Bayero Bounou appointed MD of Sodecoton

Former Regional Manager of the Société de Développement du Coton (Sodecoton), subsequently working for the European Union, Bayero Bounou was promoted as Managing Director of the jewel in the crown of agro-industry in the northern part of Cameroon. This was at the end of an extraordinary Board meeting held on 20th June in the Cameroonian capital.

An ordinary Board meeting of this public company, announced for 16 June, had to be postponed, leading to questions in public opinion, with regards to the difficult situation in which this company, which manages over 250,000 cotton producers in North Cameroon, currently finds itself.

Indeed, we learn from reliable sources, over the 2014-2015 period, Sodecoton registered losses with a value slightly in excess of FCfa 22 billion, due to bad weather, decrease in world prices for cotton, etc. To get back on its feet, the company submitted several months ago an investment plan of FCfa 30 billion for consideration to the Cameroonian government.

But, we learn, the funding which should have enabled this rather indebted company to have substantial working capital and invest in the acquisition of two ginning units, is slow in being made available.

This especially as, we learned from reliable sources, two private shareholders, being Geocoton and Cameroonian billionaire Baba Danpoulo, had some concerns about the management of Abdou Namba, MD appointed in June 2013 and dismissed on 20 June 2016.