Cameroon SNH Oil Revenue Opacity: Mebara Reveals Undisclosed Funds

• Former SNH Chairman Jean-Marie Atangana Mebara alleged that a portion of Cameroon's oil revenues is held in SNH bank accounts, both domestically and abroad, outside of direct Treasury oversight.
• Mebara claimed the SNH Board of Directors did not debate the use of certain foreign accounts during his tenure, with disbursements reportedly made by SNH management on presidential instruction.
• Significant discrepancies exist between SNH's reported transferable balances and the Treasury's recorded 'SNH royalty' figures, as evidenced by a Q1 2026 gap of over 42 billion FCFA.
• SNH's 'Portfolio Management' segment saw net profit decline to 19.98 billion FCFA in 2025 from 34.05 billion FCFA a year prior, alongside a negative operating result of 12.47 billion FCFA.
• These revelations occur as Cameroon's oil production has decreased from 90,000 barrels per day in 2010 to approximately 56,000-57,000 barrels per day in early 2026, intensifying pressure for greater financial transparency.

The former official further indicated that the precise value of these reserves is known only to a select group of SNH executives, raising questions about SNH Cameroon financial irregularities and the extent of internal control.

Concerns regarding the management of oil revenues in Cameroon have re-emerged following detailed statements from Jean-Marie Atangana Mebara, a former Secretary-General of the Presidency and ex-Chairman of the Board of Directors for the Société Nationale des Hydrocarbures (SNH). Mebara's account describes a financial system where state oil sales revenues are bifurcated: a portion is directed to the Public Treasury, while another significant share is reportedly held in SNH bank accounts, both domestically and internationally. These revelations have intensified scrutiny over the Cameroon SNH oil revenue opacity, particularly concerning the destination and oversight of these funds.

According to Mebara, the SNH Board of Directors, during his tenure as chairman, did not engage in discussions regarding the utilization of certain foreign accounts. He characterized these assets as reserves designated for unforeseen emergencies or expenditures not allocated within the state budget. The former official further indicated that the precise value of these reserves is known only to a select group of SNH executives, raising questions about SNH Cameroon financial irregularities and the extent of internal control. This alleged lack of transparency at the highest levels of the state oil company underscores the challenges in ensuring robust Cameroon public finance oversight.

The financial disclosures accompanying these allegations highlight significant discrepancies in reported figures. Between 2005 and 2014, SNH reportedly transferred approximately 5.002 trillion FCFA to the Treasury. In a more recent period, from January to October 2015, nearly 343 billion FCFA was transferred, exceeding the annual forecast of approximately 264 billion FCFA for that year. Another figure indicates 440.350 billion FCFA was remitted to the Treasury by October 31, 2024. However, a notable divergence appeared in the first quarter of 2026, where SNH reported a transferable balance of 49.253 billion FCFA, while the Treasury recorded 91.8 billion FCFA under the 'SNH royalty' line, a discrepancy later corroborated by economic press reports.

Further complicating matters, Mebara's account suggests that disbursements from these SNH undisclosed bank accounts were executed by the company's General Management, acting on instructions from the President of the Republic, conveyed through administrative channels within the presidency. This operational structure bypasses traditional board oversight and concentrates control over substantial public funds within a very limited circle. Such a system raises serious concerns about accountability and the potential for misuse of funds, reinforcing the need for greater Cameroon oil revenue transparency.

These revelations emerge amidst increasing pressure on Cameroon's national oil finances. Hydrocarbons continue to constitute a substantial portion of the country's public resources, even as national oil production is reportedly on a downward trend, decreasing from 90,000 barrels per day in 2010 to approximately 56,000-57,000 barrels per day in early 2026. This decline in production amplifies the importance of transparent and accountable management of existing oil revenues.

The financial performance of SNH itself has also shown signs of strain. The net profit for the 'Portfolio Management' segment of SNH decreased to 19.98 billion FCFA in 2025, down from 34.05 billion FCFA the previous year. Additionally, the company recorded a negative operating result of 12.47 billion FCFA in 2025. These figures, combined with the allegations of opaque financial practices, have reignited calls for improved traceability of oil revenues, enhanced parliamentary control, and greater visibility into public reserves held outside the official state budget, highlighting the critical need for comprehensive Cameroon oil revenue transparency.

Compliance officers and legal counsel for international companies operating in Cameroon's energy sector should assess their exposure to potential financial irregularities or corruption risks associated with transactions involving SNH. The allegations of opaque oil revenue management and undisclosed funds signal a heightened need for due diligence and robust anti-corruption compliance frameworks when dealing with state entities in Cameroon.

Source: Original reporting via Actu Cameroun