• NSIF denies rumors of interest in buying Chococam, saying it is focused on other projects.
• Cadyst Invest, linked to Célestin Tawamba, is rumored to acquire Chococam for about CFA 60B ($100M).
• Tiger Brands confirms Chococam is a non-core asset but no sale deal has been officially announced.

Speculation in various media channels, based on some background information, initially pointed out that the Cameroonian National Social Insurance Fund (NSIF) was among the buyers on the list of South Africa's Group Tiger Brand’s stake in its local subsidiary, Chococam. But the Director General, Alain Olivier Noël Mekulu Mvondo of that public finance company, issued a communiqué on 13 September denying involvement. “This information is totally false,” he stated, adding that the NSIF remains committed to other national economic projects.

Multiple sources have recently also reported that Cadyst Invest, Célestin Tawamba’s group, which also heads the Groupement des entreprises du Cameroun (GECAM), is "in the process of acquiring" Chococam for approximately 60 billion CFA francs ($100 million USD, based on current exchange rates). He did not respond to the speculation and instead commented to the public-backed newspaper Cameroon Tribune, stating that he would address the matter in due course.

A reaction that sounds like a confirmation of something happening. In May 2025, in its interim report for the six months ending March 31, Tiger Brand confirmed that Chococam was on its non-core asset list. Categories and divisions considered non-core are King Foods, … and the Chococam subsidiary in Cameroon", the company said. This marks the first explicit public indication from Tiger Brands that Chococam is up for sale, aligning with their goal to exit operations that lack sufficient scale or synergy with their core South African portfolio.

The company tells investors that the process was underway. “Various options are being explored for the remaining non-core operations, which will continue to be fully operational until final decisions are concluded. Management remains committed to driving growth and margin expansion within these operations until such time that a feasible exit plan has been established”, it said. However, as of the latest available information (up to September 17, 2025), Tiger Brands has not yet issued any information or press release confirming a specific sale agreement for Chococam.

Meanwhile, Tiger Brands discussed Chococam's performance in detail during its first half, noting that: “Revenue decline for Chococam was purely due to South African Rand (ZAR) appreciation, as local currency performance saw a 1.1% increase in volumes, and 2.6% revenue growth versus prior year driven by Gums, Candies and Beverages."

They also highlighted operational challenges, such as rising cocoa costs, but praised cost management efforts that led to a 1.1% improvement in local operating income. Looking ahead, the company stated: "The focus for the second half of the year, as Cameroon prepares for presidential elections, is continued execution of cost management initiatives and driving value innovation for consumers." This confirms that while divestment is planned, operations continue in the interim.
  
  For the local potential buyers, many questions arise above the communicated target price. Tiger Brand has indicated that, upon exiting Nigeria, valuation may be secondary in its divestment decision-making. The undisclosed due diligence process actually underway does not allow for providing a complete picture, although the value of the transaction could be key. The Second is how local buyers are going to finance it.

The issue is not only to raise money, but also to transfer it out of the CEMAC region to Tiger Brands. Assumptions from the business community suggest that Cadyst might be a vehicle for foreign investors, but there is no confirmation of this. While the whole process is underway, people continue to enjoy Chococam’s candies and chocolate.

Mercy Fosoh

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