BaretaNews is getting reports that 50 billion francs CFA was stolen from the International Bank of Cameroon for Savings and Credit (BICEC) through “implied external providers with internal complicity.” This was made known by an audit report conducted in March 2016 by the Banking Commission of Central Africa (COBAC).

Reports suggest the coming of Alain Ripert, the new CEO of BICEC opened the investigations. The COBAC criminal revelations indicated the participation of two senior executives of the bank namely, Innocent Ondoa Nkou who resigned a few weeks after the discovery and Samuel Ngando Mbongue, the Director of Accounting and Treasury who was fired with four other employees.

Cameroon is a very rich country. Misappropriation and Embezzlement are what is killing the country. As the head of the Bataclan Memorial Fund, Barrister Jean-Francoise Laigneau noted after a trial (France: Cameroonian Lady Sentence For 10.000 Eur Fraud ) which saw a Cameroonian lady sentenced for trying to defraud the French government of 10.000 euros that Cameroon is morally bankrupt. I seem to agree with him.

God is still saying something.