Non-respect of Prudential Norms:Regulator Sanctions Bank Managers

No fewer than five managers of commercial banks operating in Cameroon have been sanctioned by the Central African Banking Commission (COBAC) following the regulator’s disciplinary session held in Yaounde on September 22, 2018. According to separate communiqués announcing the sanctions meted out, which were issued by Abbas Mahamat Tolli, Governor of the Bank of Central African States (BEAC) and statutory President of COBAC, the bank managers were generally faulted for the non-respect of exchange regulations as well as prudential norms.

Prudential norms are said tobe guidelines and general norms issued by the central bank; for which banks are expected to follow, for the proper and accountable functioning of banks and bank- related establishments.

Alphonse Nafack, General Manager of Afriland First Bank was given a warning for the non-respect of exchange regulations as well as prudential norms. Isong Udom, General Manager of United Bank forAfrica (UBA) Cameroon and Gwendoline Nzo-Nguty Abunaw,General Manager of Ecobank Cameroon were also warned by COBAC for the same reasons. The same sanction was al...