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Cameroonian Appointed SGBS Managing Director In Senegal

Cameroonian-born Georges Wega has been appointed as the Managing Director, MD, of Société Générale de Banques du Sénégal, SGBS.
Before his appointment, Wega was Deputy MD of SGC and has already commenced work after the validation of his appointment by the regulatory body of the banking sector in CEDEAO.
Wega worked with UBA Cameroon in 2014, where he was Administrative Managing Director, before taking charge of SGC in July 2014.
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Cameroon-Brazil Trade Exchanges Records FCFA 720B

According to officials from both Cameroon and Brazil, the trade cooperation between Cameroon and Brazil in the last 15 years (2000-2015) is the most dynamic. This observation was made at the end of a one day of exchange on business opportunities between Brazil and Cameroon.

So far, trade exchanges between both countries from 2000 to 2015, has reached FCFA 720 billion, corresponding to FCFA 47 billion of transactions per year.
Over this period, Cameroon had only FCFA 59.5 billion in exports towards the largest South American country, who for its part had FCFA 660 billion in exports to Cameroon.

Furthermore, trade between Cameroon and Brazil is not diversified. While Cameroon imports products such as sugar, aluminum, chemicals and industrial equipment, Brazil essentially imports rubber, wood and its derivatives.


IDB Appoints Local Representative In Cameroon

According to the Minister of Economy, Planning and Regional Development, Louis Paul Motazé, Abakar Abdoulrassoul is now the representative of the Islamic Development Bank, IDB, in Cameroon.
Abdoulrassoul’s main mission will be to promote cooperation between IDB and Cameroon and to regularly monitor the projects of this institution.

It is believed that this new development will strengthened partnership with this institution and also contribute toward speeding up the progress of development projects financed by IDB.
IDB is among the main financial sponsors of Cameroon for several years now. The financial institution is involved in agriculture, livestock and road infrastructure.

De Forest Appointed Managing Director Of SAFACAM

Yannick Vernet will hand over the mantle of command to Eric de Forest in the African Logging and Agricultural Company of Cameroon, SAFACAM.
SAFACAM, an agro-industrial company listed on the Cameroonian stock market also invited its shareholders to give the green light to the proposal of distributing a global dividend of FCFA 1.4 billion out of the net profit of FCFA 1.8 billion recorded in 2015.
According to the financial records of SAFACAM, despite a sluggish market situation for rubber, which decreased by 13 percent in 2015, the company managed to stabilise its net result due to the relative improvement recorded in the palm oil sector.

Golar LNG Opens Office In Cameroon

In an official legal notice published June 7, Golar LNG Ltd has created a subsidiary in Cameroon known as Golar Cameroun SA, , with a capital of FCFA 10 million and will be managed by Andreas Lie with its Board Chaired by Robert Hingley-Wilson.
The aim of the creation of this company will is to monitor the natural gas project in Cameroon, like the one in development in Kribi on which, this global methane vessel owner and operator is in partnership with Perenco and Nation Hydro-Carbon company, SNH.
The building of the gas plant in Kribi will witnessed the setting up of a gas liquefaction floating unit off the coast of Kribi, in order to anticipate the production and export of liquefied natural gas in Cameroon from 2017.

FCFA 5.8 B To Be Shared By SOCAPALM Shareholders

According to information revealed in a draft resolution, Société Camerounaise de Palmeraies, SOCAPALM, will be meeting to share FCFA 5.8 billion profits made in 2015.
The global dividend of FCFA 5.8 billion is equivalent to FCFA 1,200 per share. The draft resolution will be submitted for approval to the shareholders of SOCAPALM during a general meeting scheduled for June 23 in Douala.
The profit was slightly lower than in 2014 FCFA 5.9 billion, the global turnover of the company rather increased last year.

Cameroon’s Oil Increases By 19 Percent

Without giving any reason for the higher production, the State oil company SNH June 7 reported that Cameroon’s crude oil production has witnessed a 19 percent increase, 12.3 million barrels between January and April compared to last year.
Cameroon earned the equivalent of US$142 million, from its oil and gas activities between January and April, SNH said.
According to SNH officials, gas production however witnessed a 5.8 percent fall compared to last year, due to a decline in demand for gas from its Kribi gas plant. Cameroon has been exploring oil since 1977.
The state firm also announced that it has begun field work on its floating LNG gas project, an export plant which is being developed by Norwegian shipping company Golar LNG and is due to start production in 2017.

672 SCTM Cooking Gas Bottles Seized In Bafoussam

Some 672 SCTM gas bottles that were due to an unknown destination were seized in Bafoussam by the Mifi Divisional Delegation of Commerce.
According to the Delegate of Commerce, Patrice Eyinga, the gas bottles are from a partner who has created a fictitious shortage. The gas was immediately put on sale for FCFA 6,500 per bottle to the delight of consumers.
This decision comes as households in the Regional capital, Bafoussam continue to struggle to get supplies.
Many traders have been creating artificial scarcity to augment prices.
In order to instill sanity in the sector, the Mifi Divisional Delegation of Commerce is on the ground to dismantle all rogue operators who create fictitious shortages.

Compiled By Basil K. Mbuye

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