OAAN CMS holds maiden AGM, declares surplus
The Out-of-Home Advertising Association of Nigeria (OAAN), in the year 2020 and under the leadership of its president, Emmanuel Ajufo, inaugurated a committee charged with evolving a vibrant cooperative society.
The action gave birth to the OAAN Cooperative and Multipurpose Society (CMS) which has the mandate, among other things, to evolve a robust and viable cooperative society that will complement the OAAN brand and foster the interests and welfare of members.
The initiative is designed to ensure that the foundation of a society that is well administered and able to rank among the best is laid and to ensure that a sustainable basis in the application of the finest principles of accountability, transparency, fairness and sacrifice is achieved.
Wole Odubanjo, the Chairman of OAAN CMS, in his welcome address in Lagos, said that OAAN CMS has been able to overcome the initial problems associated with the take-off of such a joint venture, adding that the Cooperative as a body is clear on how to navigate through the coming years while taking full advantage of its vibrant and dynamic OAAN constituency.
Mr. Odubanjo noted that the membership strength is on the increase and that the scope of operations has also been increased through commercial loans, sales of essential commodities, and support for payment of school fees with other products being developed.
The chairman declared that in the year under review, the Cooperative has been able to generate a net plus of One Million, Twelve Thousand, Nine Hundred and Forty Five Naira, Ninety Kobo (#1,012,945.90), only out of which dividend will be paid to members.
The CMS boss added that about half of the surplus will be paid out as dividends to members, and projected that the volume of operations will be increased in order to also increase the dividends to be paid out to members.
Mr. Odubanjo asked all members of OAAN to “join the moving train of the multipurpose society”.
Also, Mr. Ajufo, in an interview, said that in the first year of its existence, the CMS has surpassed industry expectations and encouraged the management to continue to improve in every area. He asked those who had entertained some level of scepticism on the potential of the CMS to come in and be part of the venture.
Photo caption: L-R: Registrar, OAAN Cooperative and Multipurpose Society (CMS), Femi Alabi; Barrister Nkiru Sampson; Chairman OAAN CMS, Wole Odubanjo; Assistant Area officer, Asaye Daniel, President Outdoor Advertising Association of Nigeria (OAAN), Emmanuel Ajufo and Alfred Akokhia during the first Annual General Meeting of OAAN CMS in Lagos, recently.
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