(Ecofin Agency) - The Togolese state has just granted the Cameroonian economic operator Simon Pierre Ndjeng, introduced as boss of the Togolese subsidiary of the Spanish company Modul System, the authorisation to build university campuses in the cities of Lomé, the capital and Kara, in the north of the country, disclosed the business and economic affairs newsletter La Lettre du Continent.

Moreover, we learn that after winning in the past the contract for the construction of the University of Lomé president’s offices, the company led by Mr Ndjeng is currently building the premises of the Gabon Embassy in Togo; so many contracts this Cameroonian economic operator seems to undertake with more enthusiasm that the one which made him known to the public at large in his country: Cameroon.

Indeed, in July 2008, Mr Ndjeng, heading a business called Timbal Immobiliare, already presented at the time as the subsidiary of a Spanish company, had signed with the Communauté Urbaine de Yaoundé, an agreement for the construction of the “Résidence Ongola” on the location of the former “Camp Sic Tsinga”. Backed by the guarantees given by the Communauté Urbaine, Timbal Immobiliare was granted a loan of FCfa 1.5 billion by Afriland First Bank, in order to put up ten residential buildings totalling 200 low cost housing units.

A year later, and after the effective release of FCfa 900 million, the bank suspended the release of funds, on the grounds that Timbal Immobiliare is using the loan for other projects. To support its arguments, the bank pointed out that the stage of the works on the ground does not equate to the volume of funds released to the company managed by Simon Pierre Ndjeng, who has by the way totally vanished to this day, without leaning any foundation works on the building site of “Résidence Ongola” in Yaoundé. This is though after receiving close to FCfa 1 billion for the completion of this project.