Sonara turns to Dangote for funding, fuel supply as debt pressures mount ⁰

Cameroon’s national oil refinery Sonara has opened discussions with Nigeria’s Dangote Group as it looks for financing and supply solutions to support its long-delayed restart, against the backdrop of a CFA479 billion debt burden.

From January 20 to 23, 2026, a Sonara delegation led by Chief Executive Officer El Hadj Bako Harouna traveled to Lagos to meet members of the management team of the Dangote refinery. The talks focused on potential financial backing and technical support as part of Sonara’s broader recovery strategy.

Sonara said the visit aimed to lay the groundwork for a lasting technical and commercial partnership that would help secure Cameroon’s fuel supply, ensure adequate domestic consumption, and support the country’s push toward energy independence.

Fuel supply and loans at the core of Sonara’s recovery plan

In the short term, Sonara is seeking to negotiate fuel supply arrangements with the Dangote refinery while also exploring the possibility of a loan from the group controlled by Aliko Dangote. These discussions are part of Sonara’s “Parras 24” recovery plan, which targets a return to refining within 24 months and is estimated by the company at CFA291.9 billion.

The first phase of the plan is scheduled for 2026–2027 and focuses on rehabilitating facilities damaged in the 2019 fire that shut down the refinery. Any deeper involvement by Dangote, however, remains tied to progress in restructuring Sonara’s debt, which stands at CFA479 billion and is owed mainly to banks and fuel traders.

Since 2022, debt servicing has been supported by a state-backed mechanism that levies CFA47.8 on every liter of fuel sold at the pump. The measure is intended to stabilize repayments and remains in place pending full implementation of the recovery plan and subsequent modernization phases.

Multiple financiers, BEAC option still on the table

Dangote is not the only potential source of funding. Several lenders and partners have expressed interest in the Sonara file, including the Union of Arab and French Banks, Dutch bank ING, Mauritius Commercial Bank, Cameroon’s National Hydrocarbons Corporation, and the Ariana/RCG consortium.

The Bank of Central African States has also indicated its willingness to step in through its “window B,” which is reserved for refinancing medium-term loans tied to productive investment. The regional central bank has said it could cover up to 60% of Sonara’s financing needs.

In the near term, Dangote’s most immediate role could be as a strategic supplier. With Sonara still offline, Cameroon relies entirely on imports to meet domestic fuel demand. According to the Finance Ministry’s latest economic outlook, the country imported CFA333.7 billion worth of fuels and lubricants in the first half of 2025, representing about 899,000 tons supplied to the local market.

Source: Business in Cameroon