Cobac appoints Anne-Rose Bongo Administrator of CBC

The Central African Banking Commission (Cobac), the regulatory agency of the banking sector, has just dismissed Martin Luther Njanga Njoh from the position of provisional administrator of the Commercial Bank of Cameroon (CBC). He was immediately replaced by Anne-Rose Bongo.

Appointed provisional administrator of this bank in difficulty in 2009, Martin Luther Njanga Njoh was often critised on the control of the restructuration process of this bank with Cameroonian capitals, particularly by getting a salary and benefits considered astronomical by the historical shareholders of the bank.

Even worse, Martin Luther Njanga Njoh is currently facing two legal suits at the Special Criminal Court, for misappropriation of over FCfa 3 billion in public funds. This sum represents the fees unduly received by controllers at the Cobac, as well as rents which were not regularly paid to the owners of the buildings housing the branches and the headquarters of the bank.

As a reminder, CBC was placed under temporary administration in 2009. Declared under restructuration in early 2013 for a period of 6 months, this bank created by billionaire Victor Fotso still awaits the implementation of its corporate bodies, which would signify the end of the restructuration phase.