the net surplus of 2022,” he said.
Olaolu said that the corporative society had also paid a sum of N119 million to its members in retirement.
Meanwhile, the Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah noted that the importance of cooperation societies in handling challenges and promoting resilience was underlined by this meeting’s theme.
Akutah called on the executives to prioritise capacity building.
“I urge the management of the cooperative society to prioritise capacity building for its members, ensuring they remain informed about global and national economic realities. Equipped with the necessary knowledge and skills, the society can effectively address its objectives and meet the needs of its members,” he noted.
He said that the Council is committed to supporting the cooperative society to increase the efficiency and welfare of its members.
“I encourage the executives to engage with the council on any request within its scope, as collaboration will ultimately benefit both organisations,” he noted.
