21, October 2026
Martinez Zogo Affair: Biya must clean house and make way for a new generation 0
Cameroon cannot move forward while the shadows of the Martinez Zogo affair continue to hang over the corridors of power.
The bitter rivalry between former intelligence chief Léopold Maxime Eko Eko and presidency heavyweight Ferdinand Ngoh Ngoh, as reflected in allegations surrounding the case, raises fundamental questions about accountability, the use of state power and the credibility of the institutions entrusted with protecting Cameroonians.
At the heart of this tragedy is the brutal murder of journalist Martinez Zogo—a case that has shaken public confidence and placed the conduct of powerful figures under intense scrutiny. Beyond the courtroom battles, competing accusations and alleged political intrigues lies a question that President Paul Biya can no longer afford to ignore: How can a nation restore public trust when a case of such gravity casts a shadow over people associated with the highest levels of government? The answer must begin with accountability, institutional integrity and the political courage to act.
Biya has a responsibility to ensure that the Martinez Zogo affair is not reduced to a contest between rival factions within the state apparatus. This is not merely a struggle between powerful personalities. It is a test of whether Cameroon’s institutions can establish the truth, protect the rule of law and ensure that no individual is beyond accountability.
The allegations made in connection with this affair must be investigated impartially. Accusations are not convictions, and no one should be declared guilty outside a fair judicial process. But neither should political office become a shield against scrutiny. Anyone whose conduct is credibly implicated in wrongdoing must face the full force of the law, regardless of rank, influence or proximity to the presidency.
If Biya’s aides are found to have abused their positions, obstructed justice or participated in criminal conduct, they must be held accountable. Where credible concerns arise about an official’s ability to exercise public responsibilities while under investigation, the government should consider appropriate administrative measures consistent with the law and the presumption of innocence. Cameroonians deserve nothing less.
For decades, Cameroon’s political system has revolved around Mister Biya and a circle of long-serving CPDM officials. Whatever their individual contributions, the country must now confront a difficult question: has the concentration of influence among established power brokers become an obstacle to renewal, transparency and effective governance? The Martinez Zogo affair makes that question impossible to ignore.
Biya should initiate a comprehensive review of the responsibilities held by officials whose conduct is credibly called into question by the Zogo affair. Those directly implicated by reliable evidence should not continue to enjoy the privileges of office as though nothing has happened. Where necessary and legally justified, they should be relieved of their duties pending the appropriate processes. This is not a call for political revenge, nor should it become a pretext for one faction to eliminate another. It is a call to put the credibility of the state above the interests of individuals.
No CPDM official should be indispensable to the Republic. No political alliance should be more important than justice. And no office should be powerful enough to intimidate those seeking the truth. The objective must be a transparent government in which responsibility comes with accountability and public service is treated as a duty rather than a private entitlement.
Beyond the immediate demands of the Martinez Zogo case lies a broader national challenge: the nation is badly in need of a political renewal. Correspondingly, a cabinet reshuffle that simply moves familiar faces from one ministry to another will not address the deeper problems facing the country. Cameroon needs fresh thinking, new energy and a generation of leaders prepared to confront the realities of the twenty-first century.
Biya should use this moment to open the doors of government to competent young Cameroonians—women and men with professional experience, integrity, innovative ideas and a demonstrable commitment to the public interest.
Young people should not be appointed merely because of their age, nor should experienced officials be excluded simply because they are older. The guiding principles must be competence, integrity, accountability and measurable results. But a country with Cameroon’s youthful population cannot indefinitely treat young people as spectators in decisions that determine their future.
A renewed cabinet should prioritize employment, education, healthcare, affordable living, infrastructure, digital innovation, industrial development and support for entrepreneurs. It should also strengthen public financial oversight, improve service delivery and establish clear performance targets for ministers. Cameroon does not lack talent. It lacks sufficient opportunities to translate that talent into national progress.
From the universities to the private sector, from local communities to the diaspora, the country has young professionals and innovators capable of contributing to a more productive economy. They deserve a meaningful place in national leadership and not token appointments designed to give an appearance of change while leaving the old structures untouched.
The greatest danger is that public attention in the Martinez Zogo case will eventually fade, political alliances will shift and the Zogo affair will disappear beneath the weight of other national controversies. That must not happen.
Martinez Zogo was a journalist. His murder raises profound questions about the safety of media professionals, the protection of freedom of expression and the ability of citizens to scrutinize those who exercise public power.
A credible response requires an independent and fair judicial process, the protection of witnesses, respect for due process and the publication of reliable information wherever legally permissible. It requires investigators and judicial authorities to follow the evidence wherever it leads, without political interference.
It also requires the government to demonstrate that the protection of journalists is not a slogan reserved for international audiences but a commitment that applies within Cameroon itself. The pursuit of justice must not depend on who is accused, who is protected or which faction holds the advantage in the corridors of power.
If the evidence establishes individual responsibility, the courts must determine it. If institutional failures enabled wrongdoing, those failures must be exposed and corrected. And if public officials failed in their duties, their conduct must be examined through lawful and transparent procedures. Anything less would deepen public mistrust.
Biya faces a choice about how his government responds to this affair and the broader demand for political renewal. Biya as usual can allow the controversy to remain another chapter in the long history of rivalries within the state, or he can use it as an opportunity to reinforce the institutions of the Republic, demand accountability and open government to a new generation.
A meaningful response would include reviewing the positions of officials such as Ferdinand Ngoh Ngoh and Laurent Esso credibly implicated in the Zogo affair, ensuring that investigations proceed without interference, strengthening safeguards against abuses of power and appointing ministers on the basis of merit and integrity. It would also mean setting a clear timetable for reforms and requiring every ministry to demonstrate tangible results for the population.
Biya now understand that the measure of leadership is not the number of loyalists surrounding a president. It is the strength of the institutions that remain when personalities change.
Cameroon needs a state that serves its citizens rather than one perceived to serve competing networks of influence. It needs institutions that command respect because they are impartial, not because they are feared. And it needs a government capable of turning the energy of its youthful population into jobs, opportunity and national prosperity.
The Martinez Zogo affair must never become a convenient weapon in a political war between powerful individuals. Nor should it be allowed to fade without a credible determination of the truth. Biya should demand accountability from every official whose conduct warrants scrutiny, ensure that the justice system is free to do its work and pursue a genuine generational renewal of the cabinet.
Those found responsible for wrongdoing must face the law. Those who have lost the confidence necessary to discharge their responsibilities should be assessed through fair and appropriate procedures. And those appointed to lead the next chapter of Cameroon’s development must be selected for their integrity, competence and ability to deliver results. This is not simply about removing individuals. It is about changing the standards by which public office is exercised.
Cameroon is bigger than any president, minister, intelligence chief or presidential adviser. Its future cannot be held hostage to the rivalries of powerful men. Its institutions must be stronger than the personalities who temporarily occupy them. Biya must put the Republic first: accountability for the Martinez Zogo affair, integrity in public office and a new generation of capable leaders ready to move Cameroon forward.
History will not be defined by how long a government remains in place, but by whether it leaves behind institutions that citizens can trust and a country in which the next generation can believe.
Cameroon deserves justice. Cameroon deserves renewal. And Cameroon deserves a future beyond the rivalries of its political establishment.
To this I put my name
Soter Tarh Agbaw-Ebai



















26, October 2026
Revealed: 2 Franklin Templeton Funds hold CFAF 2 billion in Cameroon bonds 0
Two funds linked to U.S. asset manager Franklin Templeton held Cameroon sovereign bonds with a combined face value of €3.11 million (CFAF 2.04 billion) as of June 30, 2026, according to portfolio disclosures filed with the U.S. Securities and Exchange Commission (SEC). The bonds carry an annual coupon of 5.95% and mature on July 7, 2032. Of the two funds, Templeton Global Dynamic Income Fund held the larger position, reporting €2.89 million in face value, equivalent to approximately CFAF 1.90 billion. The bonds had a market value of $2.96 million in its portfolio as of June 30, 2026.
The second fund, Putnam Master Intermediate Income Trust, held €220,000 in face value, equivalent to CFAF 144.3 million, with a market value of $225,216. The fund changed its name to Franklin Master Intermediate Income Trust in July 2026. The name change, announced on May 15, did not affect its PIM ticker symbol on the New York Stock Exchange. Its June 30 portfolio statement therefore still used the former name.
Fund’s Cameroon Bond Holdings Decline From 2023 Levels
U.S. regulatory filings show that Putnam Master Intermediate Income Trust held Cameroon sovereign bonds before becoming part of Franklin Templeton. As of March 31, 2023, the fund reported €360,000 in face value, with a market value of $279,603. The fund held the bonds before Franklin Templeton acquired Putnam Investments, a transaction completed on January 1, 2024.
By September 30, 2025, the fund’s holdings had fallen to €320,000 in face value, valued at $309,844. Nine months later, the position had declined further to €220,000, a reduction of €100,000, or 31.25%, from the amount reported at the end of September 2025.
The filings reviewed do not identify the transaction dates or the specific transactions behind the decline. A third Franklin Templeton portfolio reported holdings of the same bonds. As of January 31, 2026, Franklin Emerging Market Debt Opportunities Fund held €2.13 million in face value, equivalent to nearly CFAF 1.4 billion, with a market value of $2.22 million.
Because that holding was reported as of a different date, it cannot be added to the €3.11 million held by the other two funds as of June 30 to calculate Franklin Templeton’s total exposure to the bonds. The filings reviewed also do not establish whether other funds within the group hold the same securities.
Bonds Issued Under Cameroon’s 2021 Eurobond Offering
The bonds form part of Cameroon’s €685 million international bond issue in June 2021, equivalent to approximately CFAF 450 billion. The offering carried an annual coupon of 5.95% and was primarily intended to refinance the country’s 2015 Eurobond, which had a coupon rate of 9.5%. In a statement published on June 30, 2021, Cameroon’s Ministry of Finance said the offering had attracted 205 investors. Investor orders totaled €2.258 billion, but the government limited the amount raised to €685 million.
The portfolio disclosures filed with the SEC identify some of the funds holding these bonds several years after their issuance. They do not establish whether those investors participated in the original offering or acquired their holdings later on the secondary market. The CFAF 2.04 billion identified across the two portfolios as of June 30, 2026, represents the face value of the bonds held, not new financing received by Cameroon’s Treasury. Their market value, which differs from their face value, is reported in U.S. dollars in the American regulatory filings.
Source: Business in Cameroon