PAMOL unveils FCFA 21 bln Bakassi disenclavement project

The agro-industrial company, PAMOL Plantations, has unveiled a budget of FCFA 21.877 billion for 2016 aimed at developing the Bakassi Peninsula.
Out of the FCFA 21.877 billion, FCFA 12.8 billion will be used for investment projects. Top on the list is the continuation of the Bakassi Oil Palm Project in Isangele.

According to PAMOL Finance Manager, Albert Kamadjie, the 2016 budget, which was unanimously adopted by the Board of Directors, is geared towards alleviating poverty, beginning with major projects in Bakassi and other actions in line with State policy.

Kamadjie said the Bakassi project would include the construction of a new oil mill in Ndian at FCFA 7.5 billion. Once completed, the new oil mill is expected to generate 500 watts of electricity that will help solve the electricity problem in the Division.

The PAMOL Finance Manager said FCFA 3.5 billion of the budget will come from the State, FCFA 5.250 billion is part of a loan contracted from the Exim Bank of Malaysia; FCFA 1.5 billion from local banks and other sources.
On the company's financial situation for 2015, the Finance Manager said despite the challenges, PAMOL under Mekanya Okon recorded a net profit of FCFA 206 million.

Sitting in the last quarter evaluation meeting for 2015 at the company's Lobe office recently, the management of the company disclosed that the huge investments are in line with instructions from the Presidency of the Republic.

The PAMOL Interim General Manager said the meeting was to initiate the workers into the vision of the company for 2016. He stated that hierarchy has commended the sacrifices of the enterprise and is thus pressing for the extension of the Bakassi Oil Palm Project.

Mekanya explained that while finishing touches will be given to the Misongeseli Oil Palm Project, attention will be on Isangele in 2016.
Mekanya said the company was ready to improve the standard of living of the area through the creation of more jobs.
According to him, nothing should derail the project, considering that its realisation will add meaning to the diplomatic victory of Cameroon over the disputed Bakassi area.

Mekanya declared that the fight against theft and corruption will be severe in 2016 as the vision of Government is to create a livable environment for its population, as thousands of families are surviving thanks to PAMOL.
Mekanya described 2015 as difficult year, but expressed the wish to see the price of palm oil increase on the market.
He regretted that the prices of other basic commodities have increased except for palm oil.

Another area of interest for 2016, Mekanya said, is the budgeting of FCFA 1.682 billion to sponsor small holder schemes in the area.
Meanwhile, PAMOL Human Resource Manager Priestly Egbe said the staff strength of the company is 23,377. He said efforts will be stepped up in 2016 for better social insurance, health and hygienic conditions of the workers.

Besides ensuring regular payment of salaries, he said retirees would start enjoying their pension benefits 45 days after they stop work.