(Business in Cameroon) – Johnny Razack has been appointed chairman of Cameroon’s National Investment Company (SNI), following a presidential decree signed on April 25. The 52-year-old senior civil servant takes over from Geoffroy Désiré Mbock, who held the position for five years.
The SNI acts as the government’s main investment vehicle, holding stakes in companies and helping create new businesses. Razack’s nomination comes at a turning point for the institution, which was restructured last year to take on a stronger role in shaping the country’s economic and industrial strategy.
Before his appointment, Razack served as Secretary General at the Ministry of Labor and Social Security, a position he had held since December 22, 2015. Over his career, he also managed government correspondence at the Prime Minister’s Office and spent several years overseeing union matters. He began his career at the Ministry of Economy in 2005 as acting head of personnel services.
Razack brings with him a solid academic background. He is a graduate of ENA Paris, part of the 2002–2004 “Léopold Senghor” cohort, which also included French President Emmanuel Macron. He also graduated from Cameroon’s ENAM in Yaoundé, class of 1998–2000, the same year as Health Minister Malachie Manaouda. A committed member of the ruling RDPC party, he also serves as a mission officer at the party’s central committee. He hails from Bénoué in the North region.
A fellow RDPC member commented that Razack’s appointment “shows the President’s trust in loyal, capable profiles to manage key pillars of the national economy.”
His nomination follows the recent reshuffle of the SNI’s board of directors. Eleven members were appointed, including Gwendoline Abunaw, Managing Director of Ecobank Cameroon, and Célestin Tawamba, head of the country’s main business federation GECAM. They represent the banking and private sector, respectively.
This move is part of a broader overhaul of the SNI, initiated by President Paul Biya on July 10, 2024. The reform transformed the SNI into a public capital company with a sharper focus on investment planning. Under the new structure, SNI now plays a dual role: as a government investor and as a consulting and research body. It is fully owned by the state.
The company’s capital was raised to CFA200 billion, to be released gradually over four years. The goal is to turn the SNI into a true investment holding. Plans are already underway to open its subsidiaries to new public and private shareholders. The strategy aims to better manage the state’s holdings and help build strong national companies.
The SNI’s new responsibilities are extensive. It will now screen industrial projects from the private sector by issuing financial and economic viability clearances before the state can step in. It will also assess public companies by conducting audits, performance reviews, and diagnostics. In addition, it will help prepare and monitor performance contracts between the state and these firms.
On top of that, the SNI will now handle venture capital and private equity activities, as well as act as a stock market intermediary and asset manager.
Razack’s appointment comes with big expectations. While he is seen as a trusted and well-connected civil servant with political weight and administrative experience, some in the business community question whether he has the hands-on experience needed to run an institution now tasked with high-stakes investment operations. Others are confident that his background and network could serve him well in navigating this new chapter.
