….Thrives Amidst Economic Uncertainty
The Federal Ministry of Transport/Aviation, FMTA, Investment and Thrift Cooperative Society Ltd has recorded significant financial achievements despite the prevailing economic headwinds.
Speaking at the Society’s 55th Annual General Meeting (AGM), the President of the Society, Mr. Olaposi Akinola, highlighted remarkable progress in revenue generation and strategic initiatives to enhance members’ welfare.
Mr. Akinola acknowledged the global economic downturn driven by geopolitical conflicts and domestic policy challenges, which have led to increased operational costs and reduced purchasing power.
Despite these challenges, FMTA achieved a net surplus of ₦106.16 million for the year under review, an improvement from the ₦101.23 million recorded in 2023.
A cornerstone of FMTA’s revenue success has been its Quest House facility, which generated ₦84.31 million, surpassing the ₦73.89 million recorded in 2022. Also, income from consumer operations doubled, rising to ₦22.54 million compared to ₦11.28 million in the previous year.
These achievements according to the president, underscore the Society’s resilience and effective management strategies.
Mr. Akinola announced the completion of an expansion project at Quest House, adding 11 new rooms to the facility, bringing the total to 32 rooms.
This expansion is projected to increase annual revenue to approximately ₦100 million, the new rooms were inaugurated immediately after the AGM.
As part of its strategic initiatives, Akinola said, FMTA sold its Alakuko school facility for ₦120 million, with proceeds equally distributed among the Cooperative Societies and efforts are ongoing to lease out buildings at the FMTA Estate in Agbara, with flexible payment options available for interested members.
The President also highlighted the Society’s training efforts, noting that 100 members were trained through a program organized by the Lagos State Cooperative Federation.
He added that, a membership drive across various sectors has yielded positive results, with new members joining to strengthen the Society’s base.
On land matters, Mr. Akinola provided updates on several properties:
The Society’s land facility in Ikorodu remains under litigation, with a Federal High Court hearing held in November 2024.
Members allocated plots at Mowe Phase 1 were urged to begin construction, while those interested in Phase 2 plots were invited to indicate interest.
The Ilogbo land is becoming more accessible, with plans for a site visit in the first quarter of 2025. Members were encouraged to commence construction to prevent encroachment.
In a move to address members’ requests, the AGM souvenir was monetized this year, ensuring inclusivity for all members regardless of location.
Guest House dividends were also distributed to eligible members, with regular dividend payments set to commence once the 2023 accounts are approved.
Mr. Akinola expressed gratitude to past leaders, the management team, the Federal Directorate of Cooperatives, and members for their unwavering support.
He assured members of the Society’s continued commitment to their welfare and development.
Akinola wished all members a joyous Yuletide season and a prosperous 2025, reiterating the Society’s dedication to delivering value despite challenges.
Highlights of the event was the swearing of the new executives, these were the old executives all returned unopposed.
