Deposit & Consignment Fund: Who is blocking institution from fully implementing Biya’s orders?.

It is now emerging that CDEC is still shuddering in going about its mission owing to incoherence within government circles. 
The Guardian Post has it on good authority that some highly placed officials within government circles are blocking the signing into effect of a text of application that will make clear the contours of CDEC’s work.
The situation, highly placed sources say, smacks of people within the corridors of power working to frustrate President Paul Biya’s mission handed to the CDEC team.  
Besides acting as a double guarantor for idle funds, Biya through CDEC, is said to have opened a window to mobilise funds for development projects.  
But that gaze of the Head of State to access such money, we are told, is being blocked by persons who claim to be working on his instructions.
Without a text of application, CDEC cannot exhaustively go about its mission to reclaim idle money in financial institutions, courts and other concerned areas of operation.
The dilly-dallying with the structures of the State, we are told, has caused the World Bank to but extra pressure on the regime for reforms to be made to allow CDEC performed its role.
But for appeals for patients, The Guardian Post gathered that, the Word Bank, was close to setting a deadline for the necessary changes to enable CDEC function smoothly to be effected.

CDEC management writes Britton Woods Institution
It is reported that given hints of obstacles faced within government circles, the management of CDEC, wrote to the World Bank, revealing the cacophony that is stalling its operation.
The notification is said to have based on the fact that, the crusade for CDEC to go operation came from the same financial body that has been stringent in ensuring the management of public finances.
The World Bank is said to be on the know that financial institutions in Cameroon hold a lot of unclaimed funds. The funds, the institution is said to have concurred, must be remobilised and directed to fund development projects.

Misleading Biya to keep feeding fat?
It is reported that, some persons within government wrote reports to the Head of State, Paul Biya, claiming that, if CDEC is allowed to fully operate, commercial banks in the country especially will fold up.
Those who are accused of having infused such reading within the corridors of power are said to be people feeding fat from the delay in seeing that a text of application is actually signed.  
Statutorily, it is the Prime Minister, Head of Government, Chief Dr Joseph Dion Nugte, who is supposed to sign such a text into effect. 
But sources hinted that, the document is rather being blocked within certain echelons of power.  The consequence of the unhealthy atmosphere is CDEC being unable to operate at its maximum.

Banks, judicial officers accused of fueling confusion
The cold war over a text of application for CDEC to function maximally is said to extend to financial institutions and judiciary officers. It is reported that, some banks have dished out huge chunks of money to bribe some officials within government to block the coming into force of a text of application.  
Magistrates, notaries public and other persons in the judiciary chain are also said to have joined the network. The fear of losing money which they had been collecting before CDEC came into the picture is said to be at the origin of the panicky ventures.
For one thing, authorities are said to be in the know that, banks and insurance companies in particular hold liquidity that runs in hundreds of billions that belong to dead people.  
The unclaimed funds is what the State through CDEC is seeking to rally and use for development while putting in place clear cut routes for the concerned to recover such money.

False claims of financial institutions closing if money recovered
Bankers whom The Guardian Post spoke to on condition of anonymity said, asserting that banks will crumble if such money is recovered is misleading. 
Our respondents concurred that financial institutions have their operating capital different from such deposits. They added that surrendering such money can only reduce turnover and profit margin but no institution

CDEC not carting resources away
There are verifiable reports that at the level of CDEC, actions have been engaged to ensure that the unclaimed funds are put in special accounts and not taken away.   
The institution is said to have informed banks and other institutions that once unclaimed funds are summed up, special accounts will be opened in the name of CDEC within the same institutions to keep money inside.

Cameroon failing where other countries succeeding?
Recovering idle funds in banks and directing such for development purposes is a longstanding novelty that has produced results in several countries.  
Sources indicated that, the strength of the successes recorded elsewhere is thanks to collaboration within government circles and other stakeholders. The Cameroonian experience seems to be hitting the brick wall owing to disunity among those who are rather supposed to collaborate.

Hope from Allianz Cameroun
In the meantime, one of the best examples so far for CDEC is its deal of Tuesday October 31, 2023 with the Cameroonian subsidiary of the German insurance giant, Allianz, Allianz Cameroun, for the  transfer of  1.5 billion FCFA idle funds to its keeping.
Allianz Cameroun which has been operating in Cameroon since 1924 through the deal surrendered the unclaimed funds from 3,523 accounts to CDEC. 
Created through presidential fiat in March 2008, CDEC is charged with recovering all idle money nationwide and using such to support development. 
Some of such resources are court fines, cautions for election, caution of tenders for public contracts among others.