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Yaoundé - 23 August 2019 -
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Power Company Eneo demands payment of more than XAF100bln from debtors including the State and Alucam

Power Company Eneo demands payment of more than XAF100bln from debtors including the State and Alucam
  • Comments   -   Wednesday, 15 May 2019 14:40

(Business in Cameroon) - Cameroon’s power utility Eneo is demanding the payment of more than XAF100 billion from its debtors including State-owned Alucam and the State itself, which alone account for about 70% of the sum, we learnt.

Our cash flow has gradually weakened in recent months, mainly due to pressure by the government and some public entities’ receivables. When these receivables are isolated in our portfolio, the recovery rate is within the margins provided for in our plan,” Joël Nana Kontchou (photo), Eneo’s MD, said to highlight the public administration’s share in debt.

Indeed, arrears in the payment of electricity bills by government have increased particularly in recent months due to the financial difficulties facing Cameroon Aluminum Corporation (Alucam).

The latter, which consumes about 40% of the national power production, lost its strategic partner Rio Tinto in 2014 and since then, government actions to find another investor to acquire Tinto’s assets have not yet been successful.

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