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The aluminum company owes XAF50 billion as of April 2021
- ENEO supplied 130MW to ALUCAM monthly
- The Cameroonian government has taken over ALUCAM debt to ENEO
The Camerounian government had recently taken over the debt owed by the Aluminum du Cameroun (ALUCAM) to the Energy of Cameroun (ENEO). ENEO has alleged that ALUCAM owes over XAF50 billion in debt as of April 2020.
ALUCAM had previously received electricity supply under a contract from ENEO that expired in 2019. ENEO however, continued to supply ALUCAM without a contract, a total of 130 Megawatts (MW) monthly. The Chief Executive Officer (CEO) ENEO Eric Mansuy stated that “ALUCAM is experiencing serious difficulties. Since mid-2020, its electricity bills are seldom paid” in a recent interview with Business in Cameroon.
ALUCAM has been experiencing cash flow challenges since 2014. Its technical partner divested its stake in 2015 and sold them to the Camerounian government. In a bid to reduce the financial exposure of the firm, the government has taken over the debt accrued to ENEO by ALUCAM.