Revelations of systematic looting: billions vanish from Cameroon’s resources

In a sweeping condemnation of decades of governance, prominent public figure Issa Tchiroma Bakary has laid bare a staggering pattern of embezzlement involving the nation’s most valuable assets. Speaking in a widely circulated statement, he exposes how gold, oil, and timber—resources that should fuel Cameroon’s development—have been systematically plundered, with losses exceeding 10 trillion FCFA.

The accusations span four major areas of misconduct, each backed by documented evidence and official figures. Together, they paint a portrait of a state apparatus hijacked by self-serving interests, leaving citizens in worsening poverty despite the nation’s immense natural wealth.

Plunder of national wealth: oil, gold, and forests sold off at a fraction of their value

Starting with the country’s subterranean riches, the national oil company’s operations over the past four decades have been shrouded in opacity. For 40 years, revenues from the SNH (Société Nationale des Hydrocarbures) flowed outside the national budget, bypassing parliamentary oversight and transparency mechanisms insisted upon by international bodies such as the IMF, World Bank, and the Extractive Industries Transparency Initiative (ITIE).

Investigations reveal that oil shipments were sold to intermediaries like Glencore at less than 30% of market value, entire cargoes vanished without trace, and unrecorded earnings accumulated into the trillions. The timber sector suffered a similar fate, with 80% of logged wood exiting the country illegally, often with state complicity. These combined losses alone exceed 10 trillion FCFA—a figure that barely begins to capture the scale of the damage.

Fraudulent contracts and ghostly expenditures: billions disappear from the budget

Between 2012 and 2021, two budget lines—lines 65 and 94—were erased from public records, erasing 5.4 trillion FCFA in unjustified spending. The Special Criminal Court (TCS), established under President Paul Biya’s own decree, has convicted officials for embezzling nearly 9 trillion FCFA since 1997. Meanwhile, the Ministry of Finance and the Treasury discovered over 20,000 fictitious employees on payrolls, draining public coffers of 200 billion FCFA annually.

High-profile scandals—including the Yaoundé-Douala highway, the 2021 Africa Cup of Nations, and COVID-19 vaccine procurement—reveal systematic overbilling exceeding 500 billion FCFA, enriching connected elites while public services crumbled.

Systematic fraud at ports and customs: documents expose institutionalized theft

The National Anti-Corruption Investigation Agency (ANIF) and the National Anti-Corruption Commission (CONAC) have documented staggering fraud figures for 2023 alone: 1.665 trillion FCFA in suspicious financial flows, 1.246 trillion FCFA in documented customs fraud over six years, and 1.745 trillion FCFA lost to scanning fraud at the Port of Douala, largely attributed to the inspection firm SGS.

These revelations underscore a disturbing reality: two rival factions within the regime have openly contested control over the same institutionalized fraud networks, turning public infrastructure into tools of private enrichment.

Private fortunes built on public theft: the Biya clan and their global empire

Beyond state coffers, investigations have traced vast personal wealth accumulated by the presidential entourage. In the Netherlands alone, authorities identified 744 million euros in illicitly acquired assets linked to the Biya family. Additional holdings include:

• A sprawling estate in Nyom, valued at 18 billion FCFA
• Real estate in Dubai estimated at 44 billion FCFA
• Luxury stays at Geneva’s Hôtel Continental, costing $50,000 per night for official delegations

Despite constitutional obligations requiring asset declarations, no member of the ruling circle—including President Biya, his wife, son, or key advisors—has fulfilled this legal requirement.

A staggering toll: what could have been achieved with stolen funds

Using conservative estimates, the total embezzled amount reaches 26 trillion FCFA. Experts warn this figure likely understates the reality, as sophisticated networks of shell companies and tax havens conceal vast sums. Extrapolating from available data, the true loss could approach 80 trillion FCFA.

To put this into perspective, diverting these funds could have:

• Paid the salaries of 380,000 teachers, healthcare workers, and security personnel for 36 consecutive years
• Built 2,600 district hospitals—260 per region across Cameroon

In closing, the speaker delivered a resolute message: “There will be no amnesty, no backroom deals exchanging impunity for a quiet transition. Every high-ranking official complicit in these crimes will face justice—before national and international courts.”