BGFI Holding Corporation officially joined the premium segment of the Central African Stock Exchange (BVMAC) on May 7, giving the regional market its biggest transformation in years.
The parent company of banking group BGFIBank became the seventh company listed on the equity segment of the Douala-based exchange, which serves the six countries of the CEMAC bloc: Cameroon, Gabon, Congo, Chad, Equatorial Guinea and the Central African Republic. The impact was immediate.
BVMAC’s equity market capitalization jumped from CFA479 billion at the previous day’s close to CFA1.658 trillion after the listing, an increase of more than 246%.
“BHC has tripled the stock market’s capitalization,” said BVMAC Chief Executive Louis Banga Ntolo.
The transaction instantly made BGFI Holding the largest company on the regional exchange. The group now accounts for 38% of the equity market, ahead of Socapalm, which previously held the top spot and now represents about 36% of the market.
A Turning Point for BVMAC
BGFI Holding’s arrival does more than reshuffle the rankings of listed companies. It changes the scale of the regional market itself.
According to BVMAC data, free-float capitalization increased by 61%, rising from CFA70 billion to about CFA115 billion.
The expansion strengthens the exchange’s long-standing effort to deepen a market often criticized for having too few listed companies and limited trading activity.
Louis Banga Ntolo said the operation could raise the contribution of the regional financial market to more than 5% of CEMAC’s GDP, up from about 2.4% to 2.5% previously.
A total of 566,568 BGFI Holding shares were admitted for the first trading session. The listing followed a CFA45.3 billion fundraising operation that attracted 7,601 investors across 24 countries.
The strong participation from retail investors highlights growing interest in stock market investments across the region.
A Lower Entry Point for Investors
The IPO also included a stock split mechanism introduced under a broader BVMAC reform aimed at making the market more accessible to individual investors.
According to Banga Ntolo, each existing share was divided into nine new shares.
That increased the total number of BGFI Holding shares from 1,573,536 before the IPO to 14,728,385. It also reduced the share price from CFA89,000 to CFA10,000, a level considered more affordable for average investors across Central Africa.
In a region where stock market participation remains limited, high share prices are often seen as a barrier for retail investors. By lowering the unit price, BGFI Holding and BVMAC hope to broaden the investor base and improve future trading liquidity.
The IPO involved the sale of 10% of the holding company’s share capital through newly issued shares. The operation was led by BGFI Bourse and attracted investors from both the CEMAC and WAEMU regions, as well as from Europe, the Americas and Asia.
BGFI Looks to Finance Expansion
For BGFI Holding, the stock market listing is part of a broader strategy to strengthen capital and support regional growth.
The funds raised will help finance the group’s expansion hubs, particularly its banking subsidiaries in Cameroon, the Democratic Republic of Congo, Côte d’Ivoire, Gabon and Europe.
Chief Executive Henri-Claude Oyima said the operation aligns with the group’s long-term strategic plan, which includes expanding into 15 countries by 2027 while strengthening governance, operational efficiency and financial solidity.
He also said the group plans to continue the listing operation during the third quarter of 2026 to reach the initial objective of opening 10% of its share capital.
Founded in Libreville in April 1971, the BGFIBank group now operates in 12 countries. At the end of 2025, it reported total assets of CFA7.39 trillion, shareholder equity of CFA771 billion, net income of CFA133 billion, return on equity of 21% and a solvency ratio of 20%.
A Message to Regional Companies
For BVMAC, BGFI Holding’s arrival goes beyond a standard market listing.
The exchange sees the operation as a signal to major companies across Central Africa, where few large firms still rely on capital markets to finance growth.
By bringing one of the region’s leading financial groups to the exchange, BVMAC gains both depth and visibility. But the long-term success of the operation will depend on sustained trading activity, liquidity and the exchange’s ability to attract other major issuers.
BGFI Holding’s debut also highlights the growing capacity of Central Africa’s financial market to attract both local and international investors around a major regional banking player.
The next challenge for BVMAC will be turning this symbolic milestone into lasting momentum for business financing across the region.
Baudouin Enama and Frédéric Nonos
