CHUKS OKOH
The Airport Fire and Safety Co-operative Multipurpose Society (AFSCMS) Ltd. has posted its strongest financial performance yet, announcing a total income of ₦314.6 million for 2024, up from ₦217.8 million in 2023. The figures were unveiled at the cooperative’s 25th Annual General Meeting held in Lagos, where President Alhaji Sadiq Saheed Anako credited the results to resilience amid national economic challenges.
The society’s Hospitality and Guesthouse operations remained its biggest revenue driver, contributing ₦155.4 million, or 49 percent of total earnings.
The cooperative recorded a ₦92.1 million trading surplus, from which ₦55.2 million was declared as dividends.
The highest individual payout stood at ₦430,000.
Anako also reported substantial progress in 2025, noting that the expanded two-wing Fire Coop Aviators’ Lodge had already generated ₦232.1 million in the first nine months, positioning the cooperative for an even stronger next surplus cycle.
The society’s share capital rose to ₦314.5 million from 2,781 subscribers, with certificates now ready for collection.
Both lodge wings have been insured for the 2025 operational year.
Over 2,000 members benefited from various training and empowerment programmes during the period, while documentation for the cooperative’s Agbara estate project has been completed. Sales for Phase 4 land continue at a revised price of ₦3.5 million, while access challenges at Phase 3 are being resolved through a planned buyout arrangement.
In his valedictory address, Anako, recently named “Cooperative Governance Leader of the Year”, announced the end of his six-year tenure, expressing confidence in the incoming administration.
The cooperative also received the award for “Most Supportive Multipurpose Cooperative Society.”
Guests at the AGM, including representatives from the Lagos State Cooperative Services and the Federal Airports Authority of Nigeria (FAAN), commended the society’s prudence and growth.
FAAN’s Managing Director, Mrs. Olubunmi Kuku, represented by GM Environment Mr. Sunday Ayodele, urged the cooperative to maintain unity to achieve greater milestones.
Delivering a keynote lecture, OAU lecturer Prof. Fayomi Abimbola warned workers to embrace disciplined long-term financial planning, stressing that “time makes no noise” and often leaves the unprepared behind.
Using savings projections, he illustrated how modest daily savings can accumulate into millions over decades, contrasting this with retirees who spent heavily during their working years but ended with little.
He encouraged members to leverage cooperative loans for strategic investments such as land acquisition, rather than consumption.
