The takeover offer put forward by the National Social Insurance Fund NSIF as part of a joint venture with the National Hydrocarbons Cooperation of Cameroon does not meet the conditions of the majority shareholder, the British company Actis, which holds 51% of the company’s assets.
President Paul Biya, has still not given his approval for the operation. The Director General of NSIF, Alain Noël Olivier Mekulu Mvondo Akam, whose departments sent an expression of interest to the majority shareholder Actis on 13 November 2022 for the acquisition of its shares in Eneo, has since said that he is only waiting for the agreement of the Head of State to untie the strings.
Until then, the Franco-Moroccan Amine Homman Ludiye was deputy managing director in charge of production at ENEO Cameroon S.A. He took over as head of the company, Cameroon’s main electricity producer and distributor, on 26 June, following the resignation of the Belgian Patrick Eeckelers. If all goes well, it is he who should bring to a conclusion the negotiations for the sale by the British investment fund Actis of its assets in ENEO (51%) to the National Social Insurance Fund NSIF as part of a joint venture with the National Hydrocarbons Cooperation of Cameroon .
In an article published yesterday, Tuesday 18 July, the pan-African newspaper Africa Business writes that the discussions, which began last year, have been at a standstill since mid-April. “NSIF’s offer was not in line with Actis’s expectations, particularly in terms of price”, says an internal source.
While the a minimal financial offer from this public company in charge of managing retirement pensions may indeed have stalled the discussions, it cannot be the only cause of the deadlock in this ENEO./NSIF deal. The President of the Republic, Paul Biya, whose Alain Noël Olivier Mekulu Mvondo Akam said several months ago that he had requested prior authorisation to conclude the transaction with Actis under the aegis of the Ministries of Finance and Water and Energy, has still not given his approval.