FMTA rakes in N106m net surplus in one year
BY CHUKWUEMEKE IWELUNMO
Federal Ministry of Transportation/Aviation (FMTA) Thrift Cooperative Society Ltd has generated a net surplus of N106, 162,131.58, as against N101, 228,498.53 returned in the year 2022.
The President of the cooperatives Akintola Olaposi in his speech at the 2024 Annual General Meeting (AGM), revealed that interest rates for loans to members has been pegged at 6%, while operational costs and overheads kept increasing geometrically.
According to him, the guest house of the cooperative which remained the mainstay since completion generated a total income of N84, 308,066.84 as against N73, 886,950.92 generated in 2022.
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Olaposi revealed that income from consumer operations doubled as they returned a total of N22, 536, 02171 as against N11, 279,475.62 returned in the year 2022.
The President said the guest house has been projected to rise to about N100, 000,000 with additional 11 rooms.
“We have also continued to intensify efforts at bringing in new members, as old ones are retiring and exiting the system. Our membership drive from the various sectors has been yielding result, as new members have been joining the Society”.
