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Namilyango OBs chart new financial path

The new Nacoba chairman Edward Mpalanyi (R) awards a certificate to East Africa Law Society President Bernard Oundo. Photo/ Isaac Ssejjombwe

The old guard of Namilyango College Old Boys Savings Co-operative handed over to the new committee at the sixth annual general meeting.

 

Namilyango College Old Boys’ Savings and Credit Co-operative (Nacoba) elected a new committee to steer them through the next two years. The new board was selected at during the sixth Annual General Meeting that happened at City Resort Hotel Bugolobi recently.

Edward Mpalanyi was elected chairman and he will be deputised by Eugene Ntananga. Among other things, the two will be mandated to grow the bursary fund by supporting an even bigger number of students as well as support the students beyond secondary to tertiary institutions.
Other members on the board include Dennis Owor as the new treasurer, Saul Abok as the secretary while David Gimei Nagimesi was entrusted with the position of mobilising secretary.
During his acceptance speech, Mpalanyi, who was the vice chairperson of the Sacco in the outgoing executive committee, thanked the vetting committee for giving him the opportunity to steer the association to greater heights, promising to increase the number of members.

“I come to you with my three major work plans. First and foremost, I will ensure membership growth. With Namilyango College as the oldest school, I will work on doubling our numbers which comes with investments. I will then improve on governance with reports being delivered on time, motivating staff and transparency. Lastly, I will ensure that we improve on investment where people want to make money out of their savings,” he noted.

The association collects subscriptions for members, which money is used to pay tuition for students at the college who cannot afford school fees.
Every year, Shs21m is used on nine needy students for their school fees.
Besides that, they also collect alms, especially during lent. These are passed on to charity organisations, including Bakateyamba Home in Nalukolongo and Butabika Hospital Children’s Ward.

Besides electing the new committee, the AGM was also used to award outstanding members in the Sacco who received certificates as an appreciation.
The other activity that was carried out during the day was boosting of the new chairman bag which saw members pledge cash worth more than Shs35 million.
issejjombwe@ug.nationmedia.com

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