By Matthew Denis
The cooperative society owned and operated by staffers of Federal Airport Authority of Nigeria (FAAN) and Fire Agency at the Ilorin International Airport said it has posted a total of N5 million as net profit
President of the Cooperative, Mr. Sanni Abdullazeez made the disclosure during the Annual General Meeting (AGM) and commissioning of its secretariat on Wednesday.
He said: “last year, what we generated as our net profit was over N2 million but this year it yielded over 100 per cent increase because we generated about N5 million which implies the dividends doubled this year compared to last year.
“This is a challenge to us to maintain the standard in subsequent years so as to enhance the cooperative activities. We will now encourage members to invest more income in their shares capital,” he added.
The president explained that at inception, the management team initiated the idea of expanding the cooperative scope beyond just giving money to members, therefore diversifying into different sectors of the economy.
He said: “In that direction we ventured into land acquisition, building materials, electronic gadgets that we can give to members who are interested in them through loans.”
According to him, the cooperative is not compulsory but the quality of leadership in terms of members welfarism have attracted more people into the society.
AbdulAzeez noted that the cooperative has been in existence for 14 years but when the new leadership came onboard, it decided to set a standard in order to expand its scope.
“There was nothing like office and before now, members will just come and take a loan and when they pay back they are entitled to another loan again. We decided to setup committee to go beyond this and we ventured into business through which indirectly we are building houses and buying cars for people.
He also assured members of transparency, adding that their activities are being monitored by the Kwara State Ministry of Commerce and Cooperatives.