AFSCMS Records Over N58m Trading Surplus in 2022

The Airports Fire and Safety Cooperative Multipurpose Society LTD (AFSCMS LTD) says it recorded a trading surplus of N58,474,793.65 with members’ dividend as N34,500,000.00 in 2022 financial year compared to N51,077,622.74 and N30,0000,000.00 respectively of 2021.

Speaking at the 23rd Annual General Meeting of the cooperative, the President, Alhaji Sadiq Saheed Anako, explained that total income for the year 2022 recorded N216, 111,077.52 as against N178, 157,325.15 of 2021.

According to Anako, the hospitality/guesthouse operations returned 51 per cent (N110, 256,650.00) of this total income in 2022.

He revealed that adding that sales of commodities (both consumables and non consumables) in 2022 recorded a total sum of N82, 216,275.68 as against N124, 311,718.13 of 202 attributing the short fall to market instability

“Apparently, a careful interpretation of the trading returns disposition of the past fiscal years, projected the Hospitality Investment as a cash cow with a steady and consistently improved income. This is a clear indication that investment is the watchword in the modern day business world of the cooperative system for sustainable economic development”.

He remarked that membership drive for the society remained a continuous process both at the level of regular and associate membership stressing that the loss of membership was a common phenomenon in the cooperative cycle due to obvious reasons of statutory retirement and voluntary withdrawal of membership but assured of efforts being made to step up the membership drive.

“Sequel to the approval of the prayer on the shares subscription by members in the last Annual General Meeting, we are excited to inform our teeming members that to date, since the implementation in February 2023, a total sum of N177,469,613.41 was realized and has been committed to the Hospitality business expansion project alongside other funds”

He said the cooperative have a total number of 2,939 as Shareholders in the new hotel project adding that the window was still opened for members to subscribe or increase their shares values.

On the cooperatives land scheme Anako explained that issuance of executed copies of Agbarra land documents to individual beneficiaries was ongoing whole complaints by some allottees on the typographical errors in their details have been communicated to SSDC, Strategic Shelter Development Company, for appropriate corrections saying that allottees that have not executed their documents should approach the secretariat at their convenient time.