In a rousing address at the 24th Annual General Meeting of the Airport Fire and Safety Cooperative Multipurpose Society (AFSCMS Ltd.), the Executive President, Alhaji Sadiq Anako painted a picture of resilience and progress, while calling for renewed commitment from members.
The report detailed the society’s financial performance, investment milestones, and future strategies amidst challenging economic circumstances.
Navigating Economic Turbulence
Despite the ripple effects of government reforms on the economy, AFSCMS recorded notable financial achievements in 2023. Total income grew marginally to ₦217.8 million from ₦216.1 million in 2022, bolstered primarily by a 57% return from its hospitality business.
The society posted a trading surplus of ₦59.6 million, with members receiving dividends totaling ₦35.2 million. However, sales of consumable and non-consumable commodities dipped due to market instability.
Alhaji Anako acknowledged the difficulties posed by limited resources and increased demands from members.
The society had to temporarily halt loan applications mid-year to manage a surge in requests, while emergency interventions, averaging ₦4-₦5 million weekly, were intensified to cushion members from economic hardships.
Expanding Investments and Strengthening Membership
Investment in hospitality continued to be a cornerstone of AFSCMS’s strategy.
The new wing of the Fire Coop Aviators’ Lodge, commissioned in November 2024, added 24 rooms to its capacity and reflected the society’s commitment to enhancing member services.
This expansion, funded through share subscriptions and bank facilities, underscores a broader vision to diversify revenue streams and ensure financial stability.
Membership drives remain a priority, with efforts to onboard new employees and reabsorb retirees as associate members. The society also reported progress in its share capital campaign, which has so far raised ₦312 million out of a ₦500 million target.
Alhaji Anako encouraged members to increase their subscriptions, emphasizing that greater participation translates to higher dividends.
Empowering Members Through Training and Infrastructure Development
Human capacity development featured prominently in the report. Training programs such as pre-retirement workshops and cooperative leadership retreats equipped members with skills for entrepreneurship and personal growth.
However, budget constraints limited the number of participants, a gap the society aims to bridge as resources improve.
On infrastructure, the society continues to issue land documents for its Agbara project and is in discussions with consultants for upward valuation of its estates.
Meanwhile, the sale of a non-performing joint venture property for ₦120 million marked a strategic reinvestment into the hospitality sector.
Strengthening Strategic Alliances
AFSCMS President praised the collaborative relationship with agencies like FAAN, NCAA, and NAMA, which provide critical support for the society’s operations.
He highlighted FAAN’s consistent power supply to the Aviators’ Lodge as a major selling point and called for deeper partnerships to drive mutual benefits.
Recognitions and a Call to Action
The society celebrated its recognition as the “Most Supportive Multipurpose Cooperative Society” by Crason, attributing the honor to the unwavering support of its members.
Also Anako’s recent appointment to the Ministerial Technical Working Group for Cooperative Reform was lauded as a significant step toward addressing systemic challenges in Nigeria’s cooperative sector.
Charting the Path Forward
While acknowledging challenges such as economic uncertainty and resource constraints, AFSCMS President, expressed optimism about the society’s future.
“By working together and leveraging our collective strengths, we can overcome any obstacle,” he assured members.
He urged active participation and collaboration, emphasizing that the society’s success depends on the commitment of every member.
Concluding on a note of determination, the executive president reaffirmed his dedication to leading AFSCMS towards a brighter and more prosperous future, rallying members to continue contributing to the society’s transformative journey.
