Home Uncategorized NAMA Cooperative Society MMIA hits N35M net profit in 2017

NAMA Cooperative Society MMIA hits N35M net profit in 2017

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The Nigerian Airspace Management Agency International Airport Cooperative Multi-purpose Society Limited has recorded an increase in members savings from over N314m in 2016 to over N327m in the year ending 2017

This is just the Cooperative Society has also witnessed an increase its membership to 496.

Presenting its report at the 16th Annual General Meeting for the year ended 31st December 2017, Executive President of the NAMA MMIA Cooperative Multi-Purpose Society Limited, Mr. Edino Ilemona Amos said the cooperative had come out stronger with the influx of new members and a relative increase in its monthly revenue.

Edino who was elated that the Cooperative in the last four years was moving on a steady growth noted that the Cooperative was growing,” to be a major player in Cooperatives in Nigeria”.

He explained that the recently introduced products like the Special Savings welfare, Zero Savings Car purchase, Land/House purchase, Electronics purchase, within 24 Hours Emergency Response Commodity schemes and the Ordinary Loan Distribution were being improved upon and made effective for seamless access by the members.

“We have equally improved tremendously on our loan disbursement to N370million as against the previous year”.

Explaining further, the NAMA MMIA Cooperative president said for those of their members proceeding on retirement, a N100million was projected as retirement claims at the beginning of this year for 40 of these members.

He added that,” by the grace of God, we have been able to weather the storm with just a very few of them yet to be taken care of, nonetheless the fact that they are very senior staff of the agency. We do really apologise to those members that their loan disbursement were a bit delayed due to this exercise”.

President NATCA, Victor Eyaru presenting an award to a recipient

Members of the Cooperative at the meeting were given gas cylinders, gifts and awards for their consistency, support and contributions to the growth of the society.

Senior registrar of the Lagos State cooperative Management, Mrs Gbadamosi Bilikis urged the members to cooperate with the executive members and have trust in their ability to grow the Cooperative and take it to the highest level.

She advised the Cooperative excos to consider building a befitting secretariat as the society was too big not to have a secretariat.

Dignitaries at the event

The calibre of people that started this Cooperative are people of integrity and with such people, things will always go well. It is a very efficient society , I wish you God’s guidance, improve in whatever you are doing now. Pay those that have retired, it is a priority, you have worked on that, I commend you and God will help you”

In an interview, General Secretary, Mr. Gabriel Adelowo said they have always made it their duty to encourage people to save because what they save was what they would fall back on after retirement.

“The only way you can save with rest of mind is to be a member of cooperative society, when you save you are entitle to loans, our loan is one percent reducing balance collecting that loan, you cannot get it from anywhere in Nigeria, if you go to banks like two digit interest but our own is one percent reducing balance”.

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