Biya regime values state-owned property in Yaoundé and Douala at CFA1.5 trillion ⁰

The Cameroonian government has identified 1,522 state-owned buildings in the departments of Mfoundi and Wouri, with a combined value of more than CFA1.5 trillion ($2.6 billion).

The figures were disclosed by Prime Minister Joseph Dion Ngute during a presentation to the National Assembly on June 12 as part of the first phase of a nationwide inventory and valuation of state-owned physical assets.

According to the prime minister, properties located in Mfoundi, home to the capital Yaoundé, are valued at about CFA1.07 trillion. In Wouri, which includes the economic capital Douala, the state’s real estate portfolio is estimated at nearly CFA442 billion. Together, the two cities account for approximately CFA1.512 trillion in public real estate assets.

Valuable Assets, but No Private Insurance Coverage

The data were released in response to questions from lawmakers about the government’s policy on insuring state-owned property.

Joseph Dion Ngute acknowledged that Cameroon currently does not rely on private insurance to cover government-owned real estate assets. He said the situation reflects the unique legal status and characteristics of public property. Administrative buildings, public facilities, infrastructure, and other state-owned properties are difficult to insure under standard market conditions because of their large number, geographic dispersion, and high value, he explained.

“As a result, administrative buildings and assets belonging to the state’s private domain, including public facilities, structures, infrastructure, and real estate, have characteristics that make them difficult to insure through private insurance companies under normal market conditions, given their scale, geographic spread, and considerable value,” the prime minister told lawmakers.

He added that responsibility for state-owned real estate, like government vehicle fleets, falls under the Ministry of State Property, Surveys and Land Tenure, which serves as the custodian of public assets.

The distinction highlights the difference between conventional insurance coverage and the administrative management of public property by the state itself.

From Inventory to Asset Management

Joseph Dion Ngute said the government intends to strengthen preventive measures in line with a 1984 decree governing the protection of state-owned real estate. The measures include preventive maintenance of public infrastructure and equipment, greater awareness among government agencies of regulations governing public assets, and stronger practices related to asset preservation and upkeep.

The inventory underscores the scale of public property holdings in Cameroon’s two largest cities. With more than CFA1.5 trillion in identified assets, the challenge extends beyond simply maintaining records of state-owned buildings. It also raises questions about asset management, maintenance, security, and the potential fiscal cost of deterioration.

The government’s next task will be to move from inventorying assets to managing them more actively. The value of the properties identified so far points to the need for better maintenance planning, clearer responsibilities among public institutions, and stronger risk-prevention strategies, even in the absence of a broad private insurance mechanism.

Source: Business in Cameroon