Cameroon’s CSPH Awards CFA7.13 billion Contract to Expand Douala Property

Cameroon’s Hydrocarbon Prices Stabilization Fund (CSPH) has awarded ETS Mbakam a CFA7.13 billion contract to expand its income-generating property in Douala, a substantially larger intervention than the renovation and equipment work previously carried out on the Bonanjo building.

CSPH Director General Okie Johnson Ndoh awarded the contract in a decision signed on September 3, 2026. The CFA7.134 billion price includes taxes and corresponds to CFA5.985 billion before taxes. ETS Mbakam will have 36 months to complete the work once it receives the official notice to proceed.

The awarded amount exactly matches the estimated budget CSPH announced when it launched the tender on July 21. Financing will come from its 2026, 2027 and 2028 investment budgets. CSPH allocated an initial CFA2.418 billion tranche for 2026, with the remaining cost to be covered in subsequent years.

CSPH says the project is intended to increase the building’s capacity and enhance the value of its real estate assets. The contract covers structural work, masonry and reinforced concrete, roofing, carpentry and joinery, plumbing, electrical installations, air conditioning and ventilation.

It also includes an elevator, finishes and coverings, a high-capacity generator, external works and connections to utility networks.

The published documents, however, do not specify how much additional floor space will be created, how many floors will be added or the building’s expected rental capacity after completion. They also provide no information on the rental income the property currently generates.

From Renovation to Expansion

The project follows several previous investments in the Bonanjo property. In 2018, CSPH budgeted CFA65 million to renovate parts of the building, including its emergency staircase, main canopy and outdoor areas. In October 2019, a CFA399.65 million general renovation contract was awarded to Beacon TP SARL for a 12-month period. CSPH also launched a procurement process in 2024 to install an elevator in the building, although the official sources reviewed do not establish whether that contract was ultimately carried out.

The 2026 project differs in scale and purpose from those earlier interventions. Rather than simply renovating or adding equipment to the existing building, CSPH now plans to enlarge the property.

ETS Mbakam is presented as part of Groupe Mbakam, whose flagship company is Green Oil, founded by businessman and politician Guillaume Mbakam. It secured the contract through a restricted tender in which three companies — ETS Mbakam, Graystone and Nicam — had been prequalified.

To pass that initial selection, bidders were required, among other conditions, to provide four references for comparable projects completed over the previous 10 years and demonstrate financial capacity of at least CFA2 billion.

ETS Mbakam Builds on Previous CSPH Contracts

This is not ETS Mbakam’s first contract with CSPH. Under the same name, the company secured a CFA381.58 million contract in December 2020 to build the Nguélémendouka pilot service station. In late 2021, it won another CFA371 million contract to modernize the LPG filling center in Maroua.

Its public procurement portfolio also includes larger contracts. In February 2025, Cameroon’s Ministry of Water and Energy awarded the company two lots under a program to supply and install concrete utility poles, worth a combined CFA5.835 billion.

A separate contractor will supervise the Douala project. On September 3, CSPH awarded the project management and construction supervision contract to the BET.IBR SARL/KAROCH SARL consortium for CFA574.19 million, including taxes, over 37 months.

The construction and supervision contracts therefore represent nearly CFA7.71 billion in published commitments related to the building’s expansion. Construction has not yet formally begun. The 36-month contractual period will start once ETS Mbakam receives the official notice to proceed.

Baudouin Enama