BY ESTHER QUI
Co-operators of Victoria Customs’ Cooperative Credit Union, VICCCUL, have resolved that; the names of delinquent members and debtors should be read on Luncheon Date, churches and also published in newspapers; there will be a total overhaul of expenses if the board cannot recover interests, loans and rents; the building at New Town Behind Barracks should be put up for sale, among others. These resolutions were taken during the 42nd annual general meeting which held last Saturday February 18, 2017.
These came at the heels of several worries and unanswered questions related to a certain loan taken some four years ago by one Atchala. Atchala was supposed to have repaid this loan of about 400 million francs cfa, plus interest.
Arising from the minutes and other matters, this matter caused so much murmurings and a battery of questions from anyone who had the chance to talk. The people were so disgruntled, wondering why it is taking so long for the union to recover Atchala’s loan and there has been no positive feedback from the board.
According to the General Manager, Beatrice Fonebi, they have been putting in their best in order to collect the loan: “We have hired the services of a lawyer, who can better follow up the case.”
Meanwhile in the management report, the former president and current vice president, Mbiwan Nchaffu, boasted of accomplishing two out of four recommendations made in 2015.
“In 2016 financial year, in order to improve on the equity ratio of the credit union, the service Landcruiser was disposed of at one million cfa francs while the bulldozer was sold for 12 million.” For him, this contributed negatively to the financial year, as the items were sold cheaper than acquired.
Contracted by CamCCUL, the external auditors probed into the financial statements of the union and it was revealed that there was a net surplus of 2.7 million and a balance sheet total of 3.9 million. They observed that VICCCUL complied with seven out of the 14 COBAC norms and have a delinquency rate of about 13%, far above that set by COBAC.
Coordinated by the CamCCUL chapter supervisor, the co-operators equally elected into office, members of the board of directors, supervisory board, women’s and youths’ committees, with the task of securing their shares and increase interest rates.
Leading the Board of Directors is Emmanuel Atem, a chartered accountant and PhD student, among many others. Though a youth and taking over from Mbiwan Nchaffu, he made a solemn vow to invest his expertise into the cooperative so as to carry it to higher heights.
“I know I am young but I am ready and willing to learn from my elders so that together we can make the union grow and members will enjoy the reason for joining the group.”
The board members are five headed by Emmanuel Atem ; supervisory board (3) members chaired by Ebangha Takor; women’s committee (3) members chaired by Lydia Tambe; and youth committee (3) members led by Deric Ade Nhuwasoh.
It should be noted that the said building at New Town is already up for sale to the general public.