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Cameroonian Bank Afriland Face Turmoil In Congo

Afriland First Bank

The Central Bank of Congo just placed the subsidiary of the Cameroonian group Afriland First Bank (AFB) under provisional administration.

The decision was announced on Monday, June 20, 2022, by the Governor of the Central Bank of Congo (BCC), Mahlangu Kabedi Mbuyi, through a public note. According to the regulator, this decision should allow the management committee appointed for this purpose to propose, within a maximum period of six months, a recovery plan that should lead to the restructuring of this banking establishment.
The note signed by Mahlangu Kabedi Mbuyi immediately designates the seven members who make up the provisional management committee of this Congolese credit institution, of which AFG, a banking holding company under Swiss law, founded and controlled by the Cameroonian Paul Fokam Kammogne , claims 95.6% capital.
The decision just taken by the Governor of the Congolese Central Bank comes just a few days after the session of the Council of Ministers held on June 3, 2022. Indeed, the press release signed on June 3, 2022, by Jean-Paul Kamdem and Jean-Paulin Fonkoua, respectively Executive Vice-President of Afriland First group S.A and Chairman of the Board of Directors of Afriland First Bank SA revealed that the Congolese subsidiary of ‘Afriland First Group was the victim of expropriation project.
They did not understand that the Central Bank was asking them to recapitalize this bank to the tune of $90 million, even though, as of June 30, 2021, it was still under their control, it had equity of 48.4 million dollars and met all of its ratios prudential.
“Since July 1, 2021, shareholders and directors no longer have any control over the bank, entirely in the hands of the former DGA Patrick Kafindo, assisted by the close monitoring mission”

Published on 05.05.2023

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