CBC receives 12 billion FCfa in new investment without its “traditional shareholders”

Martin Luther Njanga Njoh, Interim Administrator of the Commercial Bank of Cameroon (CBC), has just announced that the bank, now undergoing restructuring, has successfully found 12 billion FCfa in new investment.

One can remember that, within the bank’s restructuring framework with predominantly Cameroonian capital, subscriptions to increase social capital were opened for a month and closed on December 30, 2013.

The recapitalisation effort was slighted by the bank’s “traditional shareholders”, namely, Capital Financial Holdings Luxemburg, Fotso Group Holdings and Dawney Holding, all headed by Yves Michel Fotso (photo, in suit), who decried an “expropriation attempt” since the interim administrative governance of the bank was installed.

Although 82% of the amount sought was disbursed by the end of the first round of talks boycotted by the Fotso clan, a new phase of subscriptions had opened for a week to make-up the remaining 18%.

It was the second round of talks that enabled the bank to find the outstanding sum to reach 12 billion FCfa. Undergoing restructuring since January 28, 2013 after three years of interim governance, the CBC’s deadline was pushed back for the third time on November 25, 2013, a new deadline that was also missed since December 31, 2013 and has not been renewed since.