Business

13, July 2017

68 billion scandal rocks Cameroon’s biggest pension fund ⁰

The accountant of the National Social Insurance Fund, Patrick Hervé Bessala has openly accused his general manager, Alain Noël Olivier Mekulu Mvondo Akame of wanting to involve him in the falsification of documents relating to the payment of social benefits for the financial year 2016.

In a correspondence dated May 2017 and copies sent to the Presidency of the Republic, the Ministry of Finance and to the Ministry of Higher State Control, Patrick Hervé Bessala reported to the Chairman of the Board of the National Social Insurance Fund that : “Mr. President, following the May 23rd session of the Board of Directors of the National Social Security Fund (CNPS), in which I took part, I hereby express my deepest disagreement as to the wording of the resolutions adopted at the end of that session, as reflected in the drafting of the minutes by the secretariat and made public by the General Manager of CNPS [Mekulu Mvondo] “.

Patrick Hervé Bessala further pointed out in his letter the numerous deficiencies and inconsistencies in the financial statements presented as well as by mentioning a request made by the board of directors to the general manager with a view to setting up an ad hoc committee to assist the accounting officer in the production of the accounts for the financial year 2016.

Patrick Hervé Bessala also did accuse the GM of CNPS of obstructing, in particular, the concealment of the constituent elements of the assets of the National Social Insurance Fund, “on fraudulent payment by the authorizing officer of the expenses of the organization in place of the accounting officer and his refusal to transmit the employment accounts and supporting documents of the sum of 68 billion FCFA made available to him in order to pay social benefits for the financial year 2016 “.

The GM (seen here on photo attached to this report) Alain Noël Olivier Mekulu Mvondo Akame has been solicited to have his version of the facts. The GM instead directed news reporters to his communication services, which revealed that this conflict is not the first of its kind and is related to the character of legal bigephism that governs the financial position of the fund.

Source: CIN

8, July 2017

Australia falls behind Cameroon on resource tax transparency ⁰

Australia is set to become the world’s largest exporter of gas but its level of resource tax transparency falls behind Burkina Faso, Cameroon and Mongolia, a new global report has found, as the country forfeits billions of dollars in tax to multinational mining giants.

A Senate hearing into the Callaghan review of the petroleum resource rent tax this week heard just how murky our tax data is, with only opaque disclosures from the companies themselves giving us an indication of how much tax they pay. Australia is set to eclipse Qatar as the largest exporter of gas in the world by 2020 but will receive just a fraction of the revenue, $800 million compared to Qatar’s $26.6 billion.

The resource governance index found countries that receive Australian aid funding for programs aimed at improving their resource sectors outperformed Australia on revenue management. Australia, ranking 32nd, scored lower than Botswana, Niger and the Ivory Coast, according the report from the global Natural Resources Governance Institute.

“Australia has a data problem,” said Jessie Cato, the national co-ordinator for Publish What You Pay Australia, a tax transparency network. “We have poor systematic data collection, it is often private, published in a closed data format like PDF, and located across numerous agencies.”

Culled from the Sydney Morning Herald

5, July 2017

Yaounde: CamTel and China Unicom sign agreement to construct a South Atlantic Inter Link ⁰

China United Network Communications (China Unicom) has signed an agreement with Cameroon Telecom (CamTel) to construct a South Atlantic Inter Link (SAIL) cable network, 6,000-km. in length. China Unicom and CamTel will work with Huawei Marine Networks Co. Ltd., a submarine cable networks solutions provider, to connect an undersea cable that runs from Kribi Deep Sea Port, Cameroon to Fortaleza Brazil.

Total construction costs are expected to hit US$136 million and take about 24 months to complete. SAIL will possess the largest data transmission capacity between Africa and South America. SAIL would provide reliable intercontinental telecom services for Brazilians and Cameroonians. It’s the first large-scale project in the region led by one of the Big 3 Chinese Telecom operators and China-based equipment manufacturers.

China Unicom and CamTel are responsible for the building and maintenance of SAIL, while Huawei Marine Networks delivers systematic solutions. US$85 million of SAIL was funded by Export-Import Bank of China, while the remainder was covered by CamTel, which includes China Unicom financing US$34 million to the Cameroon-based telecom.

In Cameroon’s capital city – Yaounde – on June 27, Huawei Technologies Co. Ltd. Chief Executive Officer (CEO) Guo Ping, China Unicom CEO Lu Yimin and CamTel General Manager (GM) David Nkoto Emane, signed the formal agreement. “China has strategic partnerships with Africa and South America,” the Global Times quotes Lu as saying. “SAIL not only provides high-quality international communications services to countries in these two continents, but also serves Chinese companies to develop their business in the region.”

The project can advance Cameroon’s digital economy, so its nation’s citizens gain better access to phone service and the Internet. Huawei Marine Networks will utilize an advanced 100G technology system with 4 fiber optics pairs that holds a design capacity – 32T-bit/s. SAIL can bridge technology gaps in the South-South region, so Africans and South Americans can enjoy a brighter future.

Beijing has embarked on South-South Cooperation to boost trade, investments and infrastructure building in Africa and South America. Chinese companies are exploring new regions to open up manufacturing zones, tap into natural resources and to develop a growing consumers’ base in the emerging markets. Cameroon, located in Central Africa, offers major opportunities for Chinese firms.

“It is a great pleasure to partner with China Unicom and Huawei Marine Networks on building the SAIL cable system,” Emane told Global Times. He added, “When it is completed, it will provide new international connectivity to facilitate band-width demand between Africa and support the booming economies in the two continents.” In its current state, Cameroon’s cables cannot support all the telecom connections in the country. SAIL can build capacity to meet national coverage. China Unicom, the world’s 4th-largest mobile service provider by subscriber base, will extend its National Broadband Network (NBN) to Cameroon.

Constructing infrastructure that includes telecom networks along with roads and railways in Africa can help people on the continent rise above poverty. But Africans also need better education and job skills to succeed in our globalized economy.

Huawei Technologies has invited young Cameroonians to participate in a training project, known as “Seeds of the Future,” according to Business in Cameroon Website. After a careful selection process, 10 young Cameroonians will receive information and communications training (ICT) at Huawei’s headquarters in Shenzhen, China.
Trainees will participate in a 1-week program, attending lectures and practical classes to strengthen their knowledge, according to Li Dafeng, senior vice president of Huawei Group. Students can also interact with Huawei’s engineers and learn more about the latest innovations developed by the hi-tech giant.

Constructing an undersea fiberoptics cable line is no easy task, especially when telecom cable operators must stretch it to 6,000-km. in length. But, Chinese companies have introduced major equipment upgrades in the field. The people of Brazil and Cameroon will benefit tremendously from such advances, while Chinese investors and companies can expand into key emerging markets in South America and Africa.

China’s South-South Cooperation will open doors for Cameroon when SAIL is fully-connected and performing to capacity. Those living in Central Africa can dial up their phones, click on the internet to enjoy a more convenient connection with people, or to conduct business in a more efficient manner. Accordingly, SAIL will serve as the vital connector for Cameroon’s future and path to prosperity.

Source: CCTV.com

29, June 2017

CPDM Diaspora forum opens in Yaounde ⁰

The Prime Minister and Head of Government, Philemon Yang has opened the so-called first-ever Cameroon Diaspora Forum. The forum began on the 28th of June 2017 in Yaoundé. The three-day forum is taking place under the theme, “Cameroon and its Diaspora, acting together for the development of the nation.”

Chairing the opening ceremony on behalf of the Head of State, the Prime Minister called on Cameroonians in the Diaspora to take advantage of the investment incentives instituted by President Paul Biya in 2013 to make Cameroon a destination of preference for investors.

Prime Minister Philemon Yang also exhorted participants to exchange expertise in crucial domains including health, education, agriculture, culture and technology. The event is an opportunity to lay bare investment opportunities especially for investors from the Diaspora, the aim being to boost the country’s economy more so as this group contributed 0,7% of the country’s GDP in 2009. However, the forum is actually being attended by French speaking Cameroonians seeking cheap funding from the CPDM regime.

Source: CRTV

26, June 2017

Fako: Hotels, bustling resorts almost deserted as Mayor Ekema Patrick attacks on the Diaspora keep thousands away ⁰

The beautiful hotels and bazaars of Buea used to be bustling with Anglophone Cameroon Diaspora community enjoying the great Fako constituency and the South West sun. But after more than seven months of political turmoil that has rocked Southern Cameroons including the rapes, extra judicial killings and numerous arrests orchestrated by Mayor Ekema Patrick, Southern Cameroonians are staying away and travelling to other African countries for their holidays. Even the sea resorts in Limbe have all been affected by the actions taken by the Biya Francophone regime to combat the ghost town operation instituted by the Cameroon Anglophone Civil Society Consortium.

The numbers of Southern Cameroonians traveling home to Cameroon from Europe and the US are down by almost three quarters, leaving restaurants abandoned, hotels closed and businesses struggling. Fako Division attracted thousands of Southern Cameroonian tourists when compared to other Southern Cameroon counties. The average number of nights West Cameroonians from abroad are spending in the country in the last seven months also went down by 67.2 per cent according Cameroon Concord News Group findings.

Our chief economic reporter say there is a high risk of French Cameroun state terrorism in Buea and Bamenda against any Anglophone visiting the territory. The Cameroon Anglophone Civil Society Consortium recently advised against all but essential air travel via the Douala and the Yaounde- Nsimalen international airports. Buea was completely deserted today Monday the 26th of June 2017. Francophone plain cloth police officers and hundreds of Secret Service men and women are now active in Fako Division including the Bamenda metropolis.

The Biya Francophone Beti Ewondo’s government, keen to maintain desperately-needed income from visitors, has been reluctant to admit any security problems against Anglophone Cameroonians but many Southern Cameroonians including foreigners remain unconvinced. A recent audio conversation that involved Mayor Ekema Patrick and a Southern Cameroonian citizen will do little to allay concerns about safety in Buea and by extrapolation, the entire Southern Cameroon territory.

By Soter Tarh Agbaw-Ebai
Cameroon Concord News

19, June 2017

Douala: Cameroon destroys 37 tons of fake cement ⁰

740 bags of cement, (37 tons), have been destroyed in Douala. The cement was manufactured in a workshop located in Bonaloka, a popular district in the Douala metropolis. It was produced using a mixture of sand; with poor quality cement rejected by the main cement producing companies and was sold throughout the national territory.
The manufacturers of the fake cement were putting the resulting mixture (powder) in new bags bearing the names of the companies operating in the cement industry. They were sold on the market at the applicable official prices- between 4 600 FCFA and 4 700 FCFA in 8 of the 10 regions and between 6,000 and 6,500 CFA francs, in the Far North and North.
The fraudulent chain was uncovered by elements of the Second Gendarmerie legion in Douala, alerted by some concerned citizens. The stock was immediately destroyed on Friday, but there is no evidence that there are no other false cement manufacturing plants in a country where the bodies responsible for verifying products and trademarks are stuck in corruption and poor governance.
In a book titled “50 questions to understand”, the Cameroonian lawyer, Christian Dudieu Djomga, explains that counterfeiting was affecting all imported products and all brands in Cameroon.
By Fru James
Cameroon Concord News

14, June 2017

Can the Biya regime keep borrowing forever? ⁰

The 84 year old Cameroonian dictator, Paul Biya has empowered the Minister of the Economy, Planning and Regional Development to sign with the Bank of China, a loan agreement of 123.3 million US dollars. Cameroon Concord News understands the money is intended to finance the second phase of the solar photo-voltaic system of electrification currently going on in 350 localities. This is a project led by the Ministry of Water and Energy (MINEE), which has been underway since 2015 thanks to the technical cooperation of the Chinese company Huawei Technologies Co Ltd.

The Yaoundé regime says the ultimate ambition is to electrify 1000 localities all over the national triangle with solar energy. The project is a desperate attempt by the drowning CPDM government to address the country’s energy deficit. According to well-established Cameroon Concord News sources, the first phase involving 166 localities, is well advanced and has recorded an 80% realization rate. To be sure, 112 localities have already benefited from the production of photo-voltaic power plants from which our sources indicated Ngang and Konyambetta in the Center region, Babessi in the Northwest and Doumaintang in the East.

Once a power plant is built, households who wish to subscribe and pay their monthly consumption on the basis of the rates discussed will receive supply and this will help the CPDM regime to repay the debt incurred to carry out the project.

By Chi Prudence Asong

Cameroon Concord News

13, June 2017

UK: Pound slips further as election debacle fuels uncertainty ⁰

The pound wallowed around two-month lows Tuesday, unable to bounce back from last week’s shock election that saw Britain’s ruling Conservatives lose their majority, throwing the country into uncertainty, days before key Brexit talks.

While Prime Minister Theresa May looked to counter anger within her party by apologizing and telling MPs “I got us into this mess, and I’m going to get us out”, there are doubts about her future in Downing Street.

May had called the vote in a bid to strengthen her majority, and her bargaining power, before going into the EU exit talks set for June 19. Now she must rely on the support of Northern Ireland’s Democratic Unionist Party.

Greg McKenna, chief market strategist at AxiTrader, said: “The political uncertainty is unhelpful given Brexit talks are about to begin in the next week.”

He added that “sterling came under renewed pressure as a result” of the newly formed government’s refusal to soften its approach to the discussions. “Why the government wouldn’t use the election for a reset I just don’t know.”

In early Asian trade the pound slipped to $1.2650.

The currency’s “near-term direction will continue to be driven by the post-election fallout, but the prospects look increasingly gloomy as the possibility of another Tory leadership vacuum enters the picture at precisely the wrong time for the UK,” said Stephen Innes, senior trader at OANDA.

Fed, Sessions in view

On equity markets, technology firms struggled to recover from the previous day’s sell-off that was sparked by a rout in the sector on Wall Street Friday. Sony and Sharp were well down in Tokyo while Tencent was marginally up in Hong Kong after Monday’s tumble. Samsung was also lower in Seoul.

The losses came after the Nasdaq suffered another slump, extending Friday’s losses, as Apple and Amazon took a beating, with analysts wondering whether the selling is down to profit-taking or the start of a broad retreat after all US indices hit records last week.

Broader markets fared slightly better after Monday’s steep losses. Tokyo ended the morning session at a loss while Shanghai was down 0.1 percent. Wellington and Manila also eased slightly.

But Hong Kong added 0.1 percent, Sydney gained 0.6 percent and Seoul gained 0.5 percent.

Traders are now awaiting the end of the Federal Reserve’s latest policy meeting. While another interest rate hike is widely expected, the bank’s post-meeting statement will be scanned for some forward guidance and clues about future movements.

Also, US Attorney General Jeff Sessions is due to testify Tuesday to the Senate Intelligence Committee as it probes Russian meddling in last year’s election and Moscow’s links to under-fire President Donald Trump.

Attention has focused on Sessions as reports swirl that he may have had more meetings with Russian officials during the campaign last year than the two he has informed authorities of.

Key figures around 0230 GMT

Tokyo – Nikkei 225: DOWN 0.1 percent at 19,885.72 (break)

Hong Kong – Hang Seng: UP 0.1 percent at 25,764.00

Shanghai – Composite: DOWN 0.1 percent at 3,183.22

Euro/dollar: DOWN at $1.1193 from $1.1203 at 2040 GMT

Pound/dollar: DOWN at $1.2650 from $1.2657

Dollar/yen: UP at 110.06 yen from 109.93 yen

Oil – West Texas Intermediate: UP 13 cents at $46.21 per barrel

Oil – Brent North Sea: UP 14 cents at $48.43

New York – Dow: DOWN 0.2 percent at 21,235.67 (close)

London – FTSE 100: DOWN 0.2 percent at 7,511.87 (close)

(Source: AFP)

1, June 2017

Yaounde: Finance Minister orders nationwide control of payment of automobile tax ⁰

The Minister of Finance, Alamine Ousman Mey has announced a nationwide campaign to control the effective payment of automobile taxes through civil responsibility insurance.

The campaign according the announcement begins today the 1^st of June 2017. The control comes after the merger of payment at the treasury alongside insurance policies. Drivers will be expected to present valid insurance attestations to control agents as justification for the payment of the automobile stamp duty.

The campaign is in conformity with article 598 of the general taxation code which warrants automobile stamp duty to be collected through insurance companies during subscription or renewal of automobile insurance policies.

Vehicle and motorcycle owners who are still to obtain the civil responsibility insurance or automobile stamp duty for the 2017 fiscal year have been urged to do so or face sanctions. The sanction ranges from fiscal penalty of 100%, a fine and the impoundment of the vehicle.

Source: CRTV

26, May 2017

Centurion is first African law firm to facilitate an African nation’s entry into OPEC ⁰

Equatorial Guinea’s bid to join OPEC was accepted by unanimous vote at the 172nd OPEC meeting in Vienna on May 25, 2017.

Centurion Law Group was tasked by the EG government to lobby for OPEC membership.
Agreement breaks the mould, with Centurion the first African law firm to facilitate an African nation’s entry into OPEC.

Centurion congratulates the Ministry of Mines and Hydrocarbons for bringing Equatorial Guinea into OPEC, an initiative that demonstrates the massive progress made by the nation since the first oil and gas developments of the 1990s.

At yesterday’s 172nd meeting of the OPEC members, Equatorial Guinea’s Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima met in a closed session with the OPEC ministers, who voted to accept the country’s application to join the bloc. The Ministry of Mines and Hydrocarbons, which employed Centurion’s advocacy and lobbying services, applied to join OPEC in January 2017 and had its application accepted just four months later.

H.E. Gabriel Mbaga Obiang Lima praised Centurion on its work facilitating the negotiations for Equatorial Guinea to join OPEC: “Our nation, and Africa as a whole, needs more companies that are as committed to our collective progress as Centurion. The Government of Equatorial Guinea commends Centurion and its attorneys for their success in helping our nation join OPEC. Equatorial Guinea now stands tall among energy producers worldwide.”

NJ Ayuk, CEO of Centurion, stated: “The OPEC deal is huge for Equatorial Guinea, a country which advocates for African interests and African prosperity, whether in business or diplomacy. Centurion’s purpose is aligned with that of the country and its government, and we are proud of the role that we have played in bringing Equatorial Guinea into OPEC.”

Equatorial Guinea is, as Centurion has always advocated, a place for innovative energy pioneers. The firm has played an active role in bringing investment to Malabo and facilitating the growth of the energy sector. Key developments have included deepwater oil and gas production, LNG exports, methanol production, CNG public transport, and renewable power. In 2017 the Ministry of Mines and Hydrocarbons is working on keystone projects that include a petrochemicals complex (REPEGE), tank farm (Bioko Oil Terminal) and the finalization of the 2016 bidding round (EG Ronda 2016). Equatorial Guinea’s entry into OPEC provides a new framework for cooperation on these and future energy innovations.

H.E. Gabriel M. Obiang Lima and NJ Ayuk will speak at the Africa Oil & Power conference on June 5-7 in Cape Town, where Mr. Ayuk will also launch his new book, Big Barrels: African Oil & Gas and the Quest for Prosperity.

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