Home Uncategorized FMTS Cooperative Society pleads with FAAN to remit deductions of N300m, applauds...

FMTS Cooperative Society pleads with FAAN to remit deductions of N300m, applauds NCAA, NAMA, AIB

President, FMTS, Babatunde Sortin

The Federal Ministry of transport/aviation allied organisation staff investments and thrift cooperative society) limited (FMTS)wants the Federal Airport Authority of Nigeria (FAAN) to remit its N300m members funds deducted from their salaries in the past six months.

The president of the FMTS cooperative society Mr. Babatunde Sortin who made the call in his office at the airport disclosed that FAAN’s inability to remit the N300m deducted from workers salaries to the cooperative was negatively affecting the day to day running of the Society especially in the issuance of loans to its teeming members.

According to Sortin, FAAN Management was only able to pay the balance up to June this year, adding that it was becoming difficult to service its members especially those with health related issues to access loans for their regular medical checks and surgery.

He disclosed that the cooperative was only giving out emergency loans of 50,000 due to this recent development, adding that NCAA, NAMA and AIB have been the pillar of the Cooperative in the remittance of deductions as at when due since the Outbreak of the pandemic.

On Loan default, he explained that in order to put an end to it, a penal interest had been introduced for defaulting members, adding that most cooperatives have been ran aground as a result of loan default by members.

He commanded unions in various agencies for their struggle in ensuring that management of various agencies remitted their funds.

Sortin urged members to pay back loan to enable them give out to others in need.


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