Shippers Council Cooperative Society’s Financial Records Hit N307million, N34Million Net Supplus

By DAPO OLAWUNI

The Nigerian Shippers Council Staff Multipurpose Cooperative Society finances has grown from N30million in 2017 to N307million in 2019.

This is even as the Corporative has recorded a financial supplus of N34milliom in the year 2019, even as it paid a whooping N150 million to applicant members as child education loan support in 2019.

Speaking at the 24th Annual General Meeting (AGM) of the Society in Lagos yesterday, its President, Mr Bashir Ambi disclosed that the Cooperative recorded 60.8% increase in finances which grew to N34,185,389.67 up from N21,251,205.17 in 2018.

Also, in year 2017, Bashir and his team took over helm of affairs of the Corporative with only N30,442,770.89 in its kitty, but so far, the funds have grown to a humongous N307,370,446.93 in fixed accounts.

Ambi appreciated the Executive Secretary of the Shippers Council, Barr Hassan Bello and his management team, saying that the successes recorded were not the effort of the Corporative management alone.

Ambi who was speaking at the virtual conference also assured that the Cooperative would continue to lend support to members for legitimate loan applications.

“Within this financial year, we have processed, approved and paid the sum of One hundred and fifty four million, live hundred and seventy five thousand, two hundred and fifty naira (N 154, 575,250.00) only as children education loan to legitimate applicants.”

“As at today, the Cooperative is financially healthy. Our funds are carefully fixed in accordance with the bye-laws. We don’t have inert fund and no member owes the society above the legitimate credit limit,” the President said.

While fielding questions from journalist, Bashir Ambi noted that there were challenges in the year under review, “I had to restrict myself from some statutory finances i had to get in order to achieve, I am so strict and I strictly go by the by-laws and that is the basis we are operating”

Speaking on the Child Education Loans (CEL) he said “We introduced this palliative to assist our members, when the economy was biting hard, our members were coming up with the request, the percentage we charge on the interest is not the usual, it is a low interest rate but it has a ceiling which is N1million”

“The success we are recording today is not the effort of the Corporative management alone, the ES and his management team are behind us, they gave us all the support we needed, we once again appreciate management for standing behind us”

“I want us to be financially observant in their spending, this Covid-19 era is very pathetic, and it is affecting everybody”

In the keynote address earlier, the Executive Secretary of Nigerian Shippers’ Council (NSC) Mr. Hassan Bello, represented by the Council’s Director of Special Duties, Mrs. Ada Okam, commended the leadership of the Cooperative Society, noting that transparency has been enshrined.

His words: “I am particularly elated to be part of this rejuvenated society which has not only kept its pioneering spirit but has responded with constancy to the needs of staff by engaging always and again for cohesion.”

“I have taken a keen interest in your activities since the Augean Stable of the Society was cleaned. What I have seen and heard so far and even attested to by the Lagos State Ministry of Commerce, Industry and Cooperatives, has been a responsible, participative and transparent leadership that has put its ideals and energy at the service of all, acting in favour of all.”

“I employ you not to allow the tempo wane. I also charge you to continue to imbibe the specific values and principles required to be ever evolving, adapting, innovating and developing to greater heights.”

Bello admonished the leadership to have a vision that should encompass not only economic, but also social and environmental dimensions, noting that this will broaden the developmental experiences of the Cooperative Society as well as constitute a unique and worthy heritage.

“l have also noted your impressive financial performance matrix for the year. I urge you to build further on it,” the NSC boss added.