The Entrepreneur - Cameroon's Premier Economic & Business Journal

Cameroon Intensifies Fight Against Corruption, Arrests former National Petroleum Distribution Boss

By Ben Nakomo

The former General Manager of the Cameroon National Petroleum Distribution Company (SCDP), Dr Jean Baptiste Nguini Effa has been arrested. He is awaiting trial for embezllement charges. The former petroleum boss, arrested on August 26, 2009, is accused of embezzling about 955 million FCFA (about 2 million USD). He was arrested together with his close collaborators, the former Director of Finance, Jean Gueye Mackong, the Administrative and Financial Director, Jean Onana Adzi and the former Chief of Cabinet of the General Manager, Kizito Ondoua. The SCDP is a state monopoly charged with the responsibility of storing and distributing petrol and petroleum products in the country, from its thirteen depots in eight regions of the country. Founded in 1978, today the state of Cameroon owns 51% of the company shares and foreign partners account for 49%. Dr Nguini Effa, who was appointed General Manager of SCDP in 1994, was sacked on June 18, 2009 by the company's Board of Directors. The Board approved Mr Gaston Eloundou Essomba as the new General Manager which was effected with a Presidential decree. The state of Cameroon has in recent times arrested and prosecuted high profile politicians and managers of state-woned corporations for fraud and embezzlement. Nguini Effa's arrest comes in the wake of corruption trials of Mr Zacheus Fornjindam the erstwhile manager of the Cameroon Naval Construction and Ship Building Company© The Entrepreneur Newspaper 2009. All Rights Reserved

Private Business Investment Key to Economic Success

The private sector is the most important vehicle for economic growth and regional integration, the Director of NEPAD and Regional Integration Division at the United Nations Commission for Africa told participants at the 5 th African World Business Congress (AWBC) and the 1 st IGAD Investment Forum 2009 (IIF). Addressing the closing session of the three-day congress, Mr. Abdalla Hamdok said that although the global economic crisis had seriously affected the continent in terms of trade, investment and remittances, Africa remains the best place to do business.

How not to Die Online

By Andew Gould

The Internet has truly revolu
onised the way we live our lives. Unless you live in a small cave on a rocky outcrop somewhere in rural Kwa-Zulu Natal, South Africa,it will very definitely have affected your life. But there is a sinister side to this otherwise benign and benevolent looking tool we are all almost completely dependent upon. Please pay careful attention; this article could very well save your life.

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Business and Finance Reporter

The Entrepreneur Newspaper and The Entrepreneur Newsonline seek the services of an economics news reporter, who will report to  illuminate the activities in Cameroon's business and finance sector. Applicants should have at least a Bachelor's degree in English Language or Journalism. Qualified candidates should submit their application together with a detailed CV and a 900-word essay on any business and finance theme of their choice. Bilingual applicants will have an advantage. Female candidates are encouraged to apply. Apply to emolua@gmx.net

Former UN Secretary General issues statement Ahead of the Presidential Elections in Gabon

Statement issued by Mr. Kofi Annan

“At this time, as Gabon prepares to hold its Presidential Elections, scheduled for 30 August 2009, I would like to congratulate both the Government and the people of Gabon for the peaceful and constitutional management of the transitional process. Continued respect for the rule of law will undoubtedly assist Gabon’s democratization process and ensure that stability is maintained. “I encourage all national players to stay the course and I call upon all Gabon’s partners, in the region and beyond, to support the country’s efforts in constructing and consolidating its emerging democracy”.© The Entrepreneur Newspaper 2009. All Rights Reserved

Media Control Freaks: Running After the Media Revolution!

By Tazoacha Asonganyi

It used to be known as the press, then the news media, and now just the media. They all mean the same thing these days! The radio, television, newspapers or the web, are all inanimate things, but they can teach, illuminate and inspire to the extent to which the humans behind them are determined to use them to those ends. Creative programmes like "ça va se savoir", the Jerry Springer Show, Judge Judy, or Le Tribunal of Sky One Radio are all media programmes in what has become a vast-entertainment- arena-cum- media world. Some of the programmes are animated by those who have never taken a single course in journalism – on the internet, a journalist does not even need to be human; but this is no excuse to get at a programme for frivolous reasons...

Douala Stock Exchange: Séance de cotation du 19 août 2009

SEMC reste stable, confirmant son cours à 92 435 FCFA. S’agissant des performances, les valeurs SAFACAM et SOCAPALM suivent un trend haussier. En effet, SAFACAM s’est appréciée à 32 679 FCFA avec une variation de 3%. SOCAPALM a gagné à son tour 2.22% à 46 000 FCFA. En termes de physionomie de marché, seules les actions SOCAPALM ont été transigées en générant une valeur transactionnelle de  3 404 000 FCFA. La capitalisation boursière suit un trend haussier et s’établit aujourd’hui à 88 407 446 000 FCFA contre 86 478 377 000 la séance précédente. Les Prestataires de Services d’Investissement (PSI) agréés, ayant participé aux opérations de négociations sont: SGBC, BICEC, CBC, UBA, CA-SCB.© The Entrepreneur Newspaper 2009. All Rights Reserved

US Wealthy Opt to Surrender Their Citizenship

Today, offshore tax havens have to comply with transparency rules, so a growing number of wealthy US citizens are handing in their passports. Under US tax law, the worldwide income of any US citizen or resident is subject to tax. The offshore centers have been a safe haven for the wealthy Americans trying to escape taxes , but now that's about to change. When giving up their citizenship, the US citizens expect to buy a passport elsewhere, where the tax rate is low...More

Basic Income Grant & Lessons for Cameroon

A Basic Income Program in Otjivero

A coalition of aid organizations has tried a new approach to aid. The experiment is taking place in Otjivero, Namibia, in a settlement of 1000 inhabitants. The organizations hand 100 Namibia dollars (13$) to each village citizen, every month. The money is distributed without expecting anything in return. The experiment has proven to be a success in lifting the citizens out of poverty. Many villagers have started their own firms and are now able to sustain their own livelihood. This suggests that people can find a way out of poverty, provided they get the right kind of ...More

Agricultural Competitiveness in Cameroon Given Boost with $60 Million of World Bank Support

Increasing growth in agriculture would play a pivotal role in reducing poverty 

By Henri Laurent Bateg and McColgan-Arnold

The World Bank Board of Executive Directors on June 18, 2009 approved a US$60 million equivalent Agricultural Competitiveness Project in Cameroon. The Project’s objective is to increase the competitiveness of eligible producer organizations working on target value chains.  Concentrating its activities in target areas with high growth potential, it is expected that the project will result in increased value of marketed production through increased productivity, quality, and marketing of productions.