Cameroonian investor Fabricio Ndjodo’s Minkama Capital nears $76 million Chococam takeover

Cameroonian investor Fabricio Ndjodo is closing in on one of the country’s most consequential industrial deals, as his pan-African firm Minkama Capital advances toward completing the CFA46.68 billion ($76 million) acquisition of Chocolaterie Confiserie Camerounaise S.A.

The transaction will see Tiger Brands divest its 74.69% controlling stake in Chococam, with the deal now in its final stage pending key regulatory approvals.

Regulatory clearances in focus

Momentum around the deal was reinforced during a high-level meeting on April 20, 2026, where Ndjodo met with executives from Tiger Brands and Cameroonian government officials, including Commerce Minister Luc Magloire Mbarga Atangana. Discussions centered on updating authorities on the transaction’s progress and aligning on a realistic completion timeline.

To finalize the acquisition, Minkama Capital must still secure approval from the CEMAC Competition Commission, alongside foreign exchange authorizations under both Cameroonian regulations and the regional monetary framework. Tax clearance certificates for both Chococam and Tiger Brands also remain a requirement.

These layered approvals reflect the dual national and sub-regional regulatory systems governing cross-border investments within Central Africa, adding complexity while ensuring compliance with established frameworks.

Bet on local industrial ownership

Ndjodo’s move to acquire Chococam underscores a strategic push to deepen indigenous control over key industrial assets. Through Minkama Capital, he is positioning himself at the center of a transition that could reshape Cameroon’s consumer goods and cocoa processing landscape.

Tiger Brands has held its stake in Chococam for 17 years, playing a central role in building the company into a leading player in the country’s cocoa processing sector. The planned exit marks a shift toward local capital taking ownership of a strategically important business.

The acquisition carries broader economic significance. Despite ranking among the world’s top cocoa producers, Cameroon exports much of its output in raw form. By taking control of one of the country’s key processors, Ndjodo is aligning with efforts to boost domestic value addition and industrialization.

Ndjodo’s dealmaking track record

Ndjodo brings deep financial expertise to the transaction, with experience spanning private equity, investment banking, and equity research. Over his career, he has worked on transactions exceeding €2 billion ($2.4 billion) across Africa, positioning him to execute complex cross-border deals.

Before founding Minkama Capital, he served as managing director at Tana Africa Capital, backed by E. Oppenheimer & Son and Temasek Holdings. His earlier roles include positions at Liquid Africa, Macquarie First South Securities, and Macquarie Group. He also worked as an investment analyst at the International Finance Corporation, focusing on projects across Europe, South America, and Africa.

A defining moment for Cameroon

If completed, the Chococam acquisition will rank among the most significant transfers of industrial ownership from foreign to local investors in Cameroon’s recent history, signaling a broader shift toward domestic capital shaping the country’s economic future.

While acknowledging Tiger Brands’ longstanding contribution, Minister Mbarga Atangana emphasized the need for full compliance with all national and regional regulations, highlighting the importance of aligning private investment ambitions with Cameroon’s legal and economic framework.