BY NDUMBE BELL JOSEPH GASTON IN DOUALA
It was an unprecedented event for the change of baton at the helm of the Central African stock exchange with headquarters in Douala.
The in-coming general manager Dr. Louis Banga Ntolo, another Cameroonian who is replacing the incumbent Mr. Jean Claude Ngbwa, was officially installed on Wednesday, December 29 at BVMAC headquarter precincts in a very solemn ceremony where none of them were even allowed to comment to the press.
The protocol convention cementing the change was signed and exchanged at the conference room in the presence of the governor of the Littoral region Ivaha Deboua, the representatives of the board chair of BVMAC and that of the regulator COSUMAF, before meeting with invited guests in front of the office where other befitting speeches of congratulations to both parties, immortalised by photographs of awards of prizes, gifts and handing over of flowers by loved ones and admired took place.
The Central African Stock Exchange (also BVMAC in French) is supervised by a board with a limited capital of FCFA 6.8billion, with a share ratio of public entities at 47,15% and the private sector 52,85%. These contributions are made by the six member states of CEMAC including Gabon, Cameroon, Congo Republic, Equatorial Guinea, Central African Republic and Chad.
Jean Claude NGBWA
A decision was taken by the Heads of States of the Six on October 21, 2017, to merge the Central African financial market and this took effect on July 4, 2019, with the fusion of that in Gabon and Douala to have the BVMAC or Central African Stock Exchange.
Mr. Jean Claude Ngbwa who is reported to have worked in the Financial Markets Commission and who has ended his mandate in BVMAC this January 1, 2022, is the first general manager of this regional electronic market since July 4, 2019 until recently.
Jean Claude Ngbwa headed BVMAC for the past two years only and was able to make many giant strides as was expected of him; to ensure the headquarters of the regional stock exchange become operational in the economic capital of Cameroon within the framework of the resolutions of shareholders’ generalassembly on same July 4, 2019, reorganised the internal structure and improved the norms and standards to the international level, sensitisation and promotion programs, the number of shareholders, shares and bonds grew significantly through the addition of more quoted companies and other contributions.
Dr. Louis Banga Ntolo is not an unknown entity in the ecosystem of top financial and monetary experts in the region. He was appointed in this capacity at the last board meeting which held in Libreville on October 25, 2021 for a mandate of four years.
His exceptional exploits as assistant general manager of Societe Generale from November 2009 to March 2018, and also general manager of Societe General Securities in Central Africa, Dr. Ntolo has been an authority in the regulation of financial markets in Cameroon appointed by presidential decree. He attained a doctorate degree in banking and finance in the University of Lumiere, Lyon 2 and a well-known expert, he is said to have participated in the promotion of financial markets in Central Africa. He is expected to take this financial market to astronomical heights during his four-year mandate.
The Central African Stock Exchange, BVMAC has one board chair and nine board members namely; Henri Claude Oyima (Board Chair) who is senior administrator of BGFI Capital, Maxwel Ndecham of Zenithe Assurance, Alfred Moyanga Benga of CBT, Richard Mboumba of BGD, Edouard B. of Batir Congo, Mme Aline Andze of SNI, Celestin Guela of Afriland First Bank, Alain Noel Olivier Mekulu of CNPS, Serge Yanic Nana of Association Professionnelle des Societies de Bourses and Mme Marene MBAYE.