The Cameroon government has signed an agreement to acquire majority shares in Société Générale Cameroun (SGC) from the Société Générale Group. This is as a result of the French group’s decision to withdraw from some African markets, including Cameroon, where they have done business a quite some time.
In a statement released on July 15, Cameroon’s finance Minister, Louis Paul Motaze said the deal was finalised in Douala, following instructions from President Paul Biya.
According to Finance Minister, Motaze they exercised the state’s pre-emptive right to purchase Société Générale’s 58.08% stake, adding to Cameroon’s existing 25.6% shareholding.
He, however, pointed out that the move is still subject to the approval of the Central African Banking Commission (COBAC). Once this is done the acquisition will give the Cameroonian government full control of the bank, ensuring business continuity and protecting customers, employees, and partners.
Minister Motaze emphasised that the state’s intervention is aimed at maintaining SGC’s stability, governance, and performance while keeping the door open for future partnerships with national or international investors.
“This takeover underscores the government’s commitment to a strong, inclusive banking system that supports Cameroon’s economic growth,” he stated.
By Andrew Nsoseka
