Yaoundé: A recent audit has raised serious questions about governance, financial reporting and oversight at Cameroon's state-owned oil company, the Société Nationale des Hydrocarbures, or SNH, according to a report by Africa Intelligence. According to Cameroon News Agency, The report, published Aug. 19, says the audit identified several concerns, including six years without an annual general meeting, doubtful receivables and a multibillion-CFA franc interest in the CSTAR project that allegedly does not appear in SNH's financial statements. The findings place renewed scrutiny on the management of SNH, one of Cameroon's most strategically important public companies and a key channel through which the state manages and commercializes its petroleum resources. According to Cameroon News Agency, the absence of an annual general meeting for six years is a significant governance concern. This gap raises questions about SNH's formal shareholder oversight during the period, despite the company's transformation into a public-capital company in 2019. The audit further highlights concerns over SNH's involvement in the CSTAR project at Kribi. Publicly available information confirms SNH's partnership in the project, but the multibillion-CFA franc stake reportedly does not appear in the company's financial statements. Additionally, the audit questions the recoverability of certain receivables, which could affect the reliability of SNH's reported accounts. SNH occupies a central position in Cameroon's petroleum industry, managing the state's interests in the hydrocarbons sector. The company's financial transparency has been a longstanding issue in governance discussions. The 2023 EITI report noted progress in publishing financial information but cited insufficiently detailed disclosures in some areas. Concerns surrounding CSTAR's governance predate the latest audit, with past questions about transparency and ownership structure. Meanwhile, SNH's recent engagement with Transparency International Cameroon over governance mechan isms adds significance to the audit findings, which could have broader implications for SNH's internal controls and shareholder oversight. As SNH and the Cameroonian government consider their response to the audit findings, the transparency of SNH's accounts and oversight over its investments remain matters of public interest, particularly given the importance of oil revenues to Cameroon's resources.
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