Home Uncategorized FMTMCS rakes in dividend surplus from N16m to N26m.. records over 1000...

FMTMCS rakes in dividend surplus from N16m to N26m.. records over 1000 members in 2 years

President FMTMCS, Mr. Sotin Babatunde

Federal Ministry of Transportation, Aviation and Allied organizations Multipurpose Cooperatives Society (FMTMCS) at the Murtala Mohammed Airport Lagos, says it recorded a tremendous dividends surplus of N26m in 2019 as against N16m in 2017.

Federal Ministries of Transport/Aviation & Allied Organizations Staff Investment & Thrift Cooperative Society Limited, comprise NCAA, AIB, NAMA and FAAN.

The President of the FMTMCS, Mr. Babatunde Sotin who stated in a chat with newsmen in Lagos said, it had also recorded increase of members in its current membership drive. 

Mr. Sotin explained that the management of the Cooperative would remain committed in ensuring that it surpassed the achievement so far recorded.
According to Soti, the Cooperative would henceforth embark on cost saving measures to reduce expenditure in order to increase its veritable dividend for members increase. 

“Last AGM, our dividend, our surplus rose from N16 million in 2017 to N26 million that we gave out as dividends to our members, in fact it became a challenge to us to maintain it, you know there are some progress you make, so achievements you have that become wahala for you of how do you maintain it”.

 According to him, in less than 6 months the Cooperatives hall which hardly makes N400, 000, raked in N4 million in a short period, adding that the management remained focus in uplifting the status of its members.

On training, Soti disclosed that about 160 members especially those at retirement age were trained last year on various skills saying that but for paucity of funds 200 would have been slated for training.

“We don’t take training lightly here, we train our members on entrepreneurship and pre-retirement so that when they retire you have something to laid your hands upon. Last year, we trained about 160 for paucity of funds, we have to be doing it bit by bit, we have over 3,700 members so we cannot train all of them in one sweep, it is a gradual process”.

On membership drive, the president disclosed that when he took over, the membership strength was a little above 2000 adding that it is now over 3,700 while more people are still showing interest in the most progressive multi purpose Cooperative society in aviation today. 

 “At the time I took over NAMA sector,we were having about 300 and something people, today NAMA is over 600, FAAN from little over 1,000 but today, we are close to 2,000, the society is doing well”.

He emphasized members happiness is their focus, adding when members need loans and it is readily given, members are happy, adding that in the giving of loans.
“The primary purpose is to give loan and everyday we give out money to people so whatever you do that will affect that, we would not go into it and integrity here is priority When you tell somebody you get your money tomorrow, except the bank messes you up but we would take it to the bank and our members know that when we tell them something, if it is not possible we tell you we cannot do it”.

In ensuring housing for all in line with the Federal Government’s agenda, Sotin said, the Society acquired 60 plots of land for its members with the construction of 54 flats on going. 

“We bought just 60 plots of land because the primary purpose of any cooperative society is to give loan to members, so whatever capital project you want to do that will affect loan to people, it doesn’t make sense, we wouldn’t do it here, so we are able to just do 60 plots and those 60 within our own capacity we are developing it gradually as a housing estate to 54 flats but we are doing that gradually because of funds.”


Please enter your comment!
Please enter your name here