The Cameroonian state is working against the clock to assemble the financing required to take over Société Générale Cameroun (SGC), the entity now described in Yaoundé as the former subsidiary of the French group. The operation could call for as much as $432 million — the equivalent of roughly 260 billion CFA francs — an envelope that covers both the price of the shares held by the Paris-based parent and the recapitalisation the bank will need once the deal is completed.

For the authorities, the overriding concern is continuity. SGC ranks among the country’s leading commercial banks, and any break in its activity would ripple well beyond the banking sector.

A $432 million buyback to lock down the shareholding

Cameroon’s file sits inside a broader pattern of Société Générale stepping back from the continent. The French group, midway through an extensive streamlining plan, has already offloaded several subsidiaries in sub-Saharan Africa, from Congo to Burkina Faso and from Chad to Mauritania. Cameroon stands out as one of the most strategic positions in that portfolio, on account of Douala’s economic weight and the depth of the local banking market. The departure of an institution present since independence is redrawing the competitive map across the Cemac zone.

Preemption chosen over a sale to a pan-African group

Where other disposals went to pan-African banking groups, Yaoundé opted to exercise its right of preemption and take the majority stake directly. Officials defend that decision by invoking the need to keep hold of a banking instrument they regard as sensitive, notably for financing large state-owned enterprises and infrastructure. The formula breaks with recent practice in the sub-region, where Moroccan, Ivorian and Nigerian groups have absorbed most of the portfolios abandoned by European lenders.

Assembling the package: public securities, bilateral loans and beyond

Building the round of financing remains the difficult part. The Ministry of Finance is weighing several channels to cover the $432 million. Tapping the regional public securities market, driven by the Bank of Central African States (BEAC), features among the options under consideration, alongside bilateral loans and concessional credit lines from multilateral partners. Whichever mix is retained will have to respect the budget targets fixed under the programme agreed with the International Monetary Fund.

A temporary public vehicle to hold the shares

How the shares are held in the interim is another unresolved question. Several scenarios are circulating, including an initial purchase through a public vehicle that would progressively transfer part of the capital to Cameroonian institutional investors. Pension funds, insurance companies and some of the country’s largest private groups could be approached at a second stage. Such a structure would allow the Treasury to disengage partially while preserving a strong national anchor in the bank’s ownership.

A test case for financial sovereignty in francophone Africa

The transaction carries more than balance-sheet significance. It amounts to a political signal directed at investors and at Cameroon’s financial partners, at a time when several francophone African countries are laying claim to greater control over their banking levers. Côte d’Ivoire and Sénégal have recently opened comparable discussions on the future of local subsidiaries of European banks. Should Cameroon’s precedent conclude within the announced timetable, it would serve as a methodological reference for those files.

Rating, Cobac compliance and client confidence

On the operational side, the takeover will have to safeguard the institution’s credit rating, its international correspondent banking relationships and the trust of its corporate客户 base. Shifting governance is a delicate exercise, particularly when it comes to meeting the prudential standards of the Central African Banking Commission (Cobac). The teams already in place, which have kept services running since the sale was announced, will be a key asset in the new configuration.

A financial close needed before the fiscal year ends

Time remains tight. Cameroon’s executive intends to complete the financing before the current fiscal year closes — an indispensable condition for legally materialising the transfer of ownership. How this file ends will shape the credibility of the banking sovereignty strategy championed by Yaoundé. The government, for its part, is still fine-tuning the last decisions on its financing plan.

By Yacouba Ouédraogo — Investigative journalist