The Bank of Ambazonia (BoA), the central bank for the Federal Republic of Ambazonia, today announced that it has constituted its Board of Governors and would soon begin financing strategic projects for the security and welfare of the Ambazonian people. The BoA is an all-inclusive, semi-autonomous informal financial structure, with credible representatives from the 13 Ambazonian counties and other constituent components of the Ambazonian revolution.

 “The response to the launch of the Ambazonia Freedom Bonds has been quite enthusiastic and the Board has just created a project committee, which will begin scrutinizing strategic projects for financing,” said Dr. Asa’na Akoh, Chair of the Board of Governors. “We are very pleased with the composition and quality of our Board members; who not only have financial, legal, management, communication and other technical skills; but above all, are completely dedicated to the liberation of our country.” 

 The Federal Government of Ambazonia (FGA) Treasury Bonds, popularly known as the “Ambazonia Freedom Bonds,” are fixed-interest rate public debt-based investments. Money is loaned to the Interim government by individuals or institutions in return for an agreed interest rate of twenty percent (20%). This debt security provides an investment avenue for Ambazonians and other willing investors to invest in the future of our nation. The minimum investment is two hundred fifty dollars ($250.00) and having a maturity of five years after independence. The bond will be payable in US dollars by the Treasury of the Federal Republic of Ambazonia to bond holders.

 The Bank of Ambazonia has floated three types of bonds – Defense, Humanitarian, and Diplomatic bonds. Each of these bonds costs $250.00 and yields the same dividends; but gives the investor the opportunity to finance any aspect of the Ambazonian revolution. 

 “We are appealing to all Ambazonians and other people of good will to help us finance this new nation by investing in one of our bonds,” said Chairman Akoh. “This is an excellent opportunity to do good while earning a return on your investment. The FGA has the obligation to pay the bondholder the principal and agreed interest at bond maturity. When you buy the Ambazonia Freedom Bonds, you are lending to the FGA for a specified period of time. These bonds are backed by the ‘full faith and credit’ of the Federal Government, and resources of the nation and people of Ambazonia.” 

 About the Bank of Ambazonia (BoA): The Bank of Ambazonia (BoA) is the central bank of the Federal Republic of Ambazonia. When fully constituted and empowered, it will serve as the nation’s reserve bank or monetary authority with responsibility for managing the currency, money supply, interest rates, and the commercial banking system. In its current iteration, it is an informal financial structure, not under the purview of any licensing authority.

 About the Federal Republic Ambazonia: The Federal Republic of Ambazonia, is a nation in the process of decolonization. The territory, which was previously referred to as the British Southern Cameroons, was supposed to have gained independence from Britain on October 1, 1961; but was effectively annexed by La Republique du Cameroun on the same day. After nearly six decades of colonialism, the territory declared its independence on October 1, 2017, as the Federal Republic of Ambazonia. Upon the declaration, Cameroun began the massacre of thousands of unarmed civilians. Ambazonians now comprise the largest refugee population in Africa. Help us stop the Genocide in Ambazonia!

23 workers of the National Refining Company, SONARA are reported to be answering questions from security officials following a blunder that almost led to another fire outbreak at the facility.

Reports have it that a leakage at the refinery’s technical department almost brought back memories of the May 31, 2019 fire disaster that has since left the company in difficulties.

23 workers of the technical department comprising the Exploitation and Maintenance units have since the January 7, 2020 incident been under fire as they are being grilled at the SONARA Gendarmerie Brigade.

With every one of the accused trying to absorb themselves of any possible blame, fingers remain crossed along the corridors of the company to see which heads will roll, this time around, especially given that the report of the Prime Ministerial probe into the May 2019 fire at the refinery is yet to be made public.

“At press time, no official statement had been released by SONARA. Simo Njonou Jean Paul, General Manager of the company, who has been away in Yaounde, The SUN gathered, is expected to be presented with the reports of the investigation, upon his return this week. Simo Njonou, no doubt is one facing tough times at the helm of a company whose glorious days appear to be slowly fading away,” the Limbe-based tabloid reports.

Cameroon-info.net recalls that the May 31, 2019 fire outbreak that brought down four of the 13 production units at the National Refining Company, SONARA cost the state hundreds of millions in FCFA.

Gaston Eloundou Essomba, Cameroon’s Minister of Water Resources and Energy had personally led a 40-man team to SONARA from Tuesday, June 25 to Thursday, June 27, 2019 and spent three wholesome days at the refinery. They spent the three days sniffing through files and documents at SONARA.

The probe was at the behest of the Head of Government who is yet to make public the results of the investigations he ordered. It is not known how this new situation will affect last year’s report as the nation holds its breath.

Source: Cameroon Info.Net

Authorities in Angola have ordered the freezing of assets held by former president Eduardo dos Santos’ daughter, Isabel, her husband and a business associate as part of a corruption probe, a copy of the order seen by Reuters shows.

The asset freeze follows an injunction application by the government, which is seeking to recover around $1 billion of funds that it says it is owed by Isabel dos Santos and her associates.

It is one of the highest-profile moves in an anti-corruption drive launched by President Joao Lourenço, who ended dos Santos’ nearly 40-year grip on power when he became head of state in 2017.

The road is long, the truth will prevail.

Isabel reassures employees

Isabel dos Santos, who owns stakes in companies including telecoms firm Unitel and financial firms, has denied wrongdoing during her father’s time in office.

“I would like to leave a message of tranquillity and confidence to my teams,” she tweeted on Monday.

“We will continue, every day, in every business, doing our best and fighting for what I believe in for Angola. The road is long, the truth will prevail. United we stand stronger.”

Ranked as Africa’s wealthiest woman by Forbes, Isabel dos Santos chaired the state oil company Sonangol – a crucial pillar of Angola’s oil-dependent economy – before being sacked by Lourenço in late 2017.

The court order, dated Dec. 23, said the asset freezes applied to Isabel dos Santos, her husband, Sindika Dokolo, and Mário Filipe Moreira Leite da Silva, chairman of Banco Fomento Angola (BFA).

It freezes their personal bank accounts in Angola, as well as their stakes in Angolan firms including Unitel, BFA and ZAP MIDIA.

Reuters was not immediately able to reach dos Santos, Dokolo or da Silva for comment on Tuesday.

The order said the central bank would be responsible for ensuring that no funds leave the personal bank accounts of the three accused.

The boards of directors of the companies subject to the asset freezes are responsible for ensuring no profits are transferred to the accused directly or through intermediaries, until a court makes a further ruling.

REUTERS

Debate on the future of the CFA franc in the six-member Central African Economic and Monetary Community (CEMAC) has intensified after it was announced last week that eight West African countries agreed to change the name of their common currency to Eco. They also severed the CFA franc’s links to former colonial ruler France.

The CFA franc used by west and central African states is considered by many as a sign of French interference in its former African colonies, and the main reason for the underdevelopment of CEMAC, which remains the poorest economic bloc in Africa. 

Louis Nsonkeng, a researcher and economic lecturer at the University of Bamenda-Cameroon, says when the Eco becomes legal tender, the eight West African states will have their financial freedom from the strong grip of former colonial master France. He says the six central African states that also use the CFA franc should immediately emulate the example of the west Africans.

“In 2017, the International Monetary Fund published the [list of] 10 richest countries in Africa,” Nsonkeng said. “None of the countries was from the CFA zone and most of these countries have their own currencies. If we discover that we don’t have the resources to manage a common currency, then we should dissolve the currency area. We should dissolve it and each country should decide on their own currency.”

Cameroon, Chad, Gabon, Equatorial Guinea, Central African Republic and Congo use the CFA franc. The CEMAC member states have more than 50 percent of their financial reserves kept in the French treasury, following agreements signed in 1948.

Thomas Babissakana, a Cameroon economist and financial expert, says such agreements drain the economies of central African states because France now uses the euro, yet France still controls its currency.

It is unthinkable, he says, that a country will claim it has its independence when its currency, which is an essential instrument for its economic policies, is controlled by a former colonial master. 

The CFA franc, created in 1945, is considered by many as a sign of French interference in its former African colonies, even after the countries became independent.

The CFA franc was pegged to the French franc until 1999, when its value was fixed at about 660 CFA francs to one euro.

Daniel Ona Ondo, president of the CEMAC commission, says the six member states’ economic growth rate is estimated at 3 percent in 2019 — up from barely 1 percent in 2018 — and inflation remains under control at less than 3 percent. He says the most demanding issue is to consolidate regional integration before thinking of currency reforms.

Fourteen west and central African countries divided into two monetary unions, ECOWAS and CEMAC, use the CFA franc. 

Source: VOA
 

French brewery group Castel is planning investments in the agriculture sector. On December 20, the CEO of the group, Pierre Castel and a delegation including the French ambassador to Cameroon Christophe Guilhou was received by President Paul Biya in Yaoundé. The aim of this audience was for Castel Group to present its investment programme. 

“The new investment programme presented by the CEO of Castel group to the Head of State focuses on the development of agriculture in order to reduce the importation of raw materials used to produce brewing products,” the presidency of the republic indicated.

For the time being, Castel indicates that 30% of its inputs are supplied in Cameroon. It currently collaborates with 6,000 local farmers that supply 30,000 tons of sugar and 10,000 tons of corn to the group’s local subsidiary SABC yearly.

Despite these supplies, 70% of SABC’s input needs still remain to be covered. The group’s CEO has not yet revealed the specific details on these new investments but, it can be guessed that the targetted sub-sectors are corn and sugar used in the production of brewery products.

Castel indicates that its yearly investments in Cameroon are estimated at XAF35 billion and it generates 15,000 direct jobs and 35,000 indirect jobs.

Source: Business in Cameroon

Ernest Ela Evina holds the record as the longest serving general manager of a public company in French Cameroun. To be sure, Evina was appointed in 1974 by the late President Ahmadou Ahidjo as general manager of the National Center for Studies and Experimentation in Agricultural Machinery (Ceneema). Mr Ernest Ela Evina was only replaced last Friday by the French Cameroun head of state Paul Biya after 45 years as General Manager. No one knows the current bill of health of CENEEMA.

According to the Paul Biya decree signed last Friday, December 06, 2019, Evina got replaced by Mrs. Mebande Bate née Ekotto

A failed State

The French Cameroonian law of July 12, 2017 and certain provisions of laws 2017/10 and 2017/11 relating to the status of public enterprises and public establishments limit the duration of a general manager at the head of the company to 9 years (three terms of 3 years). This had nothing to do with the Biya-Evina relationship.

On June 19, 2019, President Biya signed another decree specifying the terms of application of certain provisions of the laws of 2017, on the general status of public establishments and public enterprises as well as the remuneration, allowances and benefits of their leaders.

Last July, Jean-Pierre Kédi, general manager of the Electricity Sector Regulatory Agency (Arsel) announced his intention to step down after 9 years at the head of the public company to remain in compliance with the law. But his announcement was perceived as a thunderbolt in a country where resignation is not in the habits of barons of the ruling CPDM crime syndicate.

Mindful of the numerous cases of Biya loyalists who have gone far beyond their mandates as general managers, it is evidently clear that French Cameroun is a one man show.

The local French Cameroun press recently cited extensively the cases of many other general managers and Board Chairs who are still in office. They include:

Camille Mouthe  Bidias, CEO of the National Employment Fund (FNE) since 1991, 28 years old

Adolphe Moudiki, General Manager of the National Hydrocarbons Company (SNH) since 1993, 26 years

Yao Aissatou, General Manager of the National Investment Company (SNI) since 2003, 16 years

Marie Claire Nnana has been 12 years at the head of the Cameroon Press and Publishing Society (SOPECam)

Christol Georges Manon has also been 12 years at the head of the Mission for the Development and Management of Industrial Zones (MAGZI).

While Olivier Mekulu Mvondo Akame is the General Manager of the National Social Insurance Fund (CNPS), since 2008, 11 years ago.

It is vital to include in this report that the Board Chairs have served several decades in their respective public companies.

By Soter Tarh Agbaw-Ebai with files

YouthConnekt, a platform intended to boost youth entrepreneurship, job creation and social cohesion was launched in Cameroon on Monday.

Cameroon’s Minister of Youth Affairs and Civic Education, Mounouna Foutso, said the initiative will connect and empower Cameroonian youth with skills to fully take part in the development of the country.

“We have realized that many Cameroonian youths are not connected. We are now offering them this platform to connect to opportunities wherever they are found,” Foutso told reporters.

Over 5,000 youths including football star, Samuel Eto’o, attended Monday’s launch ceremony in the capital Yaounde.

YouthConnekt is a joint UN-Government initiative that seeks to connect young people to diverse socio-economic and political opportunities in order to optimize their empowerment and facilitate their full participation in development.

The initiative launched in 2012 in Rwanda is present in 12 African Countries.

“I encourage every young Cameroonian to seize the opportunities offered by YouthConnekt following the launching of the initiative in Cameroon. Our dear and beautiful country will be built in peace with the youth,” Cameroonian President Paul Biya tweeted immediately after the launch ceremony.

Source: Xinhuanet

Cameroon’s communication minister has signed a decree setting the conditions and operating rules for USSD for access to the national electronic communications aggregation platform, Business In Cameroon reported. This platform aims to ensure fair interconnection conditions, reduce the costs of mobile financial transactions, and promote financial inclusion. It will give access to mobile financial services via the shortcode hash 237 hash.

Philemon Zo’o Zame, director of the Telecommunications Regulatory Agency (ART), said the platform is housed at the state postal service Campost, which manages it and is responsible for implementing the decree.  Zo’o Zame is inviting network operators and electronic communications service providers to connect to it within 30 days, by 26 December, for the provision of mobile financial services.

Source: Telecompaper

Credible sources within the Interim Government of the Southern Cameroons (Ambazonia) have confirmed that Vice President Dabney Yerima will be announcing the creation of “THE BANK OF AMBAZONIA (BOA) and Chairman of the Board of Governors today November 25th, 2019. The Bank of Ambazonia, AKA “The Ambazonian Njangi House” is an organized all-inclusive Semi-Autonomous Informal Financial Structure (Shadow Bank) with credible representatives from constituent components of the revolution. This will provide the Ambazonian people and communities with alternative but safe sources of funding for Southern Cameroons Restoration without generating additional systemic risk.

Our sources are informed that this decision is guided by sound advice from the international community, Americans and encouraging statements from the Undersecretary of State for African Affairs, Tibor Nagy. The Interim Government is quickly learning to adapt to the fast-changing nature of the Southern Cameroons Restoration quest. After listening to the calls for a more accountable, transparent and inclusive financial structure to better mobilize resources to fund our Restoration, the Interim Government has opted to go back to basics and apply what has worked best for The Southern Cameroons community for the past 58 years.

“The successive murderous regimes in Cameroun shutdown The Southern Cameroons venerable Cameroon Bank and other major financial institutions that served our communities and completely limited access to money and formal financial institutions from our people. However, they underestimated the innovation and resilience of our people in surviving within this system. The sheer determination to survive and develop our communities for the past 58 years of occupation resulted in the establishment of a very robust informal financial sector call “NJANGI HOUSES” (Shadow Banks), that revolutionized economic development and self-reliance of our people to lean on each other” stated Brado Tabenyang Etchu, the Secretary of State for Economy and Finance.

Most of the development and education of the Southern Cameroons communities has been made possible through the proceeds of NJANGI HOUSES.  The people of Southern Cameroons (Ambazonia) are again currently faced with similar, but monumental challenges in their quest to restore their independence. The international community and major financial institutions have shutdown access to funding from the Southern Cameroons community to help them prosecute this war of liberation from colonial Cameroun.

The Interim Government has concluded that we are on our own and must rely on our own innovative ways to fund this quest for liberation and there is nothing that has made our people and communities more self-reliant than our innovative NJANGI HOUSE initiatives and it is this inspiration that has guided the Interim Government to form the people’s bank.

 “We must keep the enemy wondering because a bank gives us another element of surprise and institutional credibility” The government of Cameroun is incurring and mortgaging our resources to prosecute its genocidal war against our people and we cannot continue to idly watch and do nothing” noted VP Dabney Yerima.

The Bank through its Board of Governors will immediately certify the issuance of $10 million high interest yielding AmbaFreedomBonds (AFB) to the public for sale. Proceeds from the sales of these bonds will go towards financing of the revolution. We are going to incur these liabilities to defend and provide humanitarian relief to our refugees and IDPs and these liabilities are going to be part of any negotiations with the government of Cameroun and the world must take note.  Southern Cameroonians and are encouraged to own a piece of their country and patronize the purchase of these bonds as a means to fund the struggle by going to www.ambabondholders.com Bundlers/professional sales agents will be used with a bonds-based commission redeemed at time of bond maturity. Your Bond, Your Freedom!