Billions were lost in the rampages in early June. The economy has been hit hard. After the two days of madness, companies have begun to assess the damages and losses. Billions have been swallowed and the assessment has just begun.

For a story of massage between two adults during a curfew, the bill is too hefty for the Senegalese economy. Indeed, looters attacked companies that had nothing to do with this problem following the announcement of Sonko’s conviction in the Adji Sarr case. The banking sector is one of the hardest hit.

31 bank agencies vandalised

“The demonstrations impacted all banking operations, because we were at the end of the month and during the Tabaski period. We were forced to resume the system put in place during the Covid. We opened the cash registers and closed the other entities, because there was a travel problem. with 5 branches vandalized. The nature of the damage ranges from the destruction of cashpoints, signs and some fires were noted. 14 banks are impacted. Société Générale paid the heaviest price with 5 branches vandalized. “It was when the bank was open with customers inside,” explained Bocar Sy, from the Association of Banks and Financial Institutions.

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For the president of the Apbefs, “the cost of the restoration is 150 million per agency, while we have counted 31 agencies. Unfortunately, it is money that we had to invest in areas where our presence leaves something to be desired. We have witnessed acts of degradation that nothing justifies”. And the hardest part is practically the user who will suffer the most. “We were in the process of reducing the cost of banking service. What happened will make it less possible for us to do so”, announced Ibrahima Fall, Managing Director of Coris bank.

Another sector which has not suffered material damage and which will pay dearly for the dissemination of images of looting and vandalism is tourism. Even if a precise figure explaining the consequences is not yet available, Aimé Sène of the Fleurs de Lys hotels reports a loss of more than 300 million for his receptive hotelier. “As soon as the protests started, people pulled out of the hotels. They cut their stays short. And, of course the seminars were cancelled. There was a nice upturn in tourism and the figures had started to rise again,” he stated regrettably.

For Racine Sy, the tourism sector was beginning to improve, but the image of the demonstrations has reset everything. To this end, he pleaded for hotel credits to be increased again.

100 gas stations looted

If the sector is yet to monetise the damage, the bosses of the oil services cannot say the same thing. More than 100 gas stations were struck by looters. Mouhamed Chagouni, the president of the Association of Professional Oilmen, is already convinced that the material damage will exceed 3 billion Cfa. “It should be noted that in 2021, the damage suffered was 3.5 billion Cfa, while the number was at 21 stations. We are talking about 100 today. Some managers no longer want to replenish their capital. They no longer want or have the means to reinvest,” he said, while waiting to have an exact assessment of the damage. Mouhamed Chagouni called on the state to pay the debt it owes them. The amount is 145 billion Cfa.

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« We are asking the state to repeat the gesture it made in March 2021 when it decided to pay 26 billion of the debt to relieve the cash flow tension we are experiencing, » he said. Carriers are also in the same logic. Of the impacted, supermarkets are the worst off. Indeed, Auchan was forced to close 7 stores in the suburbs, all ransacked. 300 employees are on technical unemployment. For example, in March 2021, the brand lost more than 15 billion for the looting of 19 of its stores. Supeco, which saw its two stores in the suburbs ransacked, estimates the damage at more than a billion, pending a full assessment.

The Digital sector hard hit
Still in the same dynamic, Orange quantifies its material damage at more than 677 million Cfa. “Our smart store agency was completely destroyed at Parcelles Assainies. This agency, inaugurated recently, cost us 500 million Cfa. 309 kiosks were destroyed for an amount of 154.5 million. 309 employees are on technical unemployment. 3 of our vehicles were set on fire. We have suffered damage to our equipment amounting to 13 million”, informed the director of communication of Orange who informed that an assessment is underway to find out the shortfall due to the internet cut. On the other hand, Wave knows that this measure has reduced its activities by 40%, in addition to placing the fintech into a bankruptcy risk situation. “The internet shutdown was problematic. We have seen a 40% drop in activities over the two days. This figure is reflected in volumes. It impacts banks, major billers like Senelec. This decline translates into serious social effects. The Senegalese who received either aid from the diaspora or their daily expenses were impacted. More than 7 million customers have been affected,” said Coura Sène, the General Manager.

By Malick GAYE / mgaye@lequotidien.sn

  • Translation by Ndey T. SOSSEH