In an affair worthy of a financial thriller, the National Bank for Economic Development (Bnde) finds itself at the heart of a monumental scandal. According to the daily Liberationthe bank was relieved of more than 3 billion FCFA in a mortgage loan transaction tainted by fraud. A look back at the facts that make Kaolack tremble.
“Golden” land valued at 4 billion FCFA… in 2018
In 2018, Bnde granted three mortgage loans for a total amount of more than 3 billion FCFA to a well-known company in Dakar. As guarantee, the said company hands over three lands located in Sing-Sing, the value of which would have been estimated at nearly 4 billion FCFA, according to an initial expertise.
So everything seemed in order. But when the company failed to meet its repayment commitments, the bank initiated proceedings to seize and sell the land at auction, hoping to recover its dues.
The shock of the second opinion: land that is not even worth 100 million FCFA
This is where the scenario turns into a nightmare for Bnde. As reported Liberationa second expertise, carried out by the bank itself, reveals that the real value of the land does not exceed 100 million FCFA. The contrast is dizzying: land supposedly worth billions is transformed into barely usable plots.
The matter does not end there. According to information from Liberationsuspicion is now directed towards the real estate experts and the notary involved in the initial evaluation. All are based in Kaolack, where investigators from the research brigade were seized by the prosecution.
A complaint, questions, and an ongoing investigation
Faced with this fraudulent setup, the Bnde was quick to react. The bank filed a complaint with the Kaolack public prosecutor’s office, which immediately opened an investigation. The objective? Shed full light on this incredible affair and identify responsibilities at each level.
Liberation underlines that this affair illustrates the flaws in the control of mortgage files and highlights a potentially well-established network, involving key players in the land sector.
And now ?
While the investigation continues, the Bnde could well drag in its wake a company in turmoil and players in the land sector whose reputation is now compromised. Liberation promises to return with more details on a matter which could have ramifications well beyond Kaolack.
In the meantime, one question remains on everyone’s lips: how could land valued at billions turn into empty shells? A response that the Kaolack prosecutor’s office will hopefully provide very quickly.
