Islamic financing: Afriland First Bank signed a deal to support SMEs

Cameroon) - Youssoufa Bouba, Deputy MD of Afriland First Bank, yesterday signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to open a €40 million credit line (a little more than CFA26 billion). The signing ceremony took place in Sharm El-Sheikh, Egypt.

This facility, co-financed by the Arab Bank for Economic Development in Africa (Badea), will allow Afriland First Bank to “further support SMEs and SMIs and promote Islamic financing in the Cameroonian business community.”

"The agreement confirms our commitment to strengthening the impact of Islamic financing in the development of Cameroonian SMEs alongside Afriland First Bank, a pioneer of Islamic finance in Central Africa and a leading institution in the Cameroonian banking sector," explained Ayman Sejiny, the CEO of ICD. This new deal brings to three the number of credit facilities made available to Afriland First Bank by this partner since 2016, for an overall amount of over €100 million, or more than CFA65.5 billion.

A lever for financial inclusion

Islamic finance is governed by sharia, which is Islamic law. Its guidelines are the prohibition of interest on loans, the prohibition of uncertainty and speculation, the prohibition of investing in certain sectors (alcohol, tobacco, gambling, etc.), as well as the respect for the principle of sharing losses and profits.

This method of financing the economy, based on the equitable distribution of wealth and the prohibition of profit, is not very widespread in Cameroon. Until 2019, according to official data, only one bank and three microfinance institutions, out of nearly 500 licensed institutions, had an Islamic financing window. To make it more popular, the Ministry of Finance and the UNDP organized in 2019 in Yaoundé a forum on its contribution to the economic growth of Cameroon and the achievement of sustainable development goals.

Louis Paul Motazé, the Minister of Finance, believed that this financing approach "can promote the development of financial inclusion, targeting all those still excluded from the traditional financial system for cultural reasons; constitute a complementary lever for economic growth by attracting foreign investment, including those from some countries in the Middle East wishing to recycle their excess liquidity."

Courtesy BRM

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SNH denies any involvement in the Glencore bribery case

The Cameroonian national oil and gas corporation (SNH) denied any involvement in the Glencore corruption case. While the Anglo-Swiss trader has admitted paying bribes to the Cameroonian company, the latter rejects these accusations.

"We want to inform the national and international public that SNH has absolutely nothing to do with such practices, which are strictly prohibited in our internal regulations," said the SNH director-general, in a May 30 statement. Adolphe Moudiki (pictured) stressed that SNH has also requested that American and English authorities provide the evidence that proves the "allegations" are true. He promises to inform public opinion "in due course" of the outcome of the SNH request.

Before U.S. courts, Glencore admitted that between 2007 and 2018, it and its subsidiaries paid approximately $79.6 million to intermediary companies to obtain undue benefits. The goal was to obtain and retain contracts with public and state-controlled entities in the West African countries of Nigeria, Cameroon, Côte d'Ivoire, and Equatorial Guinea. The multinational has admitted to concealing bribe payments by entering into false consulting agreements; paying inflated invoices and using intermediary companies to bribe foreign officials. In Cameroon, Glencore claims to have paid CFA7 billion in bribes to senior officials of SNH and Sonara to secure oil contracts.

These revelations led the Cameroonian lawyer Akere Muna, former president of the Cameroon Bar Association and former vice-president of Transparency International, to refer the matter to the president of the National Anti-Graft Commission (Conac). He wrote a letter on May 27 to denounce the admission of corrupt practices by Glencore Plc and the consequences for SNH and Sonara. Mr. Muna called on the anti-graft commission “to open a one of a kind investigation into this sordid affair that involves two of Cameroon's most important public enterprises.”

For his part, the opposition MP, Joshua Osih, sent a motion for a resolution to the president of the National Assembly on May 27 for the establishment of a parliamentary commission of inquiry into the matter. His colleague Jean Michel Nintcheu called for the opening of "in-depth investigations by the Chamber of Accounts and the ANIF (National Agency for Financial Investigation, ed).

Sylvain Andzongo

Cameroon, Canada signs air trade deal

Business in Cameroon) - The Cameroonian government signed Wednesday an air trade agreement with Canada. The document, which was initialed on December 17, 2017, in Colombo, Sri Lanka, was finally signed today by the Transport Minister Jean Ernest Ngallé Bibéhé Massena in Yaoundé.

This agreement is expected to “strengthen cooperation and trade relations between the two countries, and contribute to the development of civil aviation, through the opening of new commercial opportunities between companies designated by both partners. It (the deal, ed) will also contribute to the promotion of tourism,” Minister Jean Ernest Ngallé Bibéhé Massena said.

This new chapter in the relations between Cameroon and Canada comes nearly eight years after the two countries signed an agreement on the promotion and mutual protection of investors. The related document had been signed on March 3, 2014, in Toronto, Canada, on the sidelines of the annual Franco-Mine Forum, which had brought together that year more than 500 participants from Francophone mining countries.

Since then, Canadian economic operators have multiplied prospecting missions to Cameroon. "Economic days", organized on September 19, 2014, at the Sheraton Center in Montreal, were dedicated to exploring opportunities in the country. Trade exchanges between Cameroon and Canada have exceeded CFA25.5 billion since 2012, according to official data. They are more dynamic in sectors such as agribusiness, pharmaceutical industry, infrastructure and mining, mechanical equipment, textiles, wood and its byproducts, etc.

Courtesy CBM

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BRM

Feicom invest CFA48 billion in local development in 2021

In 2021, the Special Fund for Equipment and Inter-municipal Intervention (Feicom) granted a total of CFA48.6 billion to support the development of communes and urban communities in Cameroon. In the statement issued at the end of its 40th ordinary session, held on May 31 in Yaoundé, Feicom said the fund was intended for 447 community development infrastructure projects in 161 communes and urban communities in the country. Also, the entity said it transferred more than CFA100 billion as “equalization resources” to decentralized territorial communities (DTCs) over the period under review. These are communal taxes centralized by the Feicom and redistributed to the DTCs to reduce wealth gaps and inequalities between them.

One of Feicom's missions is to redistribute regional taxes and levies subject to equalization, as well as additional communal levies and other communal and regional taxes subject to equalization. The body also makes available to the beneficiary regions, municipalities, syndicates of municipalities, and urban communities, the corresponding shares of the General Decentralization Allocation determined by the government.

As such, this public entity is one of the secular arms of the State of Cameroon in terms of financing local development.

BRM

Parliamenry enquiry missions: a bullet yet to be fully used by MPs.

As we all know, so many financial and social  scandals of National interest have hit the very fabric of our Country Cameroon in the past and some are still going on at this material moment but one is tempted to ask the question why all these things happen and the perpetrators go free without being brought to Justice. Members of Parliament have done their job of Legislating and controlling Government action very well over the years but Cameroonians who spoke to the Eagles Eye investigative reporters said MPs have to do more to protect the interest of their constituents by exposing those who are embezzling public funds meant for the development of our Country. 

It is in this light that the editorial board of our news outlet thinks that Members of Parliament have to use the strongest bullet imbedded in their Standing Orders. We are talking here of special Commitees or otherwise call Parliamentary enquiry. The use of this tool will no doubt help Mps to gather the right facts about a prevailing situation and they will intend exert the appropriate sanction on the defaulters. Parliamentary enquiry will also help to bring sanity in our Society since those who are usually involved in bad practices will be afraid that MPs will come after them. The use of this tool will also put Cameroon democracy in a very high pedestal. 

Our humble advise to Members of Parliament is that they should reactivate this dormant aspect of their Parliamentary powers because so much is going wrong that needs the full weight of Members of the National Assembly. Mps should also put Party differences aside when it comes to investigating National problems that can threaten the peace of our Country. 

Before adhering to different parties, we are first of all Cameroonians so it is of the best interest of all of us to make this Country our own heaven on Earth. It is frustrating to see what is meant for all ends up in private pockets. It is time for Members of Parliament to go down to the field and hunt down the enemies of the Republic.

By Ndage Etienne

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Public / Private partnership: an inevitable way out of Cameroon's unemployment situation.

Unemployment is a permanent problem that is confronting so many Countries around the world. Some Nations have found a away out of this problem by their  Governments empowering the private sector. Like it is often said, it is a humble act to learn a good example. The dangers of employment are abound. It is no secret to note that unemployment and insecurity are inseparable. Unemployment and poverty are also inevitable. A badly fed population will definitely be an inactive one. It is thus the interest of every Government to ensure that it's people live a decent life. 

For a people to live a decent life, one major parameter is needed. That is financial sufficiency which can either be obtained through a Government paid Job or through a private initiative. It has been said most often that the Government cannot employ all her citizens and that is true but what is the Government doing to make sure that those who are not fortunate to have a white collar job should also have a means to earn a living is  the focus of this article. 

Every Government which wants to ease the pressure on itself must empower it's private sector to create job  opportunities. This can be done through the following ways: Regular and meaningful subventions should be given to investors who are providing employment initiatives, moderate taxes should be levied on business  owners so as to keep them afloat in business, a National capital market scheme should be created to provide business capital at low interest rate to young people who wish to do business. 

The Government should carry out a Nation wide sensitization for Cameroonians to consume more made in Cameroon products. This initiative should however start with the Government setting an example. The Government should also reduce the rate of importation of foreign products into the Country. This is what will push Cameroonians to consume home made products. 

Countries like the United States of America and neighboring Nigeria are considered to be large and successful economies based on their buoyant and productive private sectors. My humble wish is that our Country Cameroon should learn from these good  examples and give Cameroonians the right push for them to strive in their business ventures.

Ndange Etienne

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Senator Regina Mundi: Abducted for a cause; Rescued at a cost

The details may be sketchy. But Senator Regina Mundi was abducted for a cause and rescued for a cost. A lot of ink has flown since this lone North West CPDM politbureau member and grandmother of 80 was announced rescued by Cameroon's Defense and Security forces on May 30, 2022 in Ashong-Batibo after being abducted by separatist fighters last April 30, 2022  in Foncha Street-Bamenda.

While Cameroon's military is using this rare successful rescue operation to boost its image and advertise its professionalism, the separatist ADF forces of Dr. Cho Ayaba try to fight off persistent rumours of ransom taking and blame blacklegs for leaking out their location to regular forces.

Kidnapped for a cause; that of the autonomy of the two English-Speaking regions of Cameroon, Senator Regina Mundi was rescued at a huge cost; that of ensuring Cameroon remains one.

No doubt that the monetary value of the military operation, from costly intelligence-gathering (human and satellite), through mobilizing the right personnel and mock operations as obtained during the Bin Laddin capture, to staging the air and land operations, runs into hundreds of tax-payers' millions.

Since her victory over death, the population has continued to be entertained and distracted from the real issues by one conspiracy theory or another. Although fuelled by both sides that have since failed to release any further detail, the real concerns to the affected population should be how this new development contributes to fuelling or abating the current deadly and escalating conflict. Whether ransom was paid and how much, and whether Cameroon military single-handedly performed the feat, should be the concern of conflict specialists and academia, and for another day.

The concern of the suffering masses should be the real cost of Mama Regina Mundi's rescue. 

After living the reality of the conflict for 30 days first hand, and after concluding in her own words that 'Cameroon and the Region is at war', what definiteness of purpose action going forward, would she engage in, with Yaounde authorities, to see a negotiated settlement is arrived at. That's the cause; that's the cost, and that's the crux of the matter.

Going by the persistent cries for her release from all walks of life, and the fact that God decided to accord her bonus days, would she make or mar? 

Do we expect to see her become our very own Roelf Meyer, former South African Aparthied Chief negotiator, who, after being a Key strategist in enforcing the segregatory system for decades, finally turned around to become the chief strategist and negotiator for its end? 

As a respectable woman within the CPDM circles, is it not time she takes as her new mantra to President Paul Biya, the articulations of many a Cameroonian and foriegn expert, genuine steps on how this six year-old deadly conflict could be brought to an end? 

Declare ceasefire and general amnesty, apologize to Anglophones for errors of the past, set up a Truth, Justice and Reconciliation committee, organize genuine and inclusive dialogue in view of granting greater autonomy to the two Anglophone regions, amongst others. Are these not genuine suggestions well-meaning Cameroonians have made over the years?

Now that she has had the opportunity to share the same roof with fighters and had direct talks with some activists abroad during her abduction, would she not now make a name and go down in history as the rare female negotiator  who ended the untold suffering the defenseless population in the South West and North West Regions have gone through for no fault of theirs?

Was it not premonitious that a woman who since entering Parliament in 2018 took up as duty of care the reduction of infant and maternal mortality, be rescued alongside a pregnant woman? Would she not see the hand of God in this singular happenstance?

This could be the only way our rescued senator Regina Mundi can repay the Lord for His Goodness to her.

*Colbert Gwain is digital rights activist, author, radio host, Commitment Maker at UN Generation Equality Coalition, and content creator @TheColbertFactor

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