A report prepared by the Audit Chamber of Cameroon’s Supreme Court for Parliament raises concerns about the financial performance of the state’s corporate investment portfolio. Titled Audits of Public Enterprises: The Case of Cameroon Aluminium Company (Alucam), the June 2026 report shows that the government received only CFA55.85 billion in dividends in 2024, even though its direct stakes in state-controlled and non-controlled companies were valued at CFA1,926.2 billion.

The report identifies 38 state-controlled companies in which the government’s holdings are valued at CFA1,534.58 billion, along with 12 companies in which the state owns minority stakes worth CFA391.64 billion. Despite the size of those investments, the immediate budgetary return remains limited.

“Out of the 49 companies reviewed, only nine paid dividends to the state in 2024,” the Audit Chamber noted.

SNH and BEAC Account for Nearly Three-Quarters of Dividend Income

Most of the government’s dividend income came from just two institutions. The companies that paid dividends in 2024 were SCB, DPDC, BEAC, BGFI, SNH, SGC, Africa Re, SOCAPALM, and ADC. Together, the National Hydrocarbons Corporation (SNH) and the Bank of Central African States (BEAC) contributed CFA41.43 billion, accounting for about 74% of the total dividends received by the government.

SNH paid CFA20.875 billion, while Cameroon’s stake in BEAC generated CFA20.551 billion. They were followed by SCB with CFA5.201 billion, SGC with CFA3.829 billion, SOCAPALM with CFA2.221 billion, DPDC with CFA1.407 billion, BGFI with CFA1.383 billion, Africa Re with CFA194.47 million, and ADC with CFA189.27 million.

The heavy reliance on just a handful of companies raises broader questions about the performance of the state’s investment portfolio. The Audit Chamber offered a blunt assessment, concluding that “from a financial standpoint, the state’s equity investments are very poorly profitable.”

A 2.92% Return on Nearly CFA2 Trillion in Investments

According to the report, the government earned CFA55.85 billion in dividends in 2024 on investments totaling CFA1,911.35 billion, equivalent to a return of 2.92%. The Audit Chamber compared that performance with a hypothetical investment in financial markets earning an average annual return of 6.5%. Under that scenario, the government could have earned roughly CFA150 billion in interest income.

The report cautions, however, that public shareholdings are not always intended to maximize financial returns. Many serve strategic, industrial, social, or national sovereignty objectives. The government may maintain ownership to preserve control over critical sectors, support employment, promote regional development, or ensure access to essential public services.

Even so, the report argues that the financial gap remains substantial. Large amounts of public capital are tied up in companies that generate relatively modest dividend income, with most of those returns coming from only a small number of firms.

SNI Has Not Paid Dividends to the State in More Than a Decade

The report also examines the state’s indirect investments through the National Investment Corporation (SNI). According to the Audit Chamber, SNI holds indirect state investments worth CFA36.5 billion in 38 companies. About 15 of those companies regularly distribute dividends, but the proceeds are retained by SNI rather than transferred directly to the state budget.

The report notes that SNI has not paid dividends to the government for more than 10 years, despite carrying retained earnings of about CFA9.7 billion. It therefore asks a direct question: “What does the state gain as a shareholder of SNI?”

The Audit Chamber attributes part of the problem to the financial relationship between the government and its investment vehicle. It says technical assistance provided by SNI to the state is neither recorded as receivables nor compensated. Instead, SNI finances certain government expenditures from its own resources without reimbursement.

“This attitude by the state as shareholder does not promote the financial performance of this public enterprise,” the report concludes. Beyond the case of SNI, the Audit Chamber highlights broader weaknesses in the management of Cameroon’s public investment portfolio.

While many state-owned companies pursue public interest objectives, the report argues that the government should better distinguish strategic investments from those expected to generate financial returns, while strengthening performance monitoring and clarifying the objectives assigned to each company.

Source: Business in Cameroon