Monday, July 2, 2012

CamCCUL General Assembly Condemns Blackmail & Sabotage, Resolves to Sanction Perpetrators

Musa Shey Nfor: Applauded
The Annual General Meeting of CamCCUL Ltd, the leading microfinance network in Cameroon took place in Bamenda on June 30, 2012 and having discussed and deliberated on various issues featuring on the agenda. At the end of the meeting, the AGM adopted the following resolutions:
1)      The Board should meet with the other shareholders of UBC to discuss the fate of our investments in the Bank and seek ways to safeguard this investment in the light of the exit of OCEANIC BANK OG NIGERIA PLC from the capital of the Bank in favour of ECOBANK TRANSACTIONAL INTERNATIONAL
2)      That the network shall abide by the “Redressement Plan/Project de Reponse” represented to COBAC by CamCCUL following the latter’s report of its last control CamCCUL covering the period up to December 2010. The CamCCUL Board/ Management is therefore delegated to follow up with the implementation of these corrective measures.
3)      That in the process of amending the Articles of Association of CamCCUL, Model-Bye-Laws of the Credit Unions and the Alternate Dispute Resolution policy was concluded on the 3rd December 2011 in Buea during the Extraordinary Meeting of CamCCUL, and the Credit Unions have already started applying these internal laws. The delegates therefore unanimously reiterate that the decision of the AGM of the 03/12/11 remain binding and enforceable to the entire CamCCUL network in a non retrospective manner.
4)      The law is nor retrospective, hence in carrying out new elections within the CamCCUL network, the new reference shall be the decision of the 03/12/12 in Buea adopting the Model Bye-Laws and Articles of Association of CamCCUL; and to this end individual Credit Unions shall freely carry out new elections using their Bye-Laws drawn up from the Model Bye-Laws adopted by the CamCCUL general Assembly on the 03/12/11 in Buea.
5)      The General Assembly vehemently condemns acts of blackmail, sabotage and the divulging to the public of network sensitive information by some Credit Union officials. Due to the disruption of our network activities by certain detractors of the system in Bamenda, certain issues which are of primordial importance to our survival, like the taxation problems, delinquency, the stability of our Bank (UBC PLC) have been neglected by CamCCUL management, whose attention is now diverted to resolving these problems, thus leading to serious setbacks in our operations. Promoters of such unscrupulous acts shall be severely sanctioned.
6)      That the CamCCUL network shall this year celebrate the International Credit Union Day concurrently with the World Co-operative Day. The Board and Management is delegated to make ample preparations towards these events and communicate to the Credit Unions.
7)      That Board and Management shall continue to liaise with other stakeholders of the Microfinance sector to lobby government for a special tax dispensation for the sector.
8)      That Management should compile the ADR policy and transmit to the Credit Unions for implementation.
9)      That Management should implement the ATM project after its pilot stages, in Credit Unions taking into consideration certain technical and logistical considerations.
10)  That the Risk Management premium be reduced by 20% with effect from July 1st 2012 and the number of beneficiaries be increased to 10.
11)  That League dues be reduced by 30% over a period of three years taking as a basis the 2011 end of year results, on a 10% annual reduction between 2012 and 2014 for modalities thereafter.
12)  That CamCCUL field inspectors should always present a report of their interventions to the Board of Director of any Credit Union in which they have carried out an audit exercise instead of just filling their comments on visitor’s book.
13)  That Credit Unions should as a measure of solidarity assist in reviving Njinikom Credit Union, the pioneer Credit Union of the CamCCUL network, which is under serious difficulties that threatens its very survival.
14)  That the Board/Management should put in place a common security for the network.
15)  That CamCCUL hereby create a think tank committee answerable to the Board of Directors to cater for the reorganization and restructuring of CamCCUL as well as reviewing issues of governance, compliance, operations, supervision, discipline etc and proposals made to CamCCUL Board/Management for consideration.
16)  That CamCCUL should deduct from the fixed deposits of the Credit Unions which are still to pay their shares and or still owing the league dues, the sums still remaining unpaid by the latter.
17)  That Management takes measures to institute a process whereby part contributions from the Credit Unions are injected directly into equity.
18)  That the reports as presented and discussed, including the appropriation of the financial results for the year ended December 2011 are adopted.
19)  That the operational as well as the investment budget with emphasis being the continuation of Bamenda Commercial Avenue building project are adopted. Specifically, the Board should ensure that installation of a lift and water storage facilities on the premises.

Teku Collins Oben  &      Rabe Gaston
Kadjio Victor           & Nzegge Joseph
Tienchou Jonas
General Manager
Musa Shey Nfor

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1 comment:

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