2024-04-23 02:25:40
The announced sale of 51% of CBC Bank shares by the Cameroonian state has sparked heated controversy. At issue: the murky role of Rothschild & Co, the government’s financial advisor, suspected of wanting to sell off this national banking flagship to foreign investors, to the detriment of local buyers.
Suspicious presentations in Paris, far from Cameroonian eyes
In mid-March, Rothschild & Co organized presentation sessions for CBC Bank to Nigerian and Ivorian investors in Paris. A delegation from the bank, led by its PCA Alfred Tiki and its CEO Léandre Djummo, was present. But these meetings, held far from Cameroon, deliberately avoided potential local buyers. A choice which questions the true intentions of the financial advisor, imposed by the Presidency of the Republic.
Access Bank, Zenith Bank, Nsia… foreign suitors in ambush
Among the interested investors present in Paris, big names in African finance: the Nigerian Access Bank and Zenith Bank, already established in several countries on the continent, as well as the Ivorian bancassurance group Nsia. For these behemoths, the acquisition of CBC Bank represents a golden opportunity to establish themselves in Cameroon by taking advantage of an existing network. An option which seems to be favored by Rothschild & Co.
Rothschild & Co accused of undervaluing CBC Bank
Beyond sidelining Cameroonian buyers, Rothschild & Co is suspected of wanting to underestimate the value of CBC Bank. By failing to take into account the optional reserves built up over the years, the financial advisor would artificially reduce the share premium. A maneuver which serves the interests of foreign buyers, to the detriment of the Cameroonian state. Enough to fuel suspicions about a possible conflict of interest.
Cameroonian investors ready to take over CBC Bank
However, there is no shortage of local expressions of interest. Samuel Foyou, who has just obtained approval for Africa Golden Bank, would welcome the acquisition of the CBC network to accelerate his arrival in the sector. Cyril Nkontchou, via his investment vehicle Enko Capital, and Albert Koinche, founder of Express Union, are also in the running. So many solutions that would make it possible to keep CBC Bank under the Cameroonian flag.
The future of CBC Bank in question
As it stands, the CBC Bank sale plan is worrying. If 51% of the shares are sold to a foreign buyer and 30% listed on the stock exchange, without guarantee that they will be acquired by Cameroonians, it is the control of this national banking flagship which risks passing under the foreign flag. The residual 17% held by the State will not be enough to rebalance the balance of power. It is therefore crucial that the Cameroonian authorities hear the proposals of local investors before it is too late.
This CBC Bank affair has all the makings of a state scandal. By entrusting the sale of this national jewel to a financial advisor who seems to be playing into the hands of foreign buyers, the government is taking the risk of a loss of economic sovereignty. 237online.com will continue to investigate this burning issue, so that light is shed and the national interest is preserved.