December 22, 2024

Finance

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Cameroon Uncovers Massive Fraud and Corruption in Public Administration, Losing 59 Billion CFA

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Cameroon has recently uncovered significant levels of fraud, corruption, and mismanagement within its public administration, leading to financial losses estimated at 59 billion CFA. The Ministry of Finance, led by Louis-Paul Motazé, revealed these shocking irregularities during a comprehensive cleanup operation targeting public finances. Some of the most glaring issues include: Fraudulent Birth Certificates: Investigators…

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Adamaoua Regional Council Approves 5.2 Billion CFA Francs Budget for 2025

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The Adamaoua Regional Council has planned a budget of 5.2 billion CFA francs for 2025. This budget is slightly increased from the previous year and aims to continue the Regional Development Plan. The main focus areas include improving educational infrastructure, enhancing healthcare facilities, maintaining and developing the regional road network, and supporting decentralized local authorities….

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Nathalie Moudiki orchestre l’éviction dramatique de Simon Paley de la direction de Tradex

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Simon PALEY n’est plus directeur général de TRADEX depuis hier soir. Son remplaçant n’a pas été confirmé. L’intérim est assuré par Patrick MVONDO, protégé de la Cléôpatre de la SNH, Nathalie Moudiki, la femme de l’administrateur directeur général de la SNH, Adolphe Moudiki, aujourd’hui dans l’incapacité de diriger la SNH pour des raisons de santé….

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Counterfeit banknotes seized in CAR

Justice: In Central Africa, the verdict in the counterfeit banknotes case will be known on September 4

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Justice: In Central Africa, the verdict in the counterfeit banknotes case will be known on September 4 A Central African, a Cameroonian and a Senegalese are being prosecuted before the High Court of Bangui for “simple money laundering and printing” and “alteration of banknotes”. The issue of counterfeit banknotes is a significant challenge in Central…

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Cameroon’s Struggle with Army Pension Fraud: A Deep Dive into the CFA3.1bn Annual Loss

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Cameroon’s Struggle with Army Pension Fraud: A Deep Dive into the CFA3.1bn Annual Loss In a significant development, Cameroon has uncovered a massive pension fraud within its army, costing the public treasury an estimated CFA3.1 billion annually. This discovery has sent shockwaves throughout the nation and highlighted the challenges of governance and accountability in the…

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A customer at the checkout of a microfinance institution

Cemac: microfinance continues to juggle with Cobac regulations

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Cemac: microfinance continues to juggle with Cobac regulations Despite notable growth in certain segments of the activity of microfinance institutions in the CEMAC zone, the sector remains undermined by persistent breaches of the regulations imposed by the Central African Banking Commission (Cobac). The microfinance sector within the Economic and Monetary Community of Central Africa (CEMAC)…

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The CEO of Nsia Vie Assurance Cameroon, Olivier Bagneki Hugues

Cameroon: Olivier Bagneki Hugues, CEO of Nsia Vie Assurances, dies five months after his appointment

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Cameroon: Olivier Bagneki Hugues, CEO of Nsia Vie Assurances, dies five months after his appointment According to several sources, he died of a malaise Our thoughts are with his family, friends, and colleagues during this difficult time. May his soul rest in peace. The business community in Cameroon and beyond is mourning the loss of…

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The Director General of BVMAC, Louis Banga Ntolo

Financial market: Bvmac crosses the $2 billion mark in global capitalization

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Financial market: Bvmac crosses the $2 billion mark in global capitalization Driven by its bond compartment, the Central African Stock Exchange (Bvmac) experienced a growth of 26% between January and August 2024, crossing the 1,300 billion CFA francs mark in capitalization, or more than 2 billion US dollars. However, with a less dynamic equity compartment…

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The Beac Headquarters in Cameroon

Cemac: Beac tries to withdraw 50 billion CFA francs from the banking system

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Cemac: Beac tries to withdraw 50 billion CFA francs from the banking system After July marked by liquidity offers of a record amount of 470 billion CFA francs, the issuing institute of the CEMAC countries (Cameroon, Congo, Gabon, Equatorial Guinea, Chad and CAR) has just launched a new issue of securities paying 2.5%. The Central…

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Counterfeit banknotes seized in CAR

CEMAC: after Equatorial Guinea, new scandal of counterfeit BEAC banknotes in the Central African Republic

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CEMAC: after Equatorial Guinea, new scandal of counterfeit BEAC banknotes in the Central African Republic According to information received by Breaking News Bilingue, the three counterfeiters of Cameroonian, Senegalese and Central African nationality were apprehended by the local police, with a sum that is close to a billion CFA francs. The Central African Economic and…

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