CAMEROON : Naxya Holding Puts 100 Billion FCFA on the Table to Take Control of Alucam
La voix des entreprises 
(LVDE) — After more than a decade of uncertainty, the Cameroon Aluminium Company (Alucam) is once again attracting investor interest. Naxya Holding has submitted a strategic offer of 100 billion FCFA to the government, aiming to modernize and restructure the company while boosting its competitiveness in the African market.
The Alucam case takes a new turn. On December 30, 2025, the Cameroonian government received a buyout proposal from Naxya Holding, the parent company of Proalu SA, which is currently building an 88 billion FCFA aluminium processing plant in Douala. The offer is part of an integrated modernization and development plan, designed to strengthen the bauxite-alumina-aluminium value chain and improve access to the continental market, particularly through the African Continental Free Trade Area (AfCFTA).
In its submission, Naxya Holding emphasized the strategic nature of the operation: a mixed partnership with the State would combine operational efficiency with alignment to national industrial policies. While the exact share of capital targeted is not specified, the group proposes an investment of 100 billion FCFA, highlighting its ability to revive the company without relying on direct public funds.
The proposal builds on an existing commercial engagement between Proalu SA and Alucam. Since August 2024, Proalu has been purchasing 2,500 tonnes of aluminium per month from Alucam, securing annual revenues of 48 billion FCFA. A 10 billion FCFA cash advance was provided to support the plant’s restart, ensuring Alucam the liquidity it needed in a context where the company struggled to attract buyers.
This new offer reflects a renewed interest in Alucam after more than ten years of financial difficulties. Since Rio Tinto’s exit in 2014, several investors have sought to acquire the group’s assets, including Eagle Eye and Swiss trader Bathco, each proposing between 70 and 80% of the capital. These offers underline the strategic value of the only aluminium smelter in the CEMAC region.
Alucam, however, remains a chronically struggling enterprise, posting losses for more than a decade and frequently relying on State support to cover electricity costs. A Supreme Court audit report published in November 2024 estimated that a 43 billion FCFA recapitalization is needed to upgrade production facilities and achieve an annual output of 110,000 to 120,000 tonnes of primary aluminium. Naxya Holding’s offer pledges to meet this requirement while presenting an ambitious and structured industrial vision for the country.
Raphael Mforlem
Source : Investiraucameroun.com
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