Board of Directors analyses accounts of the 2015 fiscal year and the balance sheet of the past two years of Eneo Cameroon

The Board of Directors of Eneo Cameroon S.A. met on Wednesday 13 July 2016 in Yaounde under the auspices of Mr Séraphin Magloire FOUDA, Board Chairman.

Mr. Joël NANA KONTCHOU, General Manager, acted as secretary to the Board.

Following a word of welcome from the Chairman of the Board, the Board took cognizance of the report of the various committees as well as reports of Auditors and the General Manager on the financial statements of the fiscal year closing 31 December 2015. At the end of the various presentations, the board members adopted the accounts.

Based on the report of Committee Chairmen and of the General Manager, the Board of Directors posted a balance sheet characterized notably by:
   - progress recorded as far as safety, environment and governance matters are concerned, though a safety culture still has to be inculcated within the company.
   - increase in the main performance indicators including progress in various aspects, though service quality was hit by instability in the transmission and distribution networks.

The Board was briefed on the Three-Year (3) CFAF 65 billion investment plan proposed by Management and which is likely to improve on the distribution network with the upshot being a whittling down by 75% of power cuts in Douala and in Yaounde in 2019 notably prior to the African Cup of Nations.

While recognizing the need for huge investments in the sector, board members laid emphasis on the urgent need for the company to secure financial resources, useful for the implementation of the most urgent actions of its business plan.

Board members decided to convene an Ordinary General Assembly on 20 July 2016. The Assembly approved the accounts closing 31 December 2015 and the financial report as presented.

Prof Seraphin Magloire FOUDA
Board Chairman


Download here the press release regarding the Board of Directors of July 13, 2016