Tollcam Partenariat, the company created to develop automated toll stations in Cameroon, still had €4.73 million, or about CFA3.10 billion, in net loans and advances from Fayat. On a gross basis, the French group’s exposure stood at €4.93 million, or about CFA3.23 billion, according to its 2024 company accounts, which closed on September 30, 2024.
The same schedule of subsidiaries and equity interests shows a €51,000 loss for Tollcam, equivalent to about CFA33.5 million, while no revenue figure is reported. Shareholders’ equity excluding share capital stood at negative €481,000, or about negative CFA315.5 million. Share capital was reported at €8,000.
Fayat’s shares in Tollcam were also recorded at a gross value of €8,000 and a net value of zero. The investment was therefore fully impaired in the group’s accounts. No dividend was recorded.
Tollcam is owned equally by Fayat and Egis. In January 2021, Fayat acquired the 50 Tollcam shares previously held by Razel-Bec and Razel Cameroon. Under the initial structure, Razel-Bec, Fayat’s construction subsidiary, was responsible for building the infrastructure, while Egis was to operate it.
State Valued Compensation at CFA36 Billion
The accounts come after the breakdown of the public-private partnership signed in May 2020 for the design, construction, equipment, operation and maintenance of 14 automated toll stations. In February 2024, the Ministry of Public Works formally notified the decision to discontinue the project in its PPP form and move the works to a public procurement contract.
The appendix to the 2026 Finance Law covering major investment projects states that the public party terminated the PPP to shift to a publicly managed contracting model. The document also notes that Tollcam had already incurred investment costs and that its compensation was “estimated at CFA36 billion.” With no financing available in 2025, negotiations with the Ministry of Public Works were expected to continue with a view to covering the amount in the 2026 budget.
The dispute had previously prompted Tollcam to bring the case before the International Court of Arbitration of the International Chamber of Commerce. The certification report on the state’s 2024 accounts, published by the Audit Bench in November 2025, reported a claim of about CFA30 billion. That amount relates to the arbitration proceedings and should not be confused with the CFA36 billion estimate subsequently included in the government’s budget documents.
The case has since entered another phase. Africa Intelligence reported on August 20, 2026, that Cameroon and Tollcam had reached a €54 million agreement, but that its implementation remained stalled. On September 16, the publication reported that Tollcam had initiated proceedings before OHADA’s Common Court of Justice and Arbitration in Abidjan, seeking CFA35 billion from Cameroon.
At this stage, no identified public source establishes that the compensation has actually been paid.
Amina Malloum