The Equatorial Guinea Prime Minister’s former bank in Douala, Cameroon, has been targeted in seizure proceedings, as authorities move to address financial discrepancies. The bank, linked to former Prime Minister Manuel Osa Nsue, is now at the center of a legal process that is believed to be related to tax evasion and financial misconduct. The move follows an investigation by African intelligence agencies, which have been scrutinizing the financial activities of high-profile individuals in the region.
The seizure is part of a broader investigation into the finances of the former Prime Minister and his associates. Equatorial Guinea’s government has been under pressure to ensure transparency and accountability in its financial dealings. The bank’s assets are now being evaluated, with authorities seeking to recover any lost funds and impose appropriate penalties.
In a separate development, the Gabonese State has directed the Gabon Oil Co. To settle a tax backlog amounting to $51. 2 million.
This directive comes after the Treasury found that the company had failed to pay an unpaid tax withholding on the acquisition of Tullow Oil’s assets, totaling 29. 1 billion CFA francs.
Meanwhile, tensions in the Cameroonian palm oil sector are escalating, with Prometal facing increasing competition from local manufacturers. This battle for market control is expected to intensify as the sector grows in importance within the country’s economy.
The International Monetary Fund (IMF) has also conducted a critical assessment of the Economic and Monetary Community of Central Africa (CEMAC) states, including Equatorial Guinea. The IMF is seeking guarantees as it prepares to conclude support programs with the region, highlighting concerns about the economic health and stability of these countries.
In Cameroon, Théodore Datouo, a well-connected politician and the new Speaker of the National Assembly, has been noted for his extensive network in both political and business circles. His proximity to First Lady Chantal Biya has raised questions about potential conflicts of interest.
The Cameroonian government’s debt to French firms has become a growing concern in Paris, with hundreds of millions of euros owed to companies such as NHPC, Tollcam, and TotalEnergies. The growing debt has raised fears about the country’s economic stability and its ability to meet its financial obligations.
Source: AfricaIntelligence
