Meeting of the board of directors of COGELO S.A. - The 2018 budget amounts to 12 billion CFA francs in terms of products and 10 billion for expenses
30 Jun, 2018
COGELO ( a Congolese lottery company) held its ordinary board meeting on Friday, June 29, 2018 at the head office of the company in Brazzaville. The proceedings were chaired by Jean Marie Montsagna, chairman of the board, administrative and legal adviser of the Minister of Finance and Budget, honourable Calixte Nganongo.
During the proceedings, the 2018 company budget was adopted. The said budget was approved at the latest ordinary budget session of the board on last January 10. It is estimated at 12 billion CFA francs in terms of products and 10 billion for expenses. In the draft agenda, there were also the following items : reading and adoption of the minutes of the board meeting held on January 10, 2018; examination and adoption of the report on the implementation of the outcome and recommendations of the meeting held on January 10, 2018; the activity report of COGELO as of April 30, 2018 and the draft budget execution ( for the period January 1 to April 30, 2018; hearing of the audit reports.
As regard the consideration and the adoption of the report on the implementation of the outcome of the meeting and recommendations of the meeting held on January 10, the board adopted 6 resolutions on the minutes of the assessment meeting of the board held on September 15, 2017; the 2017 activity report of COGELO; the budget execution report of COGELO for 2017 and the activity report of COGELO for 2018.
Based on its recommendations, the board meeting held on January 10 had decided to renew the term of office of Martial Djimbi Makoundi, as ad interim general manager and to coopt Ms. Lydie Oboa Oworo, as public administrator. The board also recommended the audit of the accounts payable by auditors; taking legal action as regard conservatory acts; suing the former general manager Tchisambot Makosso for keeping the company car; the physical checking of COGELO staff ; the comparative study on the acquisition of a payroll software and the punctual outsourcing of the payroll ; the revival of the issue on reducing the special tax on gambling and last, the withdrawal of budgetary control officers from COGELO.
As regard the consideration and the adoption of the 2018 activity program, Martial Djimbi Makoundi reassured the board that COGELO would take off in 2018 with the initiative " Connecting everything and PMU France" which would enable to make bets more reliable and bring confidence back.
The director of operations and computer science addressed the technical aspect by giving more details on what the general manager said and an example of a common pool of 50 countries across the world, among which 5 African ones. The commercial launching of the common pool in Congo took place in January 2018, which enabled to protect bets and to boost sales.
Furthermore, CACOGES , a private audit office for businesses, presented a draft audit report to the board on June 14, 2017. The report mentions that COGELO annual reports are not regular and reliable. They do not either give a full account of the company activities of the period under review or of the financial situation and patrimony of the company as of December 31, 2016, as required by OHADA accounting rules and methods.
According to CACOGES, based on the analysis made, weaknesses in internal oversight and accounting documents were noticed as well as lack of reliability of the accounts for the years 2012, 2013, 2014, 2015 and 2016. The update of the balancing item of COGELO requires an inventory and a comprehensive collection of data so that they are in conformity with existing accounting principles and methods.
