COSUMAF: Revokes Axiome Capital License, Orders Liquidation

• COSUMAF revoked Axiome Capital's license and initiated its liquidation on August 3, 2026.
• The Congolese investment advisory firm failed to conduct any market activity for three years after receiving authorization.
• The individual license of Axiome Capital manager Attendu Bogalys Mboussa Galibayi was also revoked.
• Axiome Capital was authorized on March 31, 2023, to operate as a financial investment adviser in the CEMAC region.
• The regulator's board authorized its president to appoint a liquidator to complete the required procedures.

This decisive action by the CEMAC financial market regulator underscores a stringent approach to ensuring active participation and operational compliance among authorized entities.

The Central African Financial Market Supervisory Commission (COSUMAF), the primary financial market regulator for the Central African Economic and Monetary Community (CEMAC) region, has taken decisive action against Axiome Capital, a Congolese investment advisory firm. On August 3, 2026, the regulator announced the revocation of Axiome Capital's operating license and initiated procedures for its liquidation. This significant COSUMAF disciplinary action stems from the firm's complete lack of market activity over a three-year period following its initial authorization.

In addition to the corporate sanctions, COSUMAF also revoked the individual license held by Attendu Bogalys Mboussa Galibayi, who served as Axiome Capital's manager. The regulator's board has granted its president the authority to appoint a liquidator, who will be responsible for overseeing the necessary steps to conclude the firm's operations.

Axiome Capital, established in Brazzaville in January 2020 with CFA1 million in capital, received its authorization to operate as a financial investment adviser within the CEMAC region on March 31, 2023. Despite this official approval, the firm never engaged in any market activities subsequent to obtaining its license, remaining entirely dormant for three years.

The firm's regulatory challenges intensified on April 30, 2025, when its manager, Attendu Bogalys Mboussa Galibayi, informed COSUMAF of his new appointment to the Republic of Congo presidency’s hydrocarbons department. He stated that this new role precluded him from continuing to manage Axiome Capital. Subsequently, on June 11, 2025, COSUMAF formally notified Mr. Mboussa Galibayi that his departure from the firm would result in the forfeiture of his authorization as a manager.

This decisive action by the CEMAC financial market regulator underscores a stringent approach to ensuring active participation and operational compliance among authorized entities. COSUMAF's decision highlights the critical expectation that firms granted licenses must actively contribute to the financial market, rather than merely holding an authorization without engaging in their designated functions. The revocation of Axiome Capital's license and the initiation of Axiome Capital liquidation serve as a clear signal regarding the regulator's commitment to maintaining a robust and functional financial ecosystem.

The regulatory framework in the CEMAC region mandates that licensed financial investment advisers remain operational and adhere to their authorized scope of business. The lack of any market activity by Axiome Capital for three years directly contravened these expectations, leading to the ultimate COSUMAF revokes Axiome Capital license decision. This case demonstrates the regulator's willingness to enforce ongoing operational requirements, not just initial compliance.

The CEMAC financial market regulator decision to revoke Axiome Capital’s license and initiate its liquidation sets a significant precedent for financial firms operating or seeking to operate in the region. It emphasizes that regulatory authorization is not a passive status but requires continuous engagement and active market participation. Firms that fail to maintain operational activity risk similar severe penalties, including the complete withdrawal of their licenses and forced dissolution.

Furthermore, the revocation of Attendu Bogalys Mboussa Galibayi's individual license alongside the corporate action demonstrates COSUMAF's comprehensive approach to accountability. This indicates that managers of licensed entities are also subject to strict oversight, and their inability or unwillingness to fulfill their roles can have direct consequences on their individual authorizations. This case serves as a crucial reminder for all financial investment advisers in the CEMAC region about the importance of sustained operational presence and adherence to regulatory expectations, particularly concerning financial investment adviser inactivity.

Lawyers and compliance officers advising financial firms in the CEMAC region should note this as a precedent for strict regulatory enforcement regarding ongoing market activity requirements. It underscores the risk of license revocation and liquidation for entities failing to actively operate post-authorization, and highlights the regulator's willingness to also revoke individual manager licenses.

Source: Original reporting via {source}