Publications currently abound on social networks regarding the Caisse Nationale de la Prévoyance Sociale (CNPS – Social Security Fund). The common thread in these publications is that CNPS sold off a building in Paris for FCfa one billion when it was worth FCfa 10 billion.

Simon Meyanga, in charge of Communication for this State company brings some clarifications. Regarding the building located at Boulevard des Capucines in Paris, he explains it was bought in 2010 for approximately FCfa 3 billion and not FCfa 4 billion. “The company AEW Europe offered to buy it from CNPS for 10,700 Euros, representing slightly over FCfa 7 billion. For the general management of CNPS, this is a good deal! Especially because since the acquisition of this building, the aggregated amount of rent paid in was FCfa 1.3 billion, while the property tax and service charge came up to about FCfa 10 million. CNPS therefore knew that it was winning in this operation, since based on related advice, the offered buying price represented 26 years of rent”, clarified Mr. Meyanga.

He explains that the profit to make in the sale of the Parisian building received a favourable opinion from the Investment Committee which met on 17 April 2017 in Yaoundé. A body whose mandate, among other things, is to ensure that investment projects meet the criteria and general investment policy directions and to recommend them to the Board for adoption.

“I am not revealing a secret by informing you that the Board members did not push aside this offer, they asked the Management of CNPS to get the approval from the Office of the President. Which was granted”, concludes the Communication Manager.

S.A