Togolese Bank, a 100% state-owned business and industry owned by Togo, will come under the control of IP Holdings, a Togolese company owned by Burkina Faso Mamato Bongkong. In the Cabinet on Wednesday, the Togolese government approved a draft order setting out the terms and (unknown) selling price of the state’s 90% stake in the bank’s share capital.
With our correspondent in Lomé, Peter Sasso Tokbe
This is a surgery on the way to an end. It has been involved for about ten years and started when Togolese Bank faced difficulties for business and industry like other banks in Togo. Especially for non-repayment of loans given to bankrupt borrowers, but also to some state-owned companies such as the Cotton Company or the Phosphate Company. Many failures were added to its administration.
More funding for the national economy
As pointed out to the Council of Ministers on Wednesday, August 11th, BTCI IP Holding will be heavily traded. The Togolese Company is owned by Burkinabe Mohamed Bonkawang, CEO of EBOMAF, who made his fortune in public works on the continent. It was selected from five bidders who responded to a call for tenders from the state of Togolese, which retains 10% of the capital.
The government hopes that this privatization will help further fund the national economy and ensure that the interests of employees are protected.