In 2023, the financial contribution of Cameroon’s public holdings in the extractive sector remained marginal. According to data from the EITI report, the National Investment Company (SNI) received only CFA376.33 million in dividends, entirely from Cimencam, in which it owns a 43.08% stake. The amount was unchanged from 2022, pointing to stagnant income from this strategic holding in the cement industry, a key downstream segment of extractive activities.
All dividends generated by SNI’s extractive portfolio in 2023 therefore came from Cimencam. The stability of the amount at CFA376.33 million year on year raises questions about the financial growth potential of this holding, despite the central role of the cement industry in the extractive value chain and large infrastructure projects.
GEOVIC and Sonara, non-yielding holdings
Beyond Cimencam, SNI’s extractive portfolio in 2023 included a 20% stake in GEOVIC Cameroon, the company behind the Lomié cobalt-nickel project, whose assets were taken over by Sonamines. SNI also held a 3.77% stake in the National Refining Company (Sonara), the country’s crude oil refining operator.
Neither entity generated any dividend income during the 2023 financial year. The report states that “no dividend was declared for the other extractive holdings.” The absence of distributions from these assets effectively limits the immediate financial returns of public participation in this strategic segment.
No indirect financial flows reported
SNI also reported no financial relations with third parties linked to its extractive holdings. The report notes that “SNI reported no loans or guarantees granted to or received from extractive companies.” This further limits indirect financial flows that could arise from such holdings, including intragroup loans, guarantees, or similar instruments, and confirms the narrow scope of financial returns associated with the extractive portfolio over the period reviewed.
A strategic but low-yield portfolio
Overall, the data highlight the limited short-term financial returns from SNI’s extractive portfolio, despite the strategic nature of the assets involved, including cement, cobalt-nickel, and crude oil refining. The figures raise broader questions about the valuation and optimization of public holdings in the extractive sector at a time of growing funding needs for public policies and investment support.
Amina Malloum
