2024-04-06 15:38:50
Louis Banga Ntolo, Director General of BVMAC, at the heart of a professional assassination attempt
The world of sub-regional finance is shaken by an unprecedented scandal which is shaking the Central African Stock Exchange (BVMAC). At the heart of the turmoil, the Administrative and Financial Director (DAF) of the institution based in Cameroon, who has been fighting for two years against an attempted eviction orchestrated by methods of rare violence. Behind this scheme hides a man: Louis Banga Ntolo, General Director of BVMAC since 2022, who seems to have made the elimination of this experienced and respected executive his hobby horse.
Elouna Jean Sylvestre, a journey of excellence serving the Cameroonian financial market
To understand the scale of this affair which is shaking the financial sector in Cameroon and the sub-region, it is essential to look back at the exceptional career of the DAF. A true pioneer of financial engineering in Cameroon, this brilliant economist devoted 28 years of his career to the growth and structuring of the national financial market.
His expertise and commitment have enabled him to set decisive milestones at pivotal moments in the country’s financial history. In 1995, when SGBC, a heavyweight in the banking sector, was considering leaving Cameroon, it was its in-depth diagnosis that made it possible to reverse the trend and maintain this strategic institution on the national territory.
In 1997, when it came to valuing the State debt in the SGBC accounts, repaid by securitization, it was again Elouna Jean Sylvestre who carried out the service allowing the bank to benefit from a financial cash surplus of around 10 billion FCFA on the 20 billion book debt frozen for years.
Six years later, in 2001, it was again the DAF who was able to stem a major crisis which threatened Orange, a telecoms operator newly established in Cameroon. His action made it possible to avoid an explosion of commercial unpaid bills which could have had disastrous consequences for the company and the market.
In 2005, upon the arrival of Ekoulé Mouangué at the head of the Stock Exchange, it was once again Elouna Jean Sylvestre who was the architect of the restructuring measures which allowed the institution to regain its balance. and its performance.
More recently, during the merger process which gave birth to BVMAC, this great servant of the financial market played a decisive role in the revaluation of claims on the State of Cameroon, allowing a contribution of more than 3 billion FCFA into the coffers of the merged Stock Exchange.
Louis Banga Ntolo, BVMAC excavator?
It is therefore with an exceptional record and a solidly established reputation for integrity that Elouna Jean Sylvestre occupied the strategic position of DAF of BVMAC until 2022. But that was without counting on the arrival at the helm of Louis Banga Ntolo, Managing Director appointed in January 2022, who seems to have made it his mission to bring down this respected executive, even if it means using the lowest methods.
As early as June 2022, without any valid reason or compliance with procedures, Louis Banga Ntolo suspended the DAF, prohibiting him from accessing his office and his files. An arbitrary decision which plunged the BVMAC into turmoil and aroused indignation among market observers.
But the Director General did not stop there. In August 2022, in defiance of all rules of law and ethics, he notified Elouna Jean Sylvestre of his dismissal for “loss of confidence and serious mistakes”without ever providing the slightest tangible proof of the grievances formulated.
This professional assassination attempt, of rare violence, shocked the Cameroonian financial microcosm. How can a leader of an institution as strategic as the BVMAC engage in such a plot against one of his most eminent collaborators? What are the real motivations of Louis Banga Ntolo? Are there hidden interests behind this desire to eliminate an honest and experienced executive?
If the case of the DAF is quite edifying and particular, it should be noted that the Cemac Stock Exchange suffered in 2023 several voluntary resignations of executives with proven experience over more than 15 years within the two former stock exchanges. Among the resignations of Gabonese and Cameroonian nationalities, we note in particular that of the Director of Development. This suggests significant problems on a managerial level.
A deafening silence from governance bodies
Faced with this unleashing of low blows and this instrumentalization of the BVMAC for purposes that seem increasingly personal, the silence of the institution’s governance bodies raises questions. Where is the Board of Directors supposed to control the action of the Director General and ensure compliance with rules and ethics? Why does Cameroonian and sub-regional authority remain passive in the face of what is increasingly looking like a predicted shipwreck?
Because beyond the personal case of Elouna Jean Sylvestre, it is indeed the future of the BVMAC and the credibility of the sub-regional financial market which are at stake. How can investors, businesses and savers keep trust in an institution corrupted by such practices?
It’s time to restore the DAF’s rights
For two years, this great servant of the Cameroonian financial market has been fighting with courage and determination to assert his rights and obtain justice. Despite the delaying tactics and intimidation, he never gave up demanding accountability from Louis Banga Ntolo and demanding that all light be shed on the unfair conditions of his ouster.
Today, it is time for the Cameroonian and sub-regional authorities to finally take their responsibilities. It is time to restore Elouna Jean Sylvestre to her rights and to sanction those who orchestrated this nameless scheme. It is time to restore integrity and ethics within the BVMAC, to restore confidence among market players and ensure the future of this strategic institution for the economic development of the sub-region.
Because what is at stake in this affair is much more than the destiny of a man. It is our collective capacity to build a transparent, efficient and virtuous financial ecosystem, serving the development of our countries and the well-being of our fellow citizens. A vital fight to which Elouna Jean Sylvestre devoted his life and for which he deserves our support and respect today.