19, July 2016

50 billion FCFA stolen from BICEC Cameroon 0

An audit conducted in March 2016 by the Banking Commission of Central Africa (COBAC) has revealed that 50 billion francs CFA was stolen from the International Bank of Cameroon for Savings and Credit (BICEC). The findings also noted that the money was taken from the bank through “implied external providers with internal complicity.”

Media reports have suggested that the arrival of Alain Ripert, the new CEO of BICEC brought about the opening of the investigations. The COBAC revelations highlighted the participation of two senior executives of the bank in these criminal practices namely, Innocent Ondoa Nkou who resigned a few weeks after the discovery and Samuel Ngando Mbongue, the Director of Accounting and Treasury who was fired with four other employees.

Rita Akana (Cameroon Concord News Group)