Sunday , 25 September 2022

CMSL records N35m profit in 2017, declares steady growth since 2014

COOPERATIVE Multipurpose Society Limited (CMSL) of the Nigerian Airspace Management Agency NAMA, Murtala Muhammed International Airport Ikeja has recorded a total of N35m net profit was in 2017 a steady growth of its revenues from 2014.

Speaking at its 16th Annual General Meeting AGM held over the weekend in Lagos, the president of the CMSL, Mr Edino Ilemona Amos said in 2014, it generated a net profit of N17. 8m, N21.9m in 2015 and N28.9m in 2016 with a better future performance.

He said members savings have increased by 30% from N314m to N327m during the year under review while loan disbursement has also improved tremendously against the previous year.

Edino disclosed that the cooperatives has introduced various products to enhance the status of members, such as special savings welfare scheme, zero savings car purchase scheme, land /house purchase scheme, ordinary loan distribution among others.

He noted that at the beginning of this year, the cooperatives projected about 40 members to be proceeding for retirement with a projection of N100m required for the settlement of their claims.

While apologising to those members that had delays in loan disbursement, Edino assured them of stronger Cooperative Multipurpose Society the influx of new members adding that as the last count they were over 500 members with a relative increase in monthly revenue.

He attributed the success recorded to the diligent activities of the executive and the members support.
He appealed to the management of NAMA to provide land for them to build their headquarters
Highlights of the event was the presentation of awards to distinguished members of the cooperative Multipurpose Society Limited

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