By Joe Dinga Pefok:Just back from Sao Tomé é Principé
South-South Cooperation - cooperation between Third World countries, was hailed at the official inauguration of the Commercial Bank - Sao Tomé é Principé, COBSTP, which is part of the Commercial Bank Group owned by Cameroonian family, Fotso Group, on July 11, in the seashore capital town, Sao Tomé. The President of the Democratic Republic of Sao Tomé é Principé, H.E. Fradique Bandeira Melo de Menzes, presided over the ceremony at COBSTP's temporary site.
In his speech, President Melo de Menzes, saw the coming of the Cameroonian investor as a good example of South-South Cooperation.
The President said the coming of the new financial institution would help in the development of his country. It was for this reason that Melo de Menzes requested that the inauguration ceremony take place on the eve of the celebration of the 30th anniversary of the independence of the Republic of Sao Tomé.
He expressed gratitude to the head of the Commercial Bank Group, Yves Michel Fotso, who is also the Board Chairman of COBSTP, for having accepted to precipitate the inauguration ceremony.
In an earlier address, Fotso had acknowledged Melo de Menzes' moral assistance to enable COBSTP see the light of day.
Fotso disclosed that the newly created COBSTP has a capital of US $ 3 million (FCFA 16.5 billion) As for the Commercial Bank Group, which has banks in Cameroon, Tchad and Central Africa Republic, Fotso said as by December 31, 2004, the total capital of the Group stood at US $ 47.8 million. The turn over of the Group stood at US $ 494 million then - about FCFA 238 billion.
He said the ambition of the Commercial Bank Group is to cover the entire CEMAC sub-region (all the countries) by 2007.
Fotso said in the coming months, the Commercial Bank Group would cede some 55 per cent of the capital of all the banks, to a Luxembourg holding. He said the holding has institutional investors like the European Investment Bank, BEI, the German Corporation for the Private Sector, DEG, and the French Corporation for the Private Sector, PROPARCO.
Turning back to the Commercial Bank-Sao Tomé, the Board Chairman noted that it is currently operating in a temporary site. As for the permanent structure of the bank, which The Post learnt would be the highest storey building in Sao Tomé, Fotso announced that effective construction is to start before the end of this year. He expressed the hope that COBSTP will be able to contribute enormously to the development of the country.
He asserted that COBSTP, within its limited means, nevertheless offers wide opportunities of providing funds for projects, which will help in the development of the country, as well as in the amelioration of the lives of the population of Sao Tomé.
He reassured the leadership and people of Sao Tomé é Principé, that they have made a good choice as regards the partnership they signed by welcoming the Commercial Bank Group to set up COBSTP.
He said the Group cares much for Sao Tomé é Principé, and is committed above all to development based on South-South Cooperation.
"The Fotso Group, the Commercial Bank Group, including COBSTP, are here in your country with the spirit of a win/win partnership, and with a new spirit of cooperation amongst Africans," Fotso declared.
Virgin Land
Meanwhile, in an interview granted The Post during a cocktail party at the Conference Centre in Sao Tomé, the Prime Minister of Sao Tomé é Principé, Mrs Maria do Varino Tiovade Silvera (former Governor of the country's Central Bank), said the birth of COBSTP fell in line with the government's policy to revamp as well as expand the economic development of the country.
"The coming of the Cameroonian group to set up the Commercial Bank-Sao Tomé é Principé, is also proof that South-South cooperation is not only a good idea to adhere to, but is also something which is very possible to realise," she asserted.
The Prime Minister noted that as the Governor of the Central Bank of her country two years ago, she was at the forefront of the technical studies of the file and other aspects regarding the application of the Group to create COBSTP.
She said they appreciated the credibility and viability of the Group.
She added that the challenge now is for the COBSTP to live up to expectations, which will further prove that South-South Cooperation can also achieve great success in the field.
The Prime Minister described Sao Tomé é Principé as virgin land, with a lot of great opportunities for investment.
Tabi Manga, Rector of University of Yaounde II, who was one of the several invited guests to the inaugural ceremony, told reporters that the creation of COBSTP goes to demonstrate the capacity of a country of the South (Cameroon), to enter into serious development partnership with another country of the South.
"The South thus is not only about the fight against AIDS and poverty, but is also a South that is struggling; that can raise its head above water, and that seriously thinks of its future," Tabi Manga said.
As for the Vice President of the Fadil Group, Oumarou Fadil, Mayor of Douala III, the creation of COBSTP once more shows the ability of a Cameroonian businessman to reflect, as well as his capacity to conquer new markets.
Noting that there are lots of investment opportunities in Sao Tomé é Principé, Fadil said it was another proof that Cameroonian investors do not necessarily need to go far away from the country to find good external opportunities for investments.
"I am also happy to see today that genuine efforts are being made to reinforce South-South Cooperation," he said.
Grand Musical Concert
Later in the evening of July 11 at Estadio Nacional (National Stadium) in Sao Tomé, a crowd of over 20,000, turned out for a grand musical concert, which was organised by the Commercial Bank Group, as a present to the people of Sao Tome é Principé to mark the 30th anniversary of their country's independence.
Also present at the colourful and exciting occasion, was President Melo de Menzes, who was accompanied by the President of Mozambique as well as the President of Cape Verde, who had both arrived in the country earlier that day to join their colleague (Melo de Menzes) in his country's Independence Day celebration.
Besides local music stars, a number of invited foreign artists and groups like Cameroonian-born Samy Diko and the famous Zouk Group, Kassav, of Jacob, Jocyline and Jean Philippe, also thrilled the crowd in a country not yet invaded by the coupé décale mania.
The Board Chairman of both the Commercial Bank Group and COBSTP ferried into Sao Tomé by chartered flights a total of some 500 special guests from countries like Cameroon, Tchad, Central Africa Republic and so on, for the inauguration ceremony.
The communication and other related aspects for the occasion were managed by McCANN-ERICKSON Cameroun, under the coordination of its Director General, Madam Anne-Marie Barla.
It is a great news to hear of South-South cooperation. The Group Fotso Bank has done an excellent jod in Cameroon and other countries in which it operates, I know they will do same in Soa Tome.
Mr. Michel Fotso is a seasoned Manager, I had the peasure of working with him in several occasions expecially, in the managing of the CBC building. He goes for excellence unlike the other Cameroonian managers, who think of their pockets before the interest of the corporations.
I know his short stay in Cameroon Airlines was not that successful, but who has the magic tool to revamp Camair, already ruined by its main customer (Cameroon Gov't)
Bravo Michel.
Posted by: Billy Nso | Monday, 18 July 2005 at 09:30 AM