(Business in Cameroon) - Cameroonian Finance Minister, Alamine Ousmane Mey (photo), has just published a release extending the deadline for the “initial implementation of Commercial Bank of Cameroon’s (CBC) restructuring,” by four months, starting on July 1, 2014. This is the sixth consecutive extension since the predominantly Cameroonian capitalised bank was put up for restructuring on January 28, 2013.

The Interim Administrator of CBC, Martin Luther Njanga Njoh, now has until November to complete the restructuring process which is looking more and more like a pipedream. Yet, in December 2013, despite the boycott of “longstanding shareholders”, the bank has been recapitalised, the interim administration having successfully raised the 12 billion FCFA after two financing rounds.

Created by Cameroonian billionaire, Victor Fotso, the bank was placed under interim administration in 2009 following an audit conducted by the Central African Banking Commission (COBAC). The banking sector watchdog identified gaps in the credit establishment’s management, particularly the dilapidation of funds belonging to Yves Michel Fotso, son of the majority shareholder.

After four years interim administration, the CBC was officially placed under restructuring on January 28, 2013 for a period of six months following an order by Finance Minister, Alamine Ousmane Mey. Since then, the initial deadline has been extended ad nauseam without the slightest official explanation.