Civil Society Demands Independent Audit of DRC’s Mining Fund for Future Generations
DRC Civil Society Calls for Independent Audit of FOMIN Over Transparency and Governance Concerns
The management of the Mining Fund for Future Generations (FOMIN) has once again come under scrutiny from Congolese civil society organizations.
In an open letter addressed to the Minister of Mines on Monday, June 8, the organization La Sentinelle des Ressources Naturelles called for an urgent independent audit of the fund’s revenue allocation and financial management.
The organization argues that such an audit is necessary to clarify how mining revenues have been used and to restore public confidence in the institution.
Opportunity to Review Previous Management
According to La Sentinelle des Ressources Naturelles, the recent appointment of new leadership at FOMIN presents an opportunity to examine allegations surrounding the fund’s previous management team.
The organization warned that the government’s continued silence on repeated requests for an audit could be interpreted as tolerance toward possible financial mismanagement and governance failures.
Concerns Over Lack of Transparency
Established to preserve part of the country’s mining revenues for future generations, FOMIN has faced growing criticism over its lack of transparency.
Eight years after its creation, the organization says the public still lacks access to essential information regarding revenues collected, expenditures made, investments undertaken, and financial returns generated by the fund.
La Sentinelle noted that several civil society reports have already pointed to excessive operating expenses and allocations that appear inconsistent with FOMIN’s original mission.
According to the organization, this reflects a widening gap between the fund’s stated objectives and the actual use of its resources.
Controversial Investments Highlighted
The organization also accuses former FOMIN managers of maintaining opaque financial practices that deny citizens their right to information regarding the management of mining revenues intended for future generations.
La Sentinelle recalled that the 2023 organic decree governing FOMIN requires the publication of financed projects, equity investments, financial returns, annual financial statements, and independent audit reports. However, it claims that none of this information has been made publicly available.
Among the investments reportedly linked to the fund are:
- US$100 million allocated to the Katende hydroelectric dam project;
- US$100 million invested in Central Bank of Congo bonds;
- US$17 million for the renovation of the CEEC laboratory;
- US$50 million invested in the capital of DRC Gold Trading SA.
Alleged Governance Breaches
According to the organization, most of these financial commitments were made without prior feasibility studies or clearly established investment guidelines.
La Sentinelle also criticized the absence of an official investment plan and the lack of administrative, financial, and accounting procedures manuals, documents that have reportedly been required since February 2023.
Call for Immediate Independent Audit
The organization is urging the Minister of Mines to initiate an independent audit without delay in order to strengthen accountability, restore public trust, and ensure that FOMIN fulfills its mandate of safeguarding mining revenues for future generations.
The appeal follows the appointment of a new leadership team at FOMIN through a presidential decree signed on June 3 by President Félix Tshisekedi.
The new management team includes Katema Kala as Chairman of the Board of Directors, Godard Motemona as Director General, and Eugène Bunga as Deputy Director General.
