The Entrepreneur - Cameroon's Premier Economic & Business Journal

Fire Devours Property worth 10 Million FCFA (US$ 20.000) in Buea

By Juliana N. Mbua and Agnes E. Fonkeng

The inhabitants of the neighbourhood of Campaign Street, Great Soppo, Buea have experienced a disastrous fire incident that has claimed property worth over ten million francs CFA. The incident that is suspected to have resulted from a lit candle started about 1.00 GMT on Wednesday, February 28, 2007. Report has it that, Ms Mary Wambe, a tenant of a seven apartment structure with fourteen rooms left a lit candle in her room and went to the roadside where she sells boiled eggs. It is assumed this candle cut up with the table-cloth and started the fire. The neighbourhood was in frenzy seeking for means to put out the fire. Sand, water and sticks were employed to batter the fire to submission. But this yielded little result as the building was swallowed to obscurity by the ravaging inferno.

FECAFOOT Sacks General Manager, Jean Lambert Nang

By Bright Lokenge

The Cameroon Football Federation, FECAFOOT, has fired its General Manager, Mr Jean Lambert Nang. The sacking came on Tuesday, February 27, 2007 in an extraodinary Bureau meeting. The veteran journalist signed up for the job six months ago, replacing Frenchman Patrick Precheur who absconded. Reports indicate Mr Nang is accused of misappropriation of funds and insurbordination. Within 22 minutes of the 90 minute Bureau meeting Mr Nang's fate was signed, sealed and delivered, and he was booted out with a red card. He walked out of the meeting hall, smiling profusely, carrying his head high to protect his pride. The bashed ego of the FECAFOOT General manager summarily indicates the state of football management in Cameroon. The President of FECAFOOT Mr Iya Mohammed and other senior officials refused to comment to pressmen on the saga. It is very clear from inside reports that FECAFOOT has 'banned' the position of General Manager, and would be returning to the management formula it operated some twelve months ago.

© The Entrepreneur Newspaper 2007. All Rights Reserved.

Blood on the Trading Floor

Stock Markets Rumble, Tumble and Rise

By Ben Nakomo

Stock markets around the world fell sharply on Tuesday, February 27, 2007 amid worries of an economic slowdown in China and the United States. Early on Wednesday, February 28, 2007, worldwide share prices continued to fall, triggered by Tuesday's 9% losses on the Shanghai stock market. By midday on Wednesday, stocks rose in volatile trading as investors took advantage of cheap prices a day after the market suffered its worst slide since 2001, but worries about weak economic data limited gains.The current global stock sell-off was fuelled by speculation that China's government would try to clamp down on illegal share trading and might impose a capital gains tax on stock market earnings. In the last twelve months, stock prices and indexes had climbed to record levels in a number of key world markets, prompting some analysts to fear that shares may have gone too high, too fast.

Audio Visual Intergrated Surveillance Equipments Make Entry into the Cameroon Market

By Juliana Ndolo Mbua

A business forum held in Limbe on Saturday, February 24, 2007 launching surveillance equipments. The First International Inn (FINNI) Hotel hosted the gathering of business executives, business intellectuals, security experts and government officials appreciating and understanding modern electronic gadgets that could be employed to beef up security in households, business and government premises.

Canadian Consortium Takes over Management of CAMPOST

By Ben Nakomo

The restructuring and modernisation process of the Cameroon Postal Services, CAMPOST is now on track. The management of the corporation was transferred on Monday, February 26, 2007 by the government of Cameroon to a Canadian consortium known as Tecsult International Ltd for a period of two to three years. During the ceremony, a seven-man national committee charged with the follow-up of the management of CAMPOST led by Charles Tawamba was installed into its functions. The dual ceremony was co-presided by the Minister of State, Minister of Post and Telecommunications, Maigari Bello Bouba and the Minister of the Economy and Finance, Polycarpe Abah Abah.

Est-ce que les Taxes sont l’obstacle principal à la réussite du business au Cameroun ?

Par Rita Kamdem

Réussir à payer les taxes, le loyer et certains frais de la mairie s’avère difficile pour certains hommes d’affaires à cause des prix élevés de ceux-ci.  "J’entrevois fermer mon bar parce que le montant des taxes, du loyer et des frais de la mairie sont très élevés  je n’en peux plus ; tout ceci, sans compter le prix des bouteilles perdues, c’est trop," déclare madame Christine Atelefack, propriétaire d’ Atelefack Mutzig Club situé à Muea localité sur l’axe Mile 17-Kumba. "Je prie l’état d’assister les hommes d’affaires, en leur faisant des prêts gratuits pour lancer leur business ; aussi de réduire le montant des taxes. Ceci décourage et nous empêche de réussir," crie-t-elle au gouvernement.

Nurturing Trees and Restoring Soil Fertility for a Sustainable Future

By Harry McYemti

Six civil society organizations in the Southwest province of Cameroon recently met to strategise and plan for forest landscape and soil fertility restoration for the South West Province. The exercise took place during a two-day workshop organized by Tree for the Future, an American non-governmental organization. The workshop that held on February 15-16, 2007 at the Fakoship Conference Hall in Buea, was attended by some Southwest based civil society organizations that included Save the Nature, UDEF, RUNVDEC, CAD, People Earth Wide and PFPF. The Provincial Delegates of Forestry and Wildlife, and Agriculture & Rural Development were duly represented.

Buea P&T Credit Union Members Called to Save Regularly, Borrow Wisely and Repay Promptly

By Agnes E. Fonkeng

The President of the Board of Directors of the Buea P&T Co-operative Credit Union Mr Gabriel Njoh has called on the shareholders and other co-operative members to be sincere when applying for loans and endeavour to repay loans promptly. He made this appeal during the 35th Annual General Assembly meeting that held at the Buea P&T Credit Union Building on February 10, 2007. Mr Njoh who was re-elected for the fourth term in office as the President of the Board of Director (BOD) alongside Mrs Teboh Christina as Vice-President and Mr. Nkonso as Chairperson of the Supervisory Committee, assured members that loans will be given to many more members this year, albeit with renewed supervisory measures in an attempt to reduce the high delinquency rate of 13% recorded in 2006.

Doing Business in Cameroon - How Easy Is It?

By John Paul Keman

Situated in the heart of a continent plagued by conflicts, civil wars and uncivilised power transitions, Cameroon stands out as one of the rare African countries that has for sometimes now enjoyed the culture of peace and political stability. This together with the enormous economic endowments and the rich cultural diversity has earned Cameroon the most cherished appellation “Africa in miniature”. Cameroon therefore has the necessary potential to be the economic heartbeat of Africa, a sanctuary for foreign investors and an economic haven for local entrepreneurs. For this to come into fruition, there must be a favourable economic environment for business to thrive and to attract both foreign and domestic investors. This has not however been the case. Business barely survive in Cameroon due to a litany of factors that the economic environment very hostile.

Cameroon Bar Association, Frustrates Pupil Lawyers and Increases Unemployment

By Besong Atem Tambe

In countries where democratic practices in the running of governmental organs are well developed, the doctrine of separation of powers between the branches of government is highly esteemed. Briefly this doctrine states that it is desirable and proper for the Executive, legislative and judiciary branches of government to act as watch dogs over the activities of each other. This ensures that where one branch is abusive in the use of its powers, the other branches may act to check or restrain the abuse.