The businessman had an agreement with the bank which was kind enough to pay off some of his debt on the mortgage on the land. But the latter sold the property without the bank’s knowledge, which now forces him to pay his initial debt.
Are we witnessing the collapse of the Fadil group? Is there another captain on the boat? And if so, how does he drive the boat to the point of flirting with the wreck? These questions are far from trivial if we are to believe the recent developments around the empire, built by the industrialist El Hadj Fadii Abdoulaye Hassoumi (died in 1993) and now led by one of his sons, Bayero. Fadil.
Symbol of this descent into hell, the seals affixed at the end of last week by the National Social Security Fund (CNPS) in the premises of the company CCC, flagship of the Fadil group, in the Bassa district in Douala. The company responsible for managing the pensions of Cameroonian retirees would thus seek to recover around 800,000,000 FCFA from the Fadil Group, which is nothing less than its business partner. But where is this Fadil group going?
Bayero Fadil propose an arrangement
To understand this last aspect, we have to go back in time and dive into the heart of an even deeper dispute that mainly concerns the Commercial Bank of Cameroon (CBC). Already heavily indebted following controversial management choices, the Fadil Group, via its Bayero PCA, approached Fadil Commercial Bank-Cameroon in May 2015 to propose an amicable settlement.
It appears that Bayero Fadil obtained a medium-term private loan in the amount of CFAF 470 million in 2013. Likewise the Holding Shares Incorporated Company of the Fadil group, of which he is the chairman of the management board. had also benefited in 2007 from a loan amounting to CFAF 2,209,070,873.
We have to find a way to settle the accounts, because the bank is losing patience. At Fadil’s request, CBC then undertakes to abandon part of its debt and to reduce the total debt to FCFA 1,150,000,000 through a cash deposit of FCFA 500,000,000 and the formalization of a donation in payment of the building subject to land title N 3285 / W for the balance, ie 650,000,000 FCFA.
Commitment not respected
Six years after Mr. Fadil, is the proof that we are far from this dispute. A lot of water is flowing under the bridge but not in the desired direction. On April 20, 2020, the CBC backtracked on the allegation by sending a strong correspondence to its client with the subject of these few very explicit words: “our complaints settled”.
“In response to our letter dated April 1, 2020, you invite us to get closer to your legal counsel, to continue to make the payment at the price of mercury,” the bank wrote immediately before continuing in a tone. closed. .
“In return, we remind you that the deed of donation signed on the building under the title number 3285 / Wouri with a surface capacity of 10,212 m2 belonging to the Chemical Complex of Cameroon (CCC), clearly specified in s, in paragraph 5, the point concerning the eviction conditions, that: “At the end of the one-year period, the Bank will regain its freedom to deal with any person interested in acquiring the property received as a gift”.
And the rest of the letter reasons in sentence form: “There are no plans to open further negotiations, as you seem to invite us to do, referring to your advice – and no reference has been made. made of any kind. in your correspondence …
Thus, the Bank, which has resumed its rights under this agreement, has initiated the process of transfer in its favor with a view to the resale of the donated real estate, in perfect execution of the terms of the deed of gift concluded, with a view to of on “erase the corresponding obligations in our books”. concludes the CBC.
Unbeknownst to all …
Let’s take a break from the legal jargon and summarize for a better understanding. Bayero Fadil and the Fadil group owed more than 2.7 billion CFA francs to the SRC. Fadil made an offer to the bank to reduce its debt to 1,150 billion. In return, the latter undertook to pay 500,000,000 CFA francs and to settle the rest by placing a mortgage on one of his land. Except that the bank could not take possession of the title to the said land in the Mballa II district in Yaoundé and belonging to the CCC. Why ?
Quite simply because Bayero is as intelligent as Tantalus. Our sources indicate that he managed to sell this land (although in mortgage) to a Minister of the Republic for more than 2 billion CFA francs.
However, the transaction is only recorded at 600,000,000 Fcfa and the rest of the payment is made in cash and blind on behalf of Bayero Fadil. Approached, the businessman refuses to give any information on the subject and his entourage frantically screams the plot of the plot against the Fadil group and its PCA.
However, it is clear that Bayero Fadil carried out this last operation (like many others) without notifying any member of the board of directors. Enough for the CNPS, shareholder of the CCC (flagship of the Fadil group) to leave its reserve to affix the stamps on the buildings of the CCC in Bassa for unpaid debts totaling 800,000,000 FCFA.
you have to pay
Enough for Radio-Canada, feeling doubly cheated, to call on a law firm to recover its costs.
“Despite the facilities granted to you by the Bank, until now you did not think that you had to honor your obligations … in accordance with the agreement of the parties”, writes the business law firm Chazai + Partners in an exchange of letters addressed to the chairman of the board of directors of the Fadil group. Mohamadou Bayero Fadil and dated May 25, 2021.
“Our client therefore asks us to inform you of its firm desire to proceed with the recovery of all its debts without prejudice to compensation after cancellation of said payment”, concludes Chazai + Partners. It is clearly no longer 650,000,000 FCFA but the initial 2.7 billion plus the interest that the SRC is now claiming from Bayero Fadil and his group.
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