Following financial crisis:

Massive lay-offs feared at Chantier Naval
Over 450 workers are likely to be thrown out of the corporation in the months ahead on account of the enormous problems it is currently facing
By Mercy Neba in Douala

Edgard Alain Mebe Ngo’o

As many as 450 workers of the Cameroon Shipyard Engineering Corporation, commonly known by its French acronym Chantier Naval, may be shown the door not too long from now. The disclosure was made during the visit of the new minister of Transport Edgard Alain Mebe Ngo’o to the structure in Douala recently.
    During the visit, the general manager of Chantier Naval, Alfred Forgwe made known to the minister the major problems that his company is facing and said the problems may cause some of its workers to lose their job in the months ahead. He did not however state clearly the number of workers who stand such a risk. It was later in the corridors of the house that some of the workers revealed to the press that over 450 of them may soon become unemployed.
    One of the first difficulties the GM unveiled to Minister Mebe Ngo’o was that of paying workers’ October 2015 salaries. “…if nothing is done,” he added “we stand the risk of facing the same problem this November.”

    The general manager also cited the decrepit state of the working tools of the corporation as well as the sinking of two of its ship-repairing docks of ten tons and 3 500 tons respectively. He said the docks sank since February 2015 and that some experts have declared them no longer functional. As at now, he went on; only two docks with 500-ton and 1 000-ton capacities are functional at Chantier Naval.
    All of which jeopardizes the smooth functioning of the corporation as it is no longer significantly productive. Added to these, the GM explained, is the huge debt that the corporation owes but its creditors but whose figure was not made public.
    The general manager however made it clear that all is not entirely gloomy for Chantier Naval. He revealed that the structure has a number of assets that can help raise its standard to an acceptable level.
    As a way or revitalizing the corporation, he suggested that new shareholders be brought in, the factors of production be rehabilitated and the trade actions reinforced. This would preserve social peace at Chantier Naval, he assured.
    He also pointed out the support of the state which he described as imperative.
    “We have started some work which we will not be able to finish without the support of the state. Let me use this opportunity to thank government for the incessant support to us,” he said.
One such financial support is the ongoing reimbursement of a debt of 9 billion FCFA by the state. The money was meant for the realization of some public infrastructure in connection to the Limbe Shipyard project.  To this day, The Median learned, the government has reimbursed 1.1 billion FCFA of the total amount in three separate installments: two installments of 500 million FCFA each and one of 100 million FCFA.
    The general manager called on Edgard Alain Mebe Ngo’o to do all in his power to speed up the payment of the debt.
    Created in 1988, the Cameroon Shipyard Engineering Corporation had an initial capital of 15 Billion FCFA. Today, its capital has risen to about 800 billion FCFA.