BGFIBank mobilises 120 billion FCFA for CSTAR refinery.

The 120 billion FCFA funding to accelerate the implementation of the strategic oil infrastructure project has been mobilised by BGFIBank Cameroon.

A financial agreement putting the mobilized resources at the disposal of SNH was signed in Yaounde on Tuesday, May 5, 2026. 

The Executive General Manager of SNH, Adolphe Moudiki, signed for the State corporation while the Director General of BGFIBank Cameroon, signed for the financial institution. 

The signing ceremony at the headquarters of SNH was witnessed by the corporation’s board members, top management, officials of CSTAR project as well as delegation BGFIBank Cameroon.

The sum represents SNH’s contribution to the construction of the refinery, and complements the investment of Ariana Energy, the project’s strategic partner. 

The signing of the financial agreement, it should be stated, is a concretization of a Framework Agreement which both institutions signed in November 2025, granting the bank a mandate to mobilise USD 210 million for the CSTAR project. 

CSTAR now enters practical phase 

Speaking on behalf of SNH boss after the signing ceremony, Nathalie Moudiki, who also doubles as the Chairperson of the Board of Directors, of CSTAR, saluted the Director General of BGFIBank for materialising the commitment of the bank within the framework of the geostrategic project.

“Indeed, this agreement constituted a decisive step in the implementation of the CSTAR project and we were already impatient at that time to see the process reach its conclusion. Today it is a reality. Better still, it is a happy outcome. Thank you to BGFIBank Cameroon for its commitment” she said.

She said with the mobilisation of 120 billion FCFA, the project now enters “the practical phase of the actions to be undertaken by the Cameroonian side”.

“The release of funds, which is the logical next step following today’s signing of the agreement, will not only ensure that the work progresses in line with the announced schedule but will also provide further reassurance to our partners,” Nathalie Moudiki explained. 

She said the banking support strengthens SNH in its capacity to execute the industrial programme while respecting contractual commitments towards our international partners. 

The Board Chair of CSTAR saluted the resilience, expertise, credibility and professional rigour of BGFIBank Cameroon in the banking sector, under the leadership of its Director General, for realising the feat of raising the funds in just six months. 

Going by Nathalie Moudiki, the achievement, in an economic environment marked by betrayal, attacks and alarmist predictions regarding the project, is an indication that the Director General of the bank aligns with the patriotic vision and the energy sovereignty policy driven by the President Biya which is being implemented by SNH. 

“SNH will honour this trust and the nation will be grateful to you,” she assured the BGFIBank boss on behalf of the corporation. 

She assured all and sundry that nothing will deter the materialisation of the strategic project with huge socio-economic impact and historic political significance to President Biya’s current mandate.

Enter BGFIBank Director General 

On his part, the Director General of BGFIBank Cameroon, Mahamat Abakal, said the signing marks “the completion of the first stage of a project we began a few months ago with the signing of the mandate, the document that enabled us to secure the necessary funding”. 

He used the opportunity to express gratitude to SNH boss for the trust placed in the financial institution and his person.

Mahamat said the money was raised through the institution’s banking partners, including Afriland First Bank, CCA Bank, SCB Cameroon, and BICEC. 

“It is therefore through this network that we have been able to mobilise 120 billion FCFA today to make available to SNH for its participation in the CSTAR project,” Mahamat explained. 

He expressed delight that the bank and its partners and aligning with the project that would contribute enormously in moving the country forward and addressing many its challenges. 

Mahamat also used the occasion to emphasised that the Bank of Central African States, BEAC, is ready to support the CSTAR refinery project, which it considers very vital to national economy.

“We spent the whole of Monday afternoon [May 4, 2026] working exclusively on the CSTAR project with the BEAC. The Central Bank, through its Governor, Yvon Sana Bangui, has formally asked me to tell you that this project is as important for the countries as it is for the Central Bank, because there is a major problem to be resolved, namely that of foreign exchange. The BEAC has said it is willing to support us on this project," Mahamat told SNH officials. 

Mahamat reassured SNH officials of his availability, unfailing commitment, and loyalty to the project and authorities of the corporation. 

“I wish to tell you that, beyond being bankers, we are first and foremost Cameroonians. As Cameroonians, we are always moved and, deep within ourselves, committed to everything that will improve the living conditions of our populations and make our country much more beautiful and much prouder of everything we have known,” he said. 

Key details about project

In a presentation during the ceremony, CSTAR Consultant, Minister Titi Pierre, said the refinery project will, by the end of this year, begin producing 10,000 barrels daily. He said upon completion in 2028, it will have the capacity of producing 30,000 barrels per day. 

With a total investment of USD 622 million, he said the project is fueled mainly by Cameroonian crude. He said Optimised MIX technical configuration allows the integration of other raw materials including fuel oil, gasoil (diesel), super (gasoline), bitumen and marine gas oil.  

Minister Titi said the project has exploitation cost of approximately 38 billion FCFA, sales revenue of about 580 billion FCFA and annual net cash flow of approximately 22 billion per year. 

He detailed that the project has annual production of 1.5 million metric tonnes, will contribute to import reduction of approximately 435 billion per year, representing 30% of national consumption, boost marine fuel exports at over 150 billion per year.

The consultant said CSTAR will also contribute to foreign exchange savings of over 580 billion FCFA per year, create 5,000 jobs during the construction phase and 200 during the operational phase as well as foster technology transfer and creation of a university for initial and professional training.

He said in the coming days, two additional access roads will be opened to the project site in Mboro, Kribi, added to commencement of deforestation work, delivery of equipment for the base camp and refinery as well as site leveling work.

This article was first published in The Guardian Post Edition No:3782 of Thursday May 07, 2026