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« Les Brasseries du Cameroun Re-launches Pelforth Beer | Main | Achidi Achu Preaches Peace For Development »

Thursday, 26 October 2006

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Cheboy

Hello Mr. Egbe,

I share your views in many points you raised here, but I completely disagree with your so-called branch craze as the reason for the fall of Biz. You were probably a customer of Biz or even a shareholder, but from the level of reasoning you seemingly have, you should also be able to reason that many branches can be formed even at the beginning of a banking business, depending on the ability to cover operational and logistic costs. I am not sure you are in a position to judge Biz in this aspect.

It is true that the government should revisit rules governing finance institutions in th country, but remember that banks are also businesses that florish in a quasi-free market system. The government of Cameroon has one much work in setting fundamental laws governing such institutions and the way they handle their business and particularly customers. Don't forget that very powerful banks and other big companies like EMRON in the Western word get bankrupt despite the rigid regulatory system over here. We should not allow the government of Cameroon to havetoo much control over the banks because that same government has ben the cause of the collapse of many financ institutions in that country .. Credit Agricole, Cameroon Bank, BICIC, Meredian BIAO etc. There should be a reasonable amout of freedom in business.

There are certain things that can be going on within a company or finance institution without the government's knowledge and before it is realised, enough strategic mistakes have been made that shall cost the existence of the institution. That was the exact problem with Biz. In my opinion, it is just one person that dragged Biz into this mess. Other members of the so-called Board of Directors also contributed because they were not vigilant or smart enough to know that leaving and individual with absolute power in the name of CEO was a fatal error. Moreso, they were not even reasonable enough to call this CEO man to order when they began noticing that he was escaping questions about the state of liquidity within the bank. Before they noticed, this guy had given out much loan without sufficient collateral security. The worst of it is that he empowered his absolutely unqualified and quasi-illitrate relatives in some offices of the bank, even out of the country and entrusted significantly large sums of money under their control. Before he could realise it, the boys had squandered hundreds of millions. He too misappropriated millions of francs some orders of magnitude more than his relatives. All these emerged at once and the bank was unable to pay out and run its normal transactions even with the smallest customers. I put all the blame on this indvidual (CEO) and his collaborators who allowed him to mess up Biz. I was not only a customer but a shareholder as well. It was a mess!!

Kumbaboy

Mr Egbe, the solution to the banking system mostly lies in a free market open to all. The ingenuity of entrepreneurs in the banking sector exceeds the capacity of any government that honors the rule of law.

Oh yes, all banks should be registered and there should be clear rules of operation.

When a private bank fails, depositors should have the ability to pierce the corporate wall and go after the estates and properties of bank Management and borrowers. Banks should be audited every year, etc.

In a free market economy, bankers have the right to manage and mismanage but there is no where to hide. As a result, bankers manage for profits and growth because it is a win-win situation.

In the case of ENRON cited above, one of the culprits committed suicide to escape justice on earth, the other one died of natural causes and another executive has been locked up for 25 years. Of course, these individuals lost almost all their earthly possessions.

Loans

Amazing to read back on this considering all that has happened since.

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