More than two months after settling the CFA78 billion payment owed to British investment fund Actis for the acquisition of its 51% stake in Eneo, Cameroon’s president signed a decree on May 4, 2026 officially transforming the electricity utility into a state-owned company.
The operation had raised the state’s stake in Eneo to 95%, with the remaining 5% initially reserved for employees before the company’s legal transition into the new entity.
Under the decree, Eneo now becomes the Cameroon Electricity Company (Socadel), fully owned by the state.
The text specifies that the company has legal personality and financial autonomy.
Its headquarters will remain in Douala, although the board of directors may decide to relocate it elsewhere within the country subject to approval by the general assembly.
The statutes approved the same day set Socadel’s share capital at CFA43.903 billion.
They also state that, on February 17, 2026, the Cameroonian state acquired all shares previously held by Cameroon Power Holdings S.A. in Eneo.
The company may eventually open its capital to other public or private shareholders.
From renationalization to legal restructuring
The decree further specifies that Socadel will not be subject to Cameroon’s public procurement code, although it will remain governed by rules applicable to contracts involving public companies.
Operationally, the new company will primarily consist of former Eneo staff.
The concession agreement previously granted to Eneo will also be transferred to Socadel, subject to adjustments reflecting any new or specific developments.
Beyond the name change, the transformation marks the end of more than two decades of coexistence between the state and private shareholders within the utility’s capital structure.
The statutes retrace the company’s evolution from SONEL, through privatization, the entry of AES Cameroon Holdings in 2001, the transition to the Eneo brand in 2014, and finally the state buyback of private stakes in 2026.
The significance of the change is both institutional and political.
The state is no longer simply the majority shareholder. It now assumes full control of the former Eneo, reorganized as a state-owned company.
At this stage, however, the move does not automatically imply a return to a fully public monopoly across the electricity sector.
The new framework specifically concerns former Eneo operations, while the broader sector architecture still includes other public entities such as Sonatrel and EDC, both represented on the future board of directors.
State control increases as operational challenges remain
The governance restructuring process has already started.
Under another decree signed on May 4, the president appointed board members of Socadel for renewable three-year terms.
They include Antoine Ntsimi, appointed as a presidential representative; Fidèle Makonda from the Presidency; Célestin Chameni Nemboua representing the Prime Minister’s Office; Adolphe Thome from the Ministry of Water and Energy; Gilbert Didier Edoa from the Ministry of Finance; Ahmat Tom from the Ministry of Economy, Planning and Regional Development; Victor Mbeumi Nyaknga, managing director of the National Electricity Transmission Company (Sonatrel); and Théodore Nsangou, managing director of Electricity Development Corporation (EDC).
The elected staff representative has not yet been named and will be announced later, according to the decree.
The central question now concerns execution.
While the change in status resolves the issue of ownership control, it does not by itself address operational performance or investment financing challenges.
Before the takeover, Eneo was already facing heavy debt and structural tensions throughout the electricity value chain, partly explaining why the government considered the operation strategically important.
Management appointments also remain a key issue.
The statutes state that the chief executive officer and deputy CEO will be appointed by the board of directors upon proposal from the majority or sole shareholder.
In other words, the transformation of Eneo into Socadel also opens a new phase regarding the operator’s management at a time when the state now bears full shareholder and strategic responsibility for the company.
Amina Malloum
