Table of Contents
Afriland First Bank, founded by Cameroonian businessman Paul Fokam, has dismissed claims circulating on social media that tax authorities in the Democratic Republic of Congo sealed the offices of its Congolese subsidiary.
In a statement released Sept. 12, the group clarified that since the establishment of Afriland First Bank CD in 2005, the lender has never faced an administrative closure or similar sanction from the tax directorate or any other government institution.
Congo takeover sparks dispute
The lender said the current confusion stems from events in July 2021, when the Congolese government, with the backing of the central bank, forcibly removed shareholders, expelled the board chairman from the country, and dismantled the bank’s governing structure.
Afriland described this intervention as the “destruction” of what was once a major player in Congo’s financial sector. “The seals were placed after four years of exclusive management by the Congolese government,” Afriland said, stressing it has had no control over the subsidiary since July 2021.
In August 2023, Afriland lodged a complaint with the International Centre for Settlement of Investment Disputes, the World Bank’s arbitration unit, to challenge the government’s actions. The bank said it is committed to transparency and defending its rights through legal means.
Regional expansion and partnerships
Afriland First Bank continued to grow despite challenges in Congo supporting regional economies in Cameroon with a $2.7 billion contribution to the country’s economic activity in February 2024.
In April 2025 the International Finance Corporation announced a $60 million partnership with Afriland First Bank Cameroon highlighting the bank’s credibility and financial strength.
The lender also helped facilitate a $1.2 billion agreement between the Central African Republic and Indian company Mahasakthi reflecting its ability to support significant cross-border projects.
Afriland Bank operates in nine countries
Afriland First Bank, founded by Cameroonian businessman Paul Fokam in 1987, now operates across nine countries, including Equatorial Guinea, Liberia, South Sudan, Uganda and Zambia. The lender runs 87 branches, more than 200 ATMs and serves more than 700,000 customers.
Fokam, who is also an economist and writer, has long promoted African-led solutions for the continent’s development. For him and Afriland, the dispute in Congo is not only about defending corporate rights, but also about protecting the space for African entrepreneurs to grow in a stable and fair business climate.
