ESMCCU Holds AGM, Declares 22% Increase in Capital Base

Jaiyeola Andrews in Abuja

The Economic Community of West African States Staff Mutual Credit Cooperative Union (ESMCCU) on Monday held its annual general meeting (AGM) where it declared 22 per cent increment in its capital base.

The President of ESMCCU, Dr. Alfred Braimah made the declaration at the AGM held at ECOWAS Secretariat in Abuja.

He said the event was “very unique to this executive team as it marks our one year in office administrators of our collective common wealth.”

Braimah noted that in a determined effort to grow the funds of the union, the present management embarked on an aggressive sensitisation and advocacy visits to various institutions and agencies of ECOWAS, ERERA, GIABA, WAHO, WAPP, EYSDC, EGDC and EWRCC.

He added that the visits were to effectively mobilise membership into the union, “thus becoming a truly formidable brand that caters for the welfare of all ECOWAS staff everywhere.

“We are very positive that the effect of the advocacy visits will result in increased membership and higher capital base for the union. The total active members of the union as at December 2015 stood at 697.”

On the union’s capital base, Braimah said it had in 2015 increased by 22 per cent, compared to 16 per cent increase in 2014.

He attributed the positive increment in the capital base of the union to “our resolve to open up the activities of the union to every staff of ECOWAS irrespective of location.

Braimah equally disclosed that 83 per cent of members had contributions ranging between 1million Fcfa and 50 million Fcfa, with a majority in the 5 million Fcfa to 10 million Fcfa range.

He stressed that the increase in the capital base had also reflected positively in the total asset employed which increased significantly by 21.80 per cent in 2015, compared to the 17 per cent increase in 2014.

“In line with our strategy to compliment the welfare services of ECOWAS, we continued to advance affordable normal loans to staff at an interest rate of 5 per cent per annum, which is the best you can get in the financial market presently.

“We continued to facilitate the access to Normal, Special and Asset Finance Loans to members within 48 hours. This accounted for 98.7 per cent (688) of our members successfully accessing loans for their various needs.

On staff welfare, he said the executive of the union was very conscious of the need for continuous training and improved welfare condition of its staff.

Braimah added that in the year under reviews, the senior accounting assistant was sent on training with the Institute of Chartered Accountants of Nigeria (ICAN).