Yaoundé - 05 October 2022 -
Public management

Cameroon: Government promises to pay the victims of MIDA

Cameroon: Government promises to pay the victims of MIDA
  • Comments   -   Monday, 23 April 2018 10:10

(Business in Cameroon) - Cameroon will repay the victims of MIDA. This was the main message from the Cameroonian minister of communication Issa Tchiroma Bakary’s statement, on April 21, 2018.

In the statement, the official revealed that this decision has been taken by Paul Biya who instructed the government to take the required measures to pay the money extorted from those victims.

Issa Tchiroma Bakary explained that the MIDA mounted a Ponzi scheme enticing its victims by claiming that it would pay huge interest on their investments or savings. For instance, for those who invest CFA12,500 they were promised CFA70,000 within a short period of time. Thanks to this scheme, the initiators collected billions. He finally announced that those initiators have been arrested and would be brought to justice.

Sylvain Andzongo

The total export volume from Cameroon to the international market grew by 5.4% year-on-year between January and March 2022. The national stats agency...
Inflation reached 7.4% in Yaoundé, Cameroon’s capital, in August this year, a recent INS report revealed. This rate was driven mainly by imported food...
Électricité de France (EDF), the company piloting the Kikot dam project on the Sanaga River, is counting on the World Bank to raise the financial...
The service sector in Cameroon performed well during the first three months of 2022, according to the National Institute of Statistics (INS). The...

Mags frontpage

Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer

Albert Zeufack: “Today, the most important market is in Asia”

Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir

Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »