Agricultural Cooperatives Registration Resumes

The Minister of Agriculture and Rural Development, Henri Eyebe Ayissi, has announced that registration for agricultural cooperative societies has resumed.
Managers of companies have been submitting their applications in all 10 Regional Delegations of the Ministry of Agriculture in Cameroon.
In 2013, the registration process was suspended due to the OHADA Common Act on cooperative societies. This Act imposed new provisions which did not previously exist in the Cameroonian law.

French Business Law Firm Opens Branches In Cameroon

Lefèvre Pelletier & Associés, LPA, French law firm specialised in Business Law has announced the opening of two branches in Cameroon headed by Yves Moukory Eyoum. The Douala branch is the first bureau the firm has opened in Sub-Saharan Africa and the 3rd in Africa, after Algiers and Casablanca.
LPA is the second internationally active Business Law firm to be established in Cameroon in less than a year after Centurion Law Group in 2015.

SAFACAM Maintains Net Despite Fall In Rubber Prices

The Agricultural and Forestry Company, known by its French acronym as SAFACAM, made circa FCFA 40 million net income after tax in 2014 and 2015, despite a 13 percent fall in rubber prices.

According to the official financial statements of the company listed on the Douala Stock Exchange, the company’s 2014 earnings increased.
This increase could be likened more to an achievement, taking into account the decrease in rubber prices, one of the main products of SAFACAM.
Even though SAFACAM rubber production increased by 4 percent in 2015, the average selling price per kilogram experienced a 13 percent decrease compared to the preceding year.

Gov’t Terminates Tourist Resort Project

 

The Minister of Economy, Planning and Regional Development, Louis Paul Motazé, has terminated an agreement signed on October 30, 2009 between the State of Cameroon and the British firm Ruwaad Holding Ltd for the construction of an FCFA 1billion tourist resort in Yoyo, Littoral Region.

According to Motazé, the termination of the agreement follow a formal notice addressed to Ruwaad Holding on January 29, 2016.

“For several years now, Ruwaad has not shown any interest in continuing the project as evidenced by the fact that more than three years after the signing of the agreement, the company has not been able to create the project management company (Cameroon International Project Company, or CIP), within the sixty-day period after the signing of the Convention.

The Yoyo tourist resort is made up of a beach developed over several kilometres, parks, hotels, restaurants among others, which was to be built over 10,000 hectares.

Lafarge-Holcim To Construct Cement Factory In Nomayos

 

The government of Cameroon and the Lafarge group has signed an investment agreement for the construction of a cement factory in Nomayos on the outskirt of Yaounde.
The agreement will help resurrect the project which was announced some five years ago. The foundation stone for the construction of the cement factory was laid in September, 2011 in Nomayos, a few days after the start of construction works on the Dangote Cement factory in Douala, which started operating in 2015.
Commenting on the delay of the cement factory, Pierre Moukoko Mbonjo, Chairman of CIMENCAM said “the industrial procedures, which are time-consuming and the discussion with the State on tax and administrative issues delayed the project. The most important thing is the signing of this agreement with the government, which will enable us to finally start works. The Project will be completed in 2018”.

CAMAGROB Boosts Cocoa Production With FCFA 40M Inputs

 

CAMAGROB, a cooperative managing approximately 1,500 cocoa producers in the Mbam and Kim Division in the Central Region of Cameroon, has just purchased a cargo of inputs worth FCFA 40 million.

Out of the amount which was used to make the purchase, FCFA 25 million was obtained through a loan granted by Advans Cameroon, a network of microfinance establishments supported by Société Générale, which is specialised in the financing of very small enterprises. The remaining FCFA 15 million was provided by a partner (probably an exporter) whose name was not revealed.

In 2015, CAMAGROB sold a total volume of 434 tons of cocoa. This success attracted partnerships with financial institutions and local traders.

ENEO Invites Staff To Subscribe To Buy Back 5 Percent Shares

According to an official communiqué from ENEO, the company invites its staff to subscribe to the shareholding capital of GIC ENEO, an entity which will own five percent of the capital of ENEO Cameroon reserved for employees.

Those eligible for these subscriptions are the current employees of ENEO, public concessionaire in charge of electricity in the country, and the former employees of the company put on retirement between July 11, 2001 and April 21, 2016.

To support the company in this operation meant to meet a clause of the buyout, in 2014, of 56 percent of the shares of the electricity company by the British investment fund, Actis, GIC ENEO retained the services of the company Activa.