CamCCUL Disregards "Rumour Haram" to Stage AGM at Own New Headquarters in Bamenda, Adopts FCFA 2.3 Billion

CamCCUL President and NW SG

The 2015 AGM of the Cameroon Cooperative Credit Union League-CamCCUL took place at weekend at in the presence of NW Governor’s Representative as well as Representatives from the Ministry of Finance, Agriculture and Rural Development. In his keynote speech, CamCCUL President, Musa Shey Nfor called on government to intervene in curbing a new form of insecurity “rumour harram” whereby some people intentionally spread false information and blackmail others. Information had circulated in Bamenda that the newly constructed CamCCUL headquarters in Bamenda was to collapsed. This is what CamCCUL President disregarded and described it as "Rumour Haram". Musa Shey Nfor was actually dismissing unorthodox claims by the so-called "Rumour Harams", who see nothing good in anything except in form of bread.

He also used the occasion to express thanks to government and at the same time appealed to the Minister of Finance to accelerate the process of special Tax Regime for Credit Unions and category one Micro-finance Institutions in the country as well as redress challenges raised by some contradictory provisions of the 2013 finance law. Given that CamCCUL oversees the safety of funds from mostly the rural poor, Musa Shey Nfor also called on  government to put in place an accelerated recovery procedure to check the unscrupulous altitudes of those he says “borrow BIG from small credit Unions and FIGHT THEM BIG USING BIG MEANS IN BIG COURTS NOT TO REPAY”

On the FCFA 2.3 billion, Musa Shey revealed that this amount will mostly be used to improve on the performance of the credit unions, that is,  494 million FCFA budgeted for interest on deposits alone from member Credit Unions, 86 million for training, education and partnerships, 169 million for effective supervision of its vast network of over 200 credit unions and to kick start discussions towards the implementation of the strategic five year development plan. The budget adopted stood at 2,311,990 000 FCFA in income and expenditure, up from 2,222,760 000 FCFA in 2014.

Founded in 196, it was the first time that CamCCUL was holding such a meeting in its own structure, a reference to the imposing building constructed along the Bamenda Commercial Avenue. “For the very first time since 1968, CamCCUL has the opportunity to hold the first AGM in her own building….with this complex, one thing is now certain, the head quarter of CamCCUL was in Bamenda, is in Bamenda and shall therefore have every reason to remain in Bamenda”

On his part the SG at the Northwest Governor’s office,  Absolom Monono, expressed thanks and said CamCCUL is playing the primordial role to eradicate poverty in the country, particularly in the rural milieu. He described the League as a beacon of hope for so many Cameroonians.
He described the CamCCUL building as “a symbol of power and financial strength” and praised the League for its role in the economic development of the country. He promised to channel to hierarchy the worries of CamCCUL that are above his office.

Musa Shey Nfor

He urged the delegates to deliberate objectively on the best practices that can strengthen the movement while identifying and correct short comings that are capable of weakening the league in a competitive environment. He advised the board to protect the members’ savings from mismanagement by unscrupulous individuals while promoting transparency and growth. He assured the board of CamCCUL that government shall continue to partner with them through the various ministries like Finance, Agriculture, and economic development. Mr Monono said the administration of the region almost banned the holding of the AGM at the CamCCUL building at Commercial Avenue due to widespread rumours that the building was collapsing. The governor he said had to order a team of engineers who inspected and passed the building safe. The AGM also reviews and adopted the reports of the various committees of 46thAGM, review cooperation with partners.

CamCCUL headquarters in Bamenda

Delegates at the AGM at the end resolved to maintain league dues at the present level, with news rates to be implemented as from 2016, create an Ad-hoc strategic reflection committee to be placed under the Board of Directors (BoD) to reflect amongst others on the new five year development plan, facilitate the review of various polices and to act as a think tank, put in place a security committee to reflect on CamCCUL network security issues and the creation of a common network security unit to protect property information and persons of the network, mandate the BoD to take urgent measures to put in place a new recovery strategies to curb delinquency and continue the restructuring of some key policies amongst others. The AGM also paid tributes to Ni John Fru Ndi and Pa Martin Alloh, neigbours of the CamCCUL building at Commercial Avenue for their support during the construction process. CamCCUL’s 47^th AGM came barely days after some monumental figures of the League passed on. Mentioned was made of Mama Nini Juliana Ikui, who opened the first account (Acc. No001) with 50 frs in 1963 and also donated the first counter to the first Credit Union, who passed on at the age of 106, Rev. Father Barnacle who in 1968, created the CamCCUL Network with 13 Credit Unions who also died on the 25thof February 2015, and Mama Catherine Tumi, mother of the Christian Cardinal Tumi, one of the promoters of the Credit Union in Kikaikilaiki at the age of 118.

 With additional Inputs from Santa Meteo

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