This has been described by Many as the greatest financial scam in the history of African Football. The Canadian Firm MAGIL, which was in charge of the construction of the Olembe stadium since 2019, has unilaterally terminated its contract after Embezzling 42 billion including 38 billion from pre-guaranteed loan and 4 billion from the Government bridge loan. They went further to demand materials for construction, despite the fact that materials were available and could be used for the construction of the main stadium, it’s two annexes, the hotel, shopping center and the movie theatre.
The Minister of sports and physical education in the correspondent said MAGIL tried to blackmail the government by frequently halting works and demanding huge sums of money to be disbursed before work is done.
” MAGIL carried out several actions to prevent the holding of test match, Cameroon- Malawi on September 3 2021 in Olembe”, the Minister said.
An advance of 21.9 billion was given to the company for the construction gymnasium, Olympic swimming pool, Tennis court as well as the basket court but work is yet to begin.
The Minister has however insisted that as a result of the unilateral termination of the contract, the state must claim the cost.
“The unilateral termination of the contract, for the completion of the works of the Olembe Sports complex by this company means that the state must claim from it, the immediate restitution of part of the advance of start-up as well as that of the bridge loan of 4 billion, failing which MAGIL must be prosecuted for infringement to public wealth. “The Minister added.
The construction of the Olembe complex now stands at 250 billion FCFA instead of 155 billion FCFA as initially planned.