(Business in Cameroon) - Amine Homman, who assumed the leadership of Eneo in June 2023, has been facing a series of relentless challenges. Eneo, the company with a monopoly on electricity distribution in Cameroon, was already in the midst of a crisis due to the shutdown of thermal power plants run by independent producer Globeleq, a consequence of unpaid bills. Shortly after, Homman found himself dealing with the low-water period of 2024, which resulted in several months of power rationing at the beginning of the year. This crisis even attracted government attention, with threats of holding him responsible for any social unrest caused by the recurring power outages.

The Moroccan executive took over a company in considerable distress. As of December 31, 2022, Eneo, a subsidiary of the British investment fund Actis, had a debt of over XAF700 billion, with half of it owed to suppliers, and a cash deficit of XAF113 billion. This financial situation forced the company to finance its daily operations through short-term bank loans, as its revenue was insufficient to cover all its expenses. The ongoing financial instability within Eneo and the wider Cameroonian electricity sector led Actis Fund, which owns a 51% stake in the company, to start discussions with the State of Cameroon about selling its shares in the electricity company.