Cameroon’s government plans to set up a joint commission by June 2026 to decide the future of the 5% stake held by employees in Socadel, the new state-owned electricity company created from former utility operator Eneo.
Water and Energy Minister Gaston Eloundou Essomba announced the move May 8 in Douala during the official handover ceremony between outgoing Eneo chief executive Amine Homman Ludiye and Socadel’s new head, Oumarou Hamandjoda.
According to the minister, the commission will include representatives from the ministries of water and energy, finance, labor and social security, along with Socadel and the employee investment group.
Its role will be to determine the option considered most favorable to employees.
Authorities are currently considering two scenarios: permanently transferring the employee-held shares into Socadel’s capital structure or having the state buy back the stake under financial terms agreed upon by all parties.
The process is expected to conclude with an extraordinary shareholders’ meeting that will formally approve the final decision.
The announcement follows a presidential decree issued May 4, 2026, that transformed Eneo into a fully state-owned company operating under the new Socadel structure.
The restructuring came after the Cameroonian government acquired the 51% stake previously held by private equity firm Actis in February. Following that transaction, the state controlled 95% of the company, while employees retained the remaining 5%.
Before Eneo’s legal conversion into Socadel, those employee shares remained in place.
Eloundou Essomba said the transition would respect employee rights and existing benefits. Until a final decision is reached, the government said it would preserve the rights tied to the employees’ 5% ownership stake during the transition period.
For the government, the broader goal is to protect employee financial interests while involving staff in the company’s restructuring process.
Frédéric Nonos
