CAMEROON: Government Discloses Amount of Money Recovered from Shut down MIDA

                    Assures all Investors they will be Reimbursed

The government of Cameroon has disclosed the amount of money retrieved from the office of MIDA whose activities were recently banned in Cameroon and its office shut down.

In a statement issued Thursday April 26, 2018, Cameroon’s Minister of Communication Issa Tchiroma Bakary, declared that the amount recuperated from MIDA is FCFA 3,622,928,550.

The amount was disclosed after the confiscation of the cashboxes that were found in the office the Integration and Development Mission for Africa (MIDA).

Issa Tchiroma Bakary’s report also indicated that the investigators also found a repertoire of 11,835 subscribers, including both associations and individuals. These subscribers had paid a total of 12,798,825,000 CFA francs, which creates a gap of just over 9 billion CFA francs compared to the sum recovered.

Faced with this, the Minister indicates that the investigations will continue, with the aim “to establish the destination of the missing sum”.

With regard to reimbursement, the commission set up by the governor of the Center Region will initiate the identification of subscribers and establish repayment terms “in proportion to the sums seized”.

Given the gap between the amounts collected and the number of subscribers, all indications are that they will receive the full amount invested.

Issa Tchiroma Bakary, affirms to this effect that the MIDA promoters, currently in custody, will be responsible for the reimbursement of all subscribers in their rights.