Airport fire cooperatives declares over N44m surplus fund

• N26m dividends for members

By Chukwuemeke Iwelunmo

The Airport Fire and Safety Co-operative Multipurpose Society (AFSCMS) has declared surplus fund of over N44m with members dividends at over N26m in its 2019 financial year.

Speaking at the 20th annual general meeting held at the Murtala Mohammad staff school Ikeja, over the weekend, the president of the cooperatives society, Alhaji Saheed Anako Sadiq said members accounts will be credited with their dividends.

Sadiq explained that activities of the cooperatives was greatly affected by the outbreak of the covid 19 pandemic which led to the non remittance of members fund by FAAN to the cooperatives adding that they were unable to meet loan requests from members

He said loan issuance was suspended as FAAN consisted of 65 percent of the inflow and could not meet up with members demand assuring that all outstanding FAAN debts will be paid by the end of this month.

Sadiq noted that the pandemic wrecked havoc on its operations but assured members that the executive were not deterred as plans have been concluded to stock the both consumables and electronic appliances directly from the dealers at lower and responsible costs to be sold to members

He explained that some painful decision of reorganizing the secretariat were taken by sending four of its staff on compulsory leave without pay while 12 paid staff with the school bus shuttle were also placed on half salaries as the management of the school was placed on some half salaries.

On the welfare of members, Sadiq explained that the Agbara land payment has been completely defrayed and has commenced the issuance of provisional letters of allocation to subscribed members

He noted that the cooperatives’ hotel has been commissioned while employment of its members through training has become top priority.

Sadiq regretted that membership drive of the cooperatives has dwindled as a result of retirement and more disturbing, the voluntary withdrawal by members over what he called as a result of hostility of its some of the secretarial staff.