By Eromosele Abiodun
The executive management of the Multipurpose Staff Cooperative Society of the Nigerian Shippers’ Council (NSC) has expressed readiness to invest the cooperative’s funds in rice production in other to improve dividend of its members.
President of the cooperative, Bashir Mohammed, who made the disclosure during the 23rd annual general meeting/election of the cooperation, said the cooperative society had been able to improve saving to N185.4 million in 2018 up from N30.4 million recorded in 2017.
Mohammed, who commended the members of the cooperative society for their support said: “I want to appreciate all members for their trust and confidence restored in our administration and I want to assure them that they will see more progress but, in terms of investment, we are divesting into rice and that is part of the suggestion the last speaker made.”
The cooperative president also disclosed to members that he had recorded increase in net surplus by 99.85 per cent in 2018.
He said in order to ensure transparency and integrity in their financial spending, the corporate 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 bye-law, no idle find and above all no member owes the society above the legitimate credit level. The account of the cooperative is automated, members can log on to check, apply, etc for loans 24/7,” he said.
He commended the Lagos State Government for their support over the years.
Also speaking, the Executive Secretary, Nigerian Shippers’ Council (NSC) Mr. Hassan Bello, hailed the leadership of NSC Cooperative Society for sound financial records. Bello, who was represented by the Director, Finance and Accounts, Mr. Daniel Bonat, said the NSC Cooperative society was now a 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 cooperators.
“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 members of staff who were currently not members of the society to join in other to benefits from the dividend and other welfare attached to the cooperative.
In his presentation, the Chairman of the occasion, Mr. Danial Bonat, appreciated the management for the opportunity given to him, adding that the theme of the occasion underlines what the council cherish most as the core values.
Bonat said the NSC had brought these core values to bare in the society.
He urged the executives to encourage members on first line charges and told them to see it as investment, adding that retired staff would have access to their money immediately after their retirement before getting their pension.
Also speaking, the Director Cooperative Multipurpose Limited, Mr Kolade Odedina, commended the effort the NSC Cooperative society and urged them to do better. According to him, members’ exception to the executives is continuous increase in dividends.
He advised the executive to invest in the cooperative funds to enable them improve on welfare of it members,