Airport Multipurpose Cooperative Society Generates Over N178 Million
The Airport Fire & Safety Multipurpose Co-operative Society (AFSCMS) has generated N178,157,325.15 as total income for the year 2021.
Presenting the society’s 2021 Annual Report & Accounts at its 22nd Annual General Meeting held at Murtala Muhammed Airport School, AFSCMS Executive President, Alhaji Sadiq Saheed said: “To the glory of God, this Financial year (2021) under consideration turned out to be another huge business milestone regardless of the ripple effects of the Covid 19 crisis. As you can recall, the business activities picked its momentum towards the tail end of the year precisely September 2021 when our accumulated deductions were released. With our focus mainly on the primary mandate (Loans) and other associated businesses, we were able to stabilize the Society’s activities while managing the ripple effects of the Covid crisis.
The total income for the year 2021 recorded N178,157,325.15 as against N105,215,550.01 of 2020. The Hospitality/Guesthouse operations returned 48% (N86,293,970.00) of this total income in 2021.
The Society returned a trading Surplus of N51,077,622.74 with Members’ Dividend as N30,000,000.00 in 2021 financial year compared to N46,983,369.59 and N27,170,000.00 respectively of 2020. Sales of commodities (both consumables and non consumables) in 2021 recorded a total sum of N124,311,718.13 compared to the N30,368,120.41 of 2020. This analysis is as reflected in the Key Performance Indicators‘ page.”
He further declared that “in the wisdom of Management Committee, there is currently a provision to accommodate the members exiting the service by statutory retirement as Associate Members through shares subscriptions. This platform provides such members a relevance in dividend benefits from the Society‘s investment. This is a life time investment and it is transferable to your next of kin. Membership drive is a continuous process.
If we can recall vividly from the last Annual General Meeting, a prayer was made before the teeming members concerning the issue of Shares Subscription which has a statutory backing of the bye-laws(5,000 whole shares @#2.00/share) which is minimum.
In line with the investment exploits of our great society, the proceeds from the existing Guesthouse has been reinvested to acquire the adjoining structure for expansion purpose. This rare opportunity came up and we went for it. The objective is to develop the new place as a twin structure with more rooms and facilities available to sale inclusive of an improved parking space.
The Shares subscription comes handy in the effective management of this guesthouse expansion project. This is an all important project that will generate a return on investment for the members as dividend if the shares subscription by members is adopted and encouraged.
The modality we are proposing is to be implemented by deductions at source for all the members for a specific duration.”