Aviation co-operative society encourages investment

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……declares impressive dividends

Newly recruited Staff of aviation agencies will have more course to smile in 2017 as the Airport Fire and Safety Co-operative Multipurpose Society Limited (AFSCMS), has concluded plans to acquire acres of land to build house for members.

These members include staff of Federal Airports Authority of Nigeria FAAN, Nigeria Civil Aviation Authority NCAA, Nigeria Airspace Management Agency NAMA, Accident Investigation Bureau AIB and other aviation agencies.

Speaking during its 16th Annual General Meeting in Lagos, President of the Society, Mr Gbade Richard Tella said the society has assisted its members a lot in its 16 years of existence to own houses, cars, household equipment, sponsorship of their children to school, home and abroad among others.

Although, Tella acknowledged the effect of recession on the activities of the cooperative in 2016 but said that they have equally assisted members to come over the recession period, thereby making their lives better.

“We have done a lot to help the people in terms of welfare. Those who ordinarily cannot own a house have been assisted. We have been able to provide new cars to our members. We also have estates in our housing scheme. We have at Iyesi, two phases at Isheri Olofin and people are already residing there. Today, we are giving our stewardship of our activities for the past one year”,Tella said.

Assuring members of the plans the society has for 2017, Tella added “The feelers we have received confirmed that majority of our members would be so much delighted at acquiring properties of their own through the society. In line with this tendency, we have actually inspected some prospective landed properties while also ensuring that we carry out our due diligence in the cause of this. With the level of work so far, we can assure you that by the next AGM, some reasonable number of members will become proud land owners as we have made this a top priority”.

Tella pointed out that four major challenges for the 2016 year which included panic withdrawal due to change of Exco, recession, software application issues and the special savings crisis. He however, informed that such challenges including an attempted defrauding of the Society to the tune of N929, 775.00 have been amicably resolved.

In his remark, AFSCMS Vice President, Mr Michael Aturu appealed to all the newly recruited staff of aviation agencies to take advantage of the Coperative and have their own buildings.

According to Aturu “We want to encourage them and our next target is to acquire acres of land very close to Lagos ; if we are unable to get in Lagos, we find somewhere near Lagos so that some of our members will be able to be beneficiaries”

The Vice President who confirmed that they are enjoying cordial relationship with various aviation agencies said that, although monthly deductions are supposed to be remitted to them but unfortunately, these deductions don’t come as at when due. He therefore, called on the agencies, particularly FAAN to improve on their remittance so that the society can improve on their mandate.

“Fire Coperative has been the pacesetter. Today, we are number four in Lagos State. Others look at us and they follow us. Because of this, there has been challenges and expectations are high. It is difficult to satisfy everybody”, Aturu noted.

The VP however, assured that once the Exco gets approval at the AGM, they would instruct the bankers to credit the account of all members for their dividends as the money is already in the bank.

On his part, the General Secretary of the Coperative Society, Mr Saheed Sadiq said that because the Coperative has gone beyond loan giving , AFSCMS is now emphasising more on investments.

Corroborating Tella’s position, the General Secretary said that panic withdrawal which arose due to change in the Exco has been put under control just as he emphasized that the new Exco will fulfill all the promises and vows they made to members

Sadiq added “We are trying to encourage all the members to invest in properties and other areas. The message is that they should repose that confidence they have in us and we are bent on taking this place to the next level”.

According to the statement of income and expenditure for the year ended December 31, 2015, total revenue of AFSCMS stood at N112, 366,089.68 while total expenditure was N44, 393,443,94. Net Surplus for the same year was however, N67, 972,645.74

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