Some cattle owners in Cameroons Far North region are selling off their cattle at give-away prices. We learned some of the cattle owners are selling their livestock in order to be prepared to pay ransoms should Boko Haram insurgents abduc them or a member of their families.
Others are, reports say, are selling them off in order to lose their social status- cattle owners are perceived to be among the richest businessmen in the Far North region. As such, the wealthy are selling off their livestock to keep kidnappers away.
Tri-weekly newspaper, L’Oeil du Sahel reported yesterday that prices of cattle in the region have dropped by 50 percent. The French-language tabloid reported that in some cases, a cow which was worth 350,000FCFA can be sold at 200,000FCFA or as low as 150,000FCFA.
Besides the Boko Haram scare, the newspaper said, cattle owners are running out of business due to falling demand from neighbouring countries such as Nigeria and the Central African Republic. The reports however says the declining demand is not unconnected to insecurity caused by Seleka rebels in the CAR and Boko Haram from Nigeria.