Shippers’ Council cooperative society records 60.8 per cent increase in 2019

Abiola Seun     |   

The financial matrix of the Nigerian Shippers’ Council (NSC), Co-operative Society revealed it experienced a modest growth in the year 2019.

The report shows that the society recorded a surplus increase from N21,251,207.17 in 2018 to  N34,185,67 in 2019 representing an increase of 60.8%.

Its net assets closed the year with a growth of 47.9% year on year, while expenses has also remained moderate with an average overheard of 9.6% in the year under review.

The President of NSC Cooperative Society, Bashir Ambi Mohammed, who made this disclosure at it’s 24 annual general meeting held in Lagos yesterday noted that this achievement was made possible with the support of members.

While reeling out the financial statement for the year ended, Mohammed noted that, though the current executive took over the helm of affairs of the society on April 19, 2017 with the sum of N30,442,770,89 but has been able to grow the said funds to N307,370,446.93 million, which according to him, is in fixed accounts

He however commended members for their contribution, and acknowledging the fact that the figure would not have been attained without their support.

On the executive scorecard, the President said the society recorded an increase in net surplus from N21,251,205.17 in 2018 to N34,185,389.67 I 2019.

“In order to ensure transparency and integrity in our financial spending, we have an expenditure profile of 9.6% in the year under review.

“The Coorporative is financially healthy, our funds are carefully fixed in accordance with the bye law, we don’t have inert fund and above all, no member owes the society above the legitimate credit limit” he added.