Business

Douala: Cameroon destroys 37 tons of fake cement

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



Can the Biya regime keep borrowing forever?

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

UK: Pound slips further as election debacle fuels uncertainty

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)

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

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 1st 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

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

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.

Powered by Cameroon Concord News Group

CPDM burglars raid Finance Minister’s Office, Hundreds of millions, Valuables carted away

16, May 2017

CPDM burglars raid Finance Minister’s Office, Hundreds of millions, Valuables carted away 0

A well-placed source has hinted Cameroon Concord News that the Francophone Minister of Finance, Alamine Ousmane Mey reported a burglary in his ministerial department that took place between Thursday the 11th and Friday the 12th of May to the police.  A security agent who confirmed the incident observed that the alleged burglars made away with several hundreds of millions of CFA francs including several documents classified as “top secrets” in the offices of the Minister and His private secretary.

Camcordnews understands the robbery took place without any breaking-in, an act that raises many questions. A highly placed civil servant at the ministry who spoke to our undercover reporter said many people have been seeking to know if Minister Alamine Mey and his secretary share offices with third parties or whether it is a job ordered by some “rogues” in Etoudi.

A journalist with the state radio and television who contributed to this report also noted that the perpetrators of the alleged burglary are not in the populous neighborhoods of Yaoundé city but are all lined up in the corridors of the Ministry of Finance.

By Sonne Peter

Cameroon Concord News

African Development Bank to invest on Public Private Partnership

10, May 2017

African Development Bank to invest on Public Private Partnership 0

The African Development Bank has launched a program to promote Public Private Partnership (PPP) Development program in Central Africa. The program on infrastructural development opened in Yaoundé on Monday the 8th of May 2017.

The Director of the African Development Bank for Central Africa, Dr. Ousmane Dori presented numerous financial constraints, faced by African governments. He also noted the importance of exploiting the Public Private Partnership model.

Participants also reflected on other options that can help cover the cost of insufficient infrastructure such as roads, buildings, electricity. Phillippe Genoux, a PPP Consultant said the model will facilitate the financing of projects relieving governments from huge burden.

CRTV

Biya expected in China

3, May 2017

Biya expected in China 0

President Paul Biya will visit China at the invitation of the Chinese President. The information was made public by Wei Wenhua the Chinese Ambassador to Cameroon. It would be Mr.Biya’s sixth trip to a country whose volume of trade with Cameroon now stands at 1, 96 billion US dollars.

Ambassador Wei Wenhua told local newsmen recently that “Despite a gloomy global economic context, Sino-African cooperation is performing well.”  He revealed that China was helping Cameroon in constructing the Yaoundé-Douala highway, the Kribi-Lolabé highway and the Bini hydroelectric dam at Warack.

Ambassador Wenhua also pointed out that by removing the visa requirement between China and Cameroon for holders of diplomatic passports; it was a step forward in Cooperation between the two countries.

By Sonne Peter

Cameroon Concord News

Thousands of Southern Cameroon workers have boycotted celebrations to mark the International Workers’ Day

1, May 2017

Thousands of Southern Cameroon workers have boycotted celebrations to mark the International Workers’ Day 0

Thousands of Southern Cameroon workers have boycotted celebrations to mark the International Workers’ Day.  Labor unions in Anglophone Cameroon have often demand better working conditions from La Republique du Cameroun and are presently seeking an independent state of West Cameroon. The International Workers’ Day, also known as the May Day, is marked on May 1 every year.

The rallies around the globe have sometimes turned violent as clashes erupt between people and police forces. The Bamenda city of Southern Cameroons was the scene of such rallies today Monday, when a group of pro La Republique workers attempted to defy a ban by the Cameroon Anglophone Civil Society Consortium and march to celebrate the day. The Consortium authorities have banned labour day celebrations in Southern Cameroons.

In Buea, CPDM workers assisted by security forces from French Cameroun made their way into the ceremonial ground backed by the controversial mayor and governor of the South West region and staged a pro government event.  Kumba was also the scene of boycott, with a handful of civil servants gathering at the BICIC junction pretending to be celebrating.

Manyus and Moghamos including the Balis also held rallies in their respective administrative units carrying banners that read, “For an Independent Southern Cameroon State.”

By Rita Akana

Camcordnews

 

Ecobank Cameroon: Gwendoline Nzo-Nguty is new Executive Director

29, April 2017

Ecobank Cameroon: Gwendoline Nzo-Nguty is new Executive Director 0

Gwendoline Abunaw Nzo-Nguty is the new Executive Director of Ecobank. After a long experience in finance the Cameroonian now finds herself at the head of the bank.

 In 1998, Gwendoline obtained a Bachelor of Science (BSc) in Banking and Finance from the University of Buea in Cameroon. Later in 2003, at the London Metropolitan University in England, she received an MBA in Finance and the Barclay’s Bank Award.

Gwendoline Abunaw began her professional life in August 1998 as an information analyst at the Credit Administration Department at Standard Chartered Bank in Cameroon until August 2001. She returned from London in 2003 and joined Ecobank Cameroon for the first time as Account Manager in the Department of Large Enterprises for a year.

In 2004, she became an account manager at Citibank. Through her hard work and determination she became manager of the senior accounts. A position she held until January 2011. In February 2011, she joined Ecobank Cameroon this time as Director of Large Enterprises. Gwendoline Abunaw was appointed to the Board of Directors of Ecobank Cameroon in May 2014 and was confirmed as Director of Grandes Enteprise for Cameroon and the Cemac area.

This rich financial pathway was rewarded in July 2015 by a promotion as deputy general manager of Ecobank Cameroon. Less than two years later, Gwendoline Abunaw is now the lead of this financial institution in her country.

Source: MAG WP

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