The hope for clean governance of the state coffers is evaporating as financial scandals pile up. At the Industrial Promotion Fund (FPI), a gaping hole of US$300 million has just been revealed. This staggering financial hemorrhage is reminiscent of the worst days of the previous regime, but above all, it highlights the true tragedy of current public management: the use of managerial instability and the frenetic turnover of directors general as a smokescreen for impunity and institutionalized plundering.
History is repeating itself at the Industrial Promotion Fund. During the Council of Ministers meeting on April 10, 2026, the warning issued by the interim Minister of Industry, Justin Kalumba, had a bombshell effect: $300 million in receivables were languishing in the hands of insolvent debtors. This financial collapse was not a coincidence. It was the direct result of a human resources management policy at the top of the company that fostered inertia and protected the untouchables.
The 2016 precedent: When leadership dared to confront the untouchables
To gauge the extent of today’s managerial failure, the 2016 situation is stark. Under Joseph Kabila’s administration, the FPI (Ivorian Popular Front) already had $260 million in outstanding debts, teetering on the brink of bankruptcy with barely $738,000 in cash.
At that time, the late Patrice Kitebi, appointed head of the institution, opted for a radical leadership approach to dealing with insolvent debtors. Enjoying a degree of stability in his position, he implemented strict precautionary mechanisms and, above all, launched an aggressive legal crackdown. Dozens of buildings and concessions were seized and sold. This management style, focused on forced debt recovery, allowed the institution to turn things around, leaving a cash surplus of USD 38 million in July 2021. The leader had fulfilled his role as financial watchdog.
The Tshisekedi Era: Managerial Instability as a Tool of Poor Governance
Today, the contrast is striking. The amount of money lost is greater, but the leadership seems paralyzed. How can we explain that the FPI has fallen, in such a short time, into an even deeper abyss? The answer lies in the dizzying turnover of its leaders.
In the space of four and a half years (since July 2021), the institution has gone through three Directors General:
Jean-Claude Kalenga Makonga (July 2021 – September 2022)
Bertin Mudimu Tshisekedi (September 2022 – August 2025)
Hervé Claude Ntumba Batukonke (Since August 2025)
This constant turnover is destructive. With each change in leadership, the new appointee needs months to grasp the complex issues and the inner workings of an institution riddled with political pressure. This instability completely undermines any long-term vision, stifles revenue collection efforts, and paralyzes the monitoring of key projects.
Worse still, these leaders, aware of their precarious positions, often become mere executors, incapable of standing up to the powerful networks of insolvent debtors that proliferate within the circles of power. The leader is no longer a manager; he becomes a scapegoat.
Timid audits versus legal action: the triumph of impunity
Faced with the urgency of the situation, the current reaction of the state apparatus borders on complacency. Where the previous administration did not hesitate to call upon the courts and law firms to seize mortgaged assets, the highest levels of government are now content to “propose an audit” to “detect any potential internal dysfunctions.” An unacceptable understatement when $300 million of public funds are unaccounted for.
The current Director General, Hervé Claude Ntumba Batukonke, has promised to make debt recovery his priority. But without a clear political will to stabilize management and allow leaders to act without partisan interference, these promises will remain empty words.
Ultimately, the FPI debacle proves that the management of the Congolese state’s portfolio has not changed. From one regime to the next, public enterprises remain mere outlets for wealth distribution to a privileged few. And the constant revolving door of corporate officers proves to be the most effective way to ensure that no one ever has the time, or the power, to put an end to the charade.
With ScoopeRDC
