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Another similar:
https://www.energymixreport.com/cameroon-lowers-the-tension-in-the-electricity-sector-with-a-payment-of-45-billion-fcfa-to-eneo/
Glad you added (majority owned). See this from company's own accounts.
"Eneo is a semi-public company with 51% of its capital held by Actis group, 44% by the State of Cameroon and 5% by its employees."
Even in a public company on the London Stock Exchange, a 44% stake is not ideal in terms of balance, but in a one party African " dictatorship" you cannot refer to Eneo as a normal private company. It will do as it's 44% stakeholder bids.
You don't get it. It doesn't matter whether it's true or not. If you fight Eneo, you fight the Cameroon government. And guess what? You lose. May as well get out now while you're only 15% down.
Surely even you must be starting to feel a little nervous about your 4p entry after that statement. When a large African debtor, partly state owned, basically tells you "on yer bike son", the words horse, dead and flog spring to mind. Can't see Cameroon courts siding with vog against government.
Weasel words from Eneo - but a contract is a contract. They must be feeling the heat.
Well done, Roy, for bringing matters to a head.
Article 14th February:
https://www.energymixreport.com/cameroon-will-reimburse-electricity-firm-eneo-a-first-tranche-of-fcfa-45bn/
With a payment of 45 billion FCFA to Eneo, the State lowers the tension in the electricity sector
Cameroon gas case
But things are not as rosy. The proof: Gaz du Cameroun (GDC) announced, in early July 2020, the termination of its contract to supply natural gas to Eneo, through the Logbaba (30 MW) thermal power plant in Douala. The British subsidiary Victoria Oil & Gas (VOG), which claims to the electrician the clearance of a slate of 16 million dollars (more than 9 billion FCFA), even threatens to sue.
At Eneo we say we are surprised. Firstly because "? since September 2019, in reality, Gaz du Cameroun no longer produces for Eneo ?". Then, “? for several months already, Eneo has invited the Gaz du Cameroun teams to formalize the new contract which was to bind us. And Gaz du Cameroun then had to work with its production partner to obtain the licenses and authorizations to resume its activity, in accordance with government instructions ?. ”
Evoking unpaid debts accumulated by the energy company, the Saudi Altaaqa Alternative Solutions which operates the Logbaba thermal power plant stopped the machines on September 14, 2019. This immediately caused the disruption of fuel supply by GDC. At Eneo, we swear we don't know what the more than 9 billion FCFA claimed by the VOG subsidiary correspond to. “? We have a partner who did not provide a service, who had obligations, but did not fulfill them and who claims money. We question ourselves ?, ”reacts the top management of the electrician.
Aboudi ottou
https://t.co/f6gEApLLLt?amp=1
@InvestCameroun