A huge decision has been made by the Board of Directors of the Cameroon Postal Services (Campost). This decision might be a start to brighter days for Campost. After the drastic drop and failure of the company for the past years, Campost’s management is now fully in the hands of Cameroon .
A Board meeting which was held on 7th July 2016 in Yaoundé led to the appointment of Pierre Kaldadak, a Cameroonian Posts and Telecoms Inspector as Managing Director. His appointment took effect immediately as directed by the Minister of Posts and Telecoms, Minette Libom Li Likeng.
This act puts an end to six years of technical support from Sofrepost, subsidiary of the French Post Office which had been managing Campost since 2010. Their contract expired in May 2016 according to Business in Cameroon. The management of Campost was taken away from Cameroonian experts since 2007, after the crisis they had which had started in 2004.
At the time, campost was unable to refund the financial savings of its clients. Which is why the government had to act in order to safe the life of the company. This they did by entrusting the company in the hands of Tecsult International Ltd, a Canadian firm. This turned out to be worst as Tecsult generated a loss of Fcfa 2bilion in 2 years. This obviously could not have gone down without so many employees misappropriating funds, with the complexity of the company’s top management.
That’s how Sofrepost came into the show. In 2010, the Cameroonian State opted for Sofrepost to get the post office back on track. The Sofrepost team helped the company in recovering a certain financial equilibrium. Approximately 850,000 savings accounts and 56,700 current accounts managed in its portfolio as at the end of 2013.
Indeed between 2011 and November 2013 according to “Business in Cameroon”, a network of fraudsters within the company led by Jean Jacques Zé, embezzled approximately FCfa 4 billion through fraudulent wire transfers.