The Nigerian Shippers Council, NSC has said that it has grown its savings to N185.4 million in the financial year 2018, from N30.4 million. The information was made available by Malam Bashir Mohammed, President of Multipurpose Staff Cooperative Society arm of the NSC.

Mohammed made this known during the 23rd Annual General Meeting/Election of the society with the theme:” Transparency and Integrity: Important Tools in Sustaining Effective Management of the Cooperative Society” held in Lagos on Wednesday.

According to him, we have recorded increase in net surplus by 99.85 per cent in 2018.

He said that in order to ensure transparency and integrity in their financial spending, the society had an expenditure profile of 14.54 per cent.

“We are glad to inform you that we are financially healthy, our funds are carefully fixed in accordance with the by-law, no idle fund and above all no member owes the society above the legitimate credit level.

“The account of the cooperative society is automated, members can log on to check, apply, etc for loans 24/7,” Mohammed said.

He expressed readiness of the executives to invest the cooperative funds into rice production in other to improve dividends of  contributors.

He specifically thanked the Lagos State government, commending it for their support over the years.

The Executive Secretary, Nigerian Shippers’ Council (NSC), Mr Hassan Bello, earlier  commended the leadership of NSC cooperative society for its sound financial records.

Represented by NSC Director Finance and Accounts, Mr Daniel Bonat, Bello said the NSC Cooperative society was now on sound financial footing.

“Management has observed with keen interest, positive developments that have taken place in the general administration of the society particularly in the area of innovative welfare products for contributors.

“There is need for automation of processes for better service delivery, as well as social media presence which the society now maintains.

“All these, I believe, will foster better communication between the executives and members of the society for greater transparency,” Bello said.

He, however, urged staff members who were currently not members of the society to register in order to enjoy the dividends and other welfare packages accruing to contributors.

The Chairman of the occasion, Mr Danial Bonat, appreciated the management for the opportunity given to him, saying that the theme of the event underlined the values the council cherished most.

Bonat said that the NSC had brought these core values to bare in the society such as issues of transparency, accountability and integrity.

He urged the executives to encourage members on first line charges and told members to see it as investment, adding that retired staff would have access to their money immediately after their retirement.

Also, the Director Cooperative Multipurpose Ltd., Apapa, Mr Kolade Odedina, commended the efforts  of the NSC cooperative society and urged them to strive to do better.

According to him, members’ expectations from the executives included continuous increase in their  dividends.

He advised the executives to invest in the society’s funds to enable them to improve on welfare of its members.

SOURCEOgochi Ndubuisi
Previous articleNAICOM grants coy approval to operate as state composite microinsurance
Next articleFunds partner organisations on housing finance
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.