(Business in Cameroon) – During a visit to Cameroon, the CEO of BGFIBank Group announced plans for the holding company to list on the Central Africa Stock Exchange (BVMAC) in 2025. In an interview with Business in Cameroon (BC), the Gabonese finance leader shared details about this strategic move and the group’s goals. A prominent figure in Gabon’s business world, he also spoke about the changes in Gabon’s business climate following the political transition led by the new authorities in Libreville. This conversation comes shortly after the Gabonese billionaire was honored by President Paul Biya with the prestigious title of Officer of the National Order of Valor. Excerpts:
Why did you choose Cameroon to announce BGFI Holding’s listing on the BVMAC in 2025? And why 2025?
Henri-Claude Oyima: Cameroon was chosen because it’s home to the BVMAC, where the listing will take place. Also, the day before the inauguration of the Cameroonian subsidiary’s headquarters, the BVMAC board of directors held a meeting. During this meeting, as part of the 2025 budget, we set clear goals for the stock exchange’s CEO to develop both sectors of the market.
One sector, the bond market, is doing well, with ongoing bond issues, government bonds, and treasury bills from different states. On the other side, we discussed the issue of the central depository, currently managed by the Central Bank (BEAC). The BVMAC has a project to create an independent company to handle this depository.
For all these plans to work well, we need more than just bonds. There must also be listed companies to energize the stock market further. To lead by example, we decided that the top companies in the CEMAC region, including those on the exchange’s board, should list their shares. More listed companies are needed to make the market vibrant.
As for 2025, it’s important to remember that BGFI Holding initially planned to go public in 2020. However, the COVID-19 pandemic made the board decide it wasn’t the right time. The uncertainty and fear among investors made it clear that such a major project needed a more stable environment.
Now that the pandemic is behind us, we’re nearing the end of our five-year plan, Dynamique 2025, and we believe the timing is right. Our goal is to achieve what the board decided earlier: to list up to 10% of our capital. This project was ready in 2020, and we’re picking up where we left off.
You’re the CEO of Gabon’s largest banking group and a key figure in the business community. How do you view the business environment since the new authorities took power in Libreville? Are businesses feeling confident?
Henri-Claude Oyima: As president of the Gabonese Business Federation, I can say that, like businesses everywhere, we rely on certainty and predictability, which are essential. When Gabon underwent a regime change, the transitional president invited businesses to a meeting, and this gesture was greatly appreciated. During that meeting, the authorities reassured us about the continuity of the state’s operations.
This strong approach by the transition authorities has reassured businesses that are functioning properly. Today, we can see that uncertainty has been eliminated, and we feel confident. Regarding predictability, the transition government has announced a schedule, and its implementation is progressing steadily. For example, a new constitution was recently adopted. These decisive actions by the transitional authorities give businesses confidence and allow us to strengthen our operations and continue pursuing our investment goals.
Recently, you received significant support from Cameroon’s top authorities, reflected in three key ways: the sponsorship of BGFIBank Cameroon’s headquarters inauguration by President Paul Biya, his representation at the event by the Minister of State and Secretary General of the Presidency, and the special honors awarded to you and the CEO of BGFIBank Cameroon. How do you see this show of trust from Yaoundé?
Henri-Claude Oyima: We deeply value the interest shown by His Excellency President Paul Biya toward our group. I am truly honored and extend my gratitude to President Biya for this support. As a sub-regional group, we highly appreciate the encouragement and backing from Cameroon’s authorities, which further strengthens our determination to grow and succeed.
I believe the Minister of State, Secretary General of the Presidency, already answered your question in his speech, and we thank him for graciously presiding over this ceremony. He stated that Cameroon is a country full of opportunities, an attractive destination for investors, and he invited all businesses to invest in the country and take advantage of its opportunities. This is a very clear message. As a business operator, it resonates strongly with me. In an open economy that welcomes investors, it’s only natural to establish a presence. That’s exactly what we have been doing since 2010 when we set up operations in Cameroon. We work in full compliance with national laws and regulations and under the supervision of our regulator, the Central African Banking Commission (Cobac).
We deeply appreciate the support of Cameroonian authorities, who continue to back us and strengthen our resolve.
The authorities clearly aim to encourage and recognize our sub-regional company, which actively contributes to the country’s development and major projects. We see this support from President Paul Biya as an acknowledgment of our commitments. He also encourages other businesses and banks to follow our lead. We remain determined to grow even stronger in Cameroon. Having operated here for 13 years, we aim to significantly increase our market share in the next 10 to 20 years.
You recently held a board meeting for BGFIBank Cameroon. What are the main takeaways?
Henri-Claude Oyima: Yes, we had a board meeting, which was primarily focused on the budget. We approved the 2025 budget, which includes clear goals. Our first priority is to stay aligned with the group’s vision of making Cameroon one of our key growth hubs. As part of the 2025 plan, we aim to expand our presence in strategic markets by hiring more staff to increase our capacity. We’re also investing more in areas like IT, security, and overall organization to support these efforts.
With our newly inaugurated headquarters, we’re entering a new phase, opening a fresh chapter for BGFI in Cameroon.
We are nearing the end of the 2024 fiscal year. How would you assess BGFI Group’s performance, given its net profit of CFA 96 billion in 2023, a 55% increase compared to the previous year?
Henri-Claude Oyima: The financial statements for 2024 will be finalized in March. However, I can already share that we are on course to reach a total balance sheet of CFA 6,000 billion and a consolidated net profit of CFA130 billion this year. For Cameroon, our 2025 projections target a balance sheet total exceeding CFA 600 billion. We would be glad to discuss this further in a future conversation.
BGFI Group is seen as a strong candidate to acquire Société Générale Cameroon’s subsidiary. Can you provide an update on this?
Henri-Claude Oyima: To my knowledge, Société Générale has not announced any plans to exit Cameroon. BGFI cannot be a candidate for something that has not been formally communicated.
If the opportunity arises, would you be interested?
Henri-Claude Oyima: If the opportunity opens up, we would certainly consider it. However, this is not currently on the agenda.
A few years ago, your DRC subsidiary faced significant media scrutiny. How is it performing now, and what are its growth prospects in a country of over 100 million people?
Henri-Claude Oyima: You seem nostalgic about the past (laughs). BGFI Bank DRC is operating in a country we’ve identified as a growth hub, alongside Gabon, the Republic of Congo, Cameroon, and Côte d’Ivoire.
In the DRC, we have fully complied with the capital requirements of $50 million.
We’ve also focused on expanding our presence in the country’s key commercial hubs, including Katanga, Kinshasa, and the eastern region near Uganda’s border. Today, the DRC subsidiary is functioning normally, following its development roadmap. We expect to have a clearer view of its progress by 2025.
