Home Uncategorized 2021: AF&SCMS records huge milestones despite COVID, generates N178m as total income

2021: AF&SCMS records huge milestones despite COVID, generates N178m as total income

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AF&SMCS President, Alhaji Sadiq Saheed Anako reading the 2021 report

.…bags awards as Best in leadership and Best in Multipurpose society.

The Airports Fire and Safety Cooperative Multipurpose Society Limited, AF&SCMS says, it recorded huge business milestones in the Financial year (2021) under review despite the ripple effects of the Covid 19 crisis.

President of the Society, Alhaji Sadiq Saheed Anako stated this while presenting the 2021 Annual Report and Accounts at the 2nd General Meeting held in Lagos.

He said, they were able to stabilize the Society’s activities while managing the ripple effects of the Covid crisis as they focused on loans which is their primary mandate and other associated businesses.

“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”.

Total Income

Giving a breakdown of the total income recorded in 2021, Alhaji Sadiq said, it had N178,157,325.15 as against N105,215,550.01 of 2020, adding that, the Hospitality/Guesthouse operations returned 48% (N86,293,970.00) of this total income in 2021.

While the Society returned a trading Surplus of N51,077,622.74 with Members’ Dividend at N30,000,000.00 in 2021 financial year compared to N46,983,369.59 and N27,170,000.00 respectively of 2020.

Dignitaries at the event

Sales of commodities (both consumables and non consumables) in 2021.

According to the AF&SCMS President, it recorded a total sum of N124,311,718.13 compared to the N30,368,120.41 of 2020.

On the weekly emergency interventions initiative for members, he disclosed that, an average of 2.5m – 3m, apart from the normal monthly loan and final withdrawal payments, came to the fore in the heat of the crisis and this had been sustained till date.

He however expressed sadness that, some members voluntarily withdrew from the society though the slogan still remains “Free Entry Free Exit”, but of greater concern to them because some members were yet to aligned with the provision of the regulations statutorily established by the authorities in their operational guidelines.

“The membership strength of the society recorded a decline for certain obvious reasons. Apparently due to both cases of statutory retirement and voluntary withdrawal of membership by members. These cases are well established as the slogan still remains “Free Entry Free Exit.” There is no compulsion in the cooperative membership”.

Giving reasons for the withdrawal apart from statutory retirement, Alhaji Sadiq said, accessing savings as part-withdrawal is discouraged in the bye-law and this was the source of grievance to some members leading to closure of accounts.

“There are also cases of members making savings without taking loans due to some personal reasons. Most times members in this category always emphasized on the strictness of this regulations as applicable to them”.

On ongoing projects and other programs soon to be delivered, he listed to include; the Social Housing Scheme, Agbarra land projects, training programme in line with the Management’s roadmap.

Also efforts still being harnessed between the Fire Cooperative and FMTA in respect of The Aviation Cooperatives Group of Schools project implementation while urging members to double their efforts in the next financial year for maximum yields as the Special Savings window is still open.

“To the teeming esteemed members of this great society, we want to reiterate once again that without you there is no society. That is why all our decisions are always members focused. In line with the core values and principles of the cooperative movement, we can only continue to add value to your welfare by upholding the primary mandate. The management committee remain committed and appreciative of your unalloyed support for the society through thick and thin. We are resolved to serving you better”.

While thanking the management team, Agencies and bodies that constitute the membership and dignitaries present at the event, the AF&SCMS President announced some awards conferred on the society by the Cooperative Rating and Award Society of Nigeria (CRASoN) in two categories: as Best in leadership(Individual) and Best in Multipurpose society(Organizational).

“Both awards were dedicated to God almighty who made it possible and the Members without whom there is no society. We are grateful for this recognition and committed to doing more to win more”.

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