MINFI Suspends CamCCUL Elective Assemblies

NW Governor Abakar Ahamat Monday February 13 held a meeting to set records straight.The Minister of Finance has suspended all elective General Assemblies of Cameroon Cooperative Credit Union League (CamCCUL) and its affiliates until further notice for violating the law regulating the sector, the Governor of the North West Region announced at a meeting in Bamenda on Monday February 13. It was all about allegations that some board members of CamCCUL, the umbrella organisation coordinating the country??s reputed credit unions, has permanently and fragrantly manipulated and violated the 1992 Law regulating the sector, Abakar Ahamat said, revealing that things get worse with the complicity of those who represent titular Ministries in CamCCUL General Assemblies and events. Governor Abakar told participants that complaints about such manipulations and violations recently caused him

to suspend public meetings and activities of CamCCUL and affiliated Credit Unions to check threats to public peace and order. He said his decision triggered another decision by the Minister of Finance suspending all elective assemblies of CamCCUL and affiliated Credit Unions until further notice but authorised the holding of regular assemblies to conclude and validate accounts. He questioned the fate of CamCCUL property should the organisation finally disappear and revealed that he will be forwarding suggestions on the way forward ahead of a concertation meeting in Yaounde in the days ahead to harmonise the situation between the law and CamCCUL practices. Reactions from some participating CamCCUL board members, Credit Union members and members of the Civil Society revealed alleged irregularities and intimidation tactics by some board members who according to them have confiscated leadership. Others hailed the Governor for initiatives to clean the sector of corruption and manipulation and suggested checks and balances. Some are simply asking for Musa Shey Nfor to resign from the helm of CamCULL.In reaction, the Board Chairman of CamCCUL, Musa Shey Nfor, said by initially suspending public meetings and activities of CamCCUL and its affiliates, the Governor was inspired by people who acted with emotions and blackmail. He said there are COBAC prescriptions on investments and interest rates for application by CamCCUL and the Bamenda meeting was the wrong forum to seek his resignation. He promised to cooperate for truth to prevail. Curtains dropped on deliberations with appeals for solutions to keep Credit Unions intact to better serve the grassroots.

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