BAPCCUL AGM congratulates Musa Shey

The incumbent president of the Bamenda Police Cooperative Credit Union League (BAPCCUL), Musa Shey Nfor has been overwhelmingly voted back into office for another three-year mandate.

This was after an elective General Assembly Meeting (AGM) of the body which was held at the Ntamulung Church Hall Bamenda on Saturday, January 9, 2015.

Musa Shey Nfor won 2294 of the 2300 votes cast, with six null votes recorded. Six other board members succeeded to secure their positions in the board.

Madam Ngu Regina picked up a total of 2168 votes, 2140, 2140 for Ngwang Elvis, 2019 for Asana Felicia and 2018 for Tamusang Florence.

Madam Anna's attempt to join the board was unsuccessful as she could only secure 741 votes.

The results also meant Mrs. Tamusang Elizabeth hitherto Vice president was forced to cede her position to Mrs Ngu Regina who secured the second highest number of votes.

Tallah Jackson was maintained as chairperson of the Supervisory Board while Yengi Delphine was elected to the position of chairperson of the Women’s Committee to take over from Mrs Eunice Bongkisheri Mah.

Two other members are expected to be elected into the board from other parts of the country which do not include the head office. The current board members have a three ear mandate to pilot the affairs of the Credit Union.

BapCCUL will run on a proposed budget of 1,976,337,921 FCFA in income and expenditure for 2016, up from 1,718,346,935 FCFA in 2015. Like in previous years, loan interest alone will make up over 72 % of that amount (1.428 billion).

Other major sources of income will include loan processing fees (146 million), interest from ST Loans (58.8 million) contributions from forms and stationery (58.2 million), contribution from salary operations (55.3 million) deposit fees and special withdrawal contributions (45.3 million) and league interest (43.1 million).

To gulp up this budget in terms of expenses are interest on savings (762 million), personnel expenses (321.8 million), insurance premiums (109.6 million) and provision expenses (101.3 Million). A novelty introduced at this 42nd AGM is cooperate social responsibility, for which an amount of six million frs has been set aside for.

Interest on savings in 2016 is projected at 762,241,462 FCFA as compared to 727,568,977 FCFA in 2015 representing an increase of 34.7 million in real terms.

BAPCCUL is the largest and most modernized credit union in Cameroon affiliated to the Cameroon Cooperative Credit Union League (CAMCCUL) network. It counts some 33,087 active members and groups spread across five regions of the country. In 2015, BAPCCUL had a share capital of 996.8 million, savings of 13.4 billion, over 1.67 billion in deposits and a loan portfolio of over 14.5 billion FCFA.