Cameroon is poised to turn a decisive page in its energy history. According to multiple sources, the government is expected to finalize the acquisition of 100% of the capital of Eneo, the national electricity company, currently held by the British fund Actis, within the next few hours. This operation, initiated directly by the presidency and presented as an act of economic sovereignty, aims to return the electricity sector to public control after more than two decades of private management.
The renationalization process is overseen by an inter-ministerial committee under the authority of the Minister of Finance, with the support of the Ministers of Water and Energy and of the Economy. To carry out this sensitive operation, the government has enlisted the services of KPMG France, tasked with assessing the value of the shares held by Actis.
The financial negotiations are expected to be complex, with the British fund’s “exit price” estimated at around €119 million (approximately 78 billion CFA francs), according to Africa Intelligence. This transaction comes in the context of a change of ownership for Actis itself, acquired in early 2024 by the American giant General Atlantic, which may have complicated the final discussions.
Beyond the share buyback, the State inherits Eneo’s financial burden, whose cumulative debt reached 800 billion FCFA by the end of 2024. This sum includes 500 billion FCFA owed to suppliers and 80 billion FCFA in outstanding receivables. The Ministry of Water and Energy considers Eneo a “budgetary risk” for the State, as the company is struggling to cover its operating expenses and presents a “high risk of insolvency.” The government is preparing a comprehensive recovery plan that includes the reorganization of this debt by 2026.
This renationalization is part of a broader strategy to regain public control over essential services, such as the water sector, where the state had already terminated the concession held by the Cameroon Water Company (CDE). For the government, the aim is to modernize an aging network, guarantee better service quality, and control investments in electricity, a pillar of economic development. This ambition is supported by recent major projects, such as the commissioning of the Nachtigal hydroelectric dam (420 MW), which has increased national capacity by 30%.
While the renationalization of Eneo symbolizes a political takeover, its practical success will depend on the authorities’ ability to resolve the financial equation, improve governance of the sector, and secure the necessary investments. The challenge is significant, but it opens a new chapter for Cameroon’s energy security.
