The President of the Board of Directors of Limbe Urban Council Cooperative Credit Union, LUCCCUL, LTD Esombe Lingate Samuel says LUCCCUL scored 12 out of 14 COBA norms during 2024 finance year.
He made this remark on Friday, February 21, 2025 during their 30th Annual General Meeting, AGM that took place at Limbe City Council Hall Down Beach.
“The various councils owe us huge amount as workers salaries receivable. We hope things will be better this year”,
“The board of Directors and Management are working in collaboration with the council's administration to address the situation”,
“In 2023, we signed an M.O.U with Limbe II and III councils, supervised by the SDO for FAKO on how these salaries receivables will be paid” Esombi Lingate explained.
He however urged delinquent members to compile with their outstanding debts. “Management is appealing to the various Council administration to take necessary actions to these debts” Esombe Lingate added.
On the sideline of membership, he said their membership has slightly increased from 2011 to 2032, a net increase of 21 members which gives 1.1% growth rate.
“We appreciate your efforts for this great achievement. We encourage members to continue to educate prospective members to join the Union.” Esombe Lingate added.
He also disclosed that work at the Credit Union site building is expected at 75% completion. Lingate opined that once completed, it will help to provide better service to members.
Speaking during the event the women committee Chairlady Yvette Monjoa Mafany, said they visited various markets in the municipality such as the main market, New Town, Isokolo, Batoke among others to create increase in awareness and sensitised potential members.
She added that on Women’s Day and Rural Women’s Day they distributed brochures and sensitized the women about LUCCCUL and many promised to open account.
She also explained that they carried out a tour to sensitize the population about LUCCCUL some complained of hard economic crisis but promised to register when things get better.
Yvette Monjoa is optimistic that many will register as time goes. She revealed that they succeeded to have 46 new members in 2024.
On behalf of the Supervisory Board report, the chairlady, Yvonne Sama said membership of the union is growing as compared to 2023 year.
Meanwhile she said delinquency rate for 2024 stood at 44.81% which is above COBAC 5% rate which is as a result of non payment of salaries and loans that were guaranteed by Councils.
“The supervisor Board is pleading that through the the year was difficult one, the members should try and see how to meet up with their loan payments”,
“And also a forceful recovery measures need to be put in place as fast as possible should members not comply with their loan payment. Yvonne Sama emphasised.
At the end of the AGM, there was election of management Board to running the affairs of the Credit Union.
It should be noted that, president of the Board of Directors, Esombe Lingate Samuel position was unchanged. He will run the Credit Union with the new Board members still next year his term of office will expire.
BY SIMON NDIVE KALLA
President of the Board of Directors LUCCCUL, Esombe Lingate Samuel
Cross section of LUCCCUL members
LUCCCUL’s GM making a strong point
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