The Cameroonian government is preparing to establish a joint commission to decide on the fate of the 5% of shares in the Société Camerounaise d'Électricité (Socadel) reserved for staff. The announcement was made on May 8, 2026, in Douala by the Minister of Water and Energy, Gaston Eloundou Essomba, during the handover ceremony between Amine Homman Ludiye, the outgoing CEO of Eneo, and Oumarou Hamandjoda, the new CEO of Socadel.
The commission, which is expected to be set up by June 2026, will be composed of representatives from the Ministry of Water and Energy, the Ministry of Finance, the Ministry of Labor and Social Security, Socadel's management, and the Common Initiative Group (GIC) representing the staff. According to Minister Eloundou Essomba, this commission will be tasked with examining the most advantageous option for employees.
Two main scenarios are being considered: either the definitive transfer of staff shares to Socadel's capital, or the repurchase of these shares by the State. In the event of a repurchase, the financial terms will have to be defined by mutual agreement. Whichever option is chosen, an extraordinary general meeting will be convened to ratify the final decision.
This government initiative follows the presidential decree of May 4, 2026, transforming Eneo into a public company, Socadel, with the State as the sole shareholder. This transformation came after the repurchase, in February 2026, of the 51% stake held by Actis in Eneo, bringing the State's stake to 95%. The remaining 5% was initially reserved for staff. The Minister of Water and Energy was keen to reassure staff, stating that the transition would be carried out with respect for their rights. The State has pledged to maintain the rights attached to these 5% of shares during a transitional phase, pending a final decision. The establishment of this joint commission demonstrates the government's commitment to preserving the interests of employees while involving them in the ongoing transformation of the electricity sector in Cameroon.
Socadel's mission is to cover all activities related to the production, distribution, import, export, purchase, sale and use of electrical energy. The company has a share capital of 43.9 billion FCFA.
