According to article 886 of the OHADA Law of 2014, it is a
the criminal offense for the founders, the chief executive officer, the
general manager, the general director, or the deputy general
director of a public limited company to issue shares before the
registration of the company or, at any time, when the registration
is proved to be fraudulent or that the company is improperly
The following shall face a criminal charge:
1) Those who, knowingly, through the notarized statement of
subscription and payment or on the depository’s certificate, have
certified true and accurate subscriptions they knew were fictitious
and have declared that funds that have not been definitely made
available to the company, was actually made;
2) Those who will have delivered to the notary or to the
depositary a list of shareholders or subscription and payment
forms stating fictitious subscriptions or payments of funds that
have not been definitely made available to the company;
3) Those who knowingly, by fictitious subscription or payment or
by the publication of subscriptions or payments that do not exist or any
other false facts have been obtained or attempted to obtain
subscriptions or payments;
4) Those who, knowingly, in order to initiate subscriptions or
payments have published the names of designated persons,
untruthfully, as being or expected to be related to the company in
any capacity; those who fraudulently, has allocated to a
contribution in kind, a higher valuation than its real value.

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