Yaoundé - 21 January 2022 -

Cameroonian billionaire Joseph Kadji de Fosso steps down as President of the board of AGC, his insurance company

Cameroonian billionaire Joseph Kadji de Fosso steps down as President of the board of AGC, his insurance company
  • Comments   -   Sunday, 20 March 2016 21:38

(Business in Cameroon) - The company Assurances Général du Cameroon (AGC), owned by Cameroonian billionaire Joseph Kadji Defosso, has a new chairperson. This is Jean Baptiste Sanga, who replaces the majority shareholder on the company in this function, we learned in an official announcement made public on 17 March 2016.

Under scrutiny by CIMA (regional regulatory body) for some years now for failure in the recapitalisation process, AGC was fined in 2015 for “serious breaches to contract obligations which led to losses for insured clients and beneficiaries of insurance contracts”.

At the same time, the Chairman of the company, who is none other than Joseph Kadji Defosso, got a warning from the regulatory organisation, for “non-execution of the orders from the Regional Insurance Control Commission, non production of statistics statements for the 2012 and 2013 operating years and non-respect of legal requirements on permanent control”.

Joseph Kadji Defosso stepping down from the Chairman position can been seen as a gradual withdrawal of the billionaire from the activities of some of his companies (in part due to his age), or as a decision to simply give another boost to this insurance company, whose failures have sometimes been ascribed to its majority shareholder.


The government plans to release XAF3.7 billion to help state-owned company Pamol Plantations Plc settle part of the debt it owes employees.  Indeed,...
On January 12, 2022, Compagnie fermière camerounaise (CFC), the new subsidiary inaugurated (on November 5, 2021) by leading brewing group SABC increased...
On January 19, 2022, Inter-progress Foundation, the organizer of the Yaoundé́ International Exhibition for SMEs and Partnership (PROMOTE), signed a...
Société Anonyme des brasseries du Cameroun (SABC), a subsidiary of the French group Castel, inaugurated its new research and development laboratory in...

Mags frontpage

Business in Cameroon n106-107: December 2021-January 2022

Nine projects and innovations that demonstrate Cameroonians’ genius

This is how Gozem plans to revolutionize the transport sector in Cameroon

Investir au Cameroun n116-117: Decembre 2021-Janvier 2022

La preuve par 9 du génie camerounais

Comment Gozem veut révolutionner le transport urbain au Cameroun