By Tata Mbunwe
Presidential candidate Cabral Libii has pledged that, if elected on October 12, his top priority will be to recover over 11 trillion CFA francs owed by Glencore to the Cameroonian state.
The funds, stemming from a 2023 ruling against the multinational for oil-related financial misconduct, would be used to fund infrastructure and social development projects across the country.
In a statement released today, Libii, who is one of 12 candidates for the upcoming election, outlined the basis for the recovery, referencing administrative actions by the Ministry of Finance’s Customs and Tax departments.
Two years ago, Glencore was ordered to pay 711,742,397,971 CFA francs for diverted duties, taxes, and overbilling that defrauded Cameroon’s public treasury, plus 10,419,745,979,714 CFA francs in fines, totaling over 11 trillion CFA francs.
“Glencore has not contested and has not engaged in judicial recourse, and the deadlines have expired,” Cabral Libii stated.
He detailed his plan to allocate these funds if elected. He promised to distribute 2 billion CFA francs in emergency funds to each of Cameroon’s 360 municipalities in 2026, with 500 million allocated for road repair equipment, 500 million for launching agro-industries, 500 million for hospital equipment, and 500 million for equipping and digitizing schools.
Moreover, he aims to finance the construction of a dual-track railway connecting the Port of Kribi to Kousseri in Chad, a project meant to boost regional trade and connectivity.
“We have the money,” Cabral Libii said, urging Cameroonians to vote on October 12 to support his vision for equitable development and economic revitalization.
The announcement comes amid scrutiny of government accountability and resource management as the presidential election approaches.
