Legal appeals and calls for stability following leadership shake-up delay the Group’s listing on the Central African stock exchange.

Highlights

● Shareholders challenge recent governance changes, including Oyima’s departure.

● Legal action prompts BGFI to delay IPO initially planned for July 31.

● A new timetable will be announced once court decisions are made.

BGFI Holding Corporation (BHC) has postponed its initial public offering (IPO) on the Bourse des valeurs mobilières de l'Afrique centrale (BVMAC), citing legal appeals from a group of shareholders who oppose the move.

In a statement issued on Monday, July 28, 2025, the Board said it was acting “in agreement with the Central African Financial Market Supervisory Commission (Cosumaf)” and would “wait for the outcome of ongoing litigation at the Libreville Commercial Court before proceeding with regulatory formalities.”

The appeal was filed by a group led by Christian Kerangall, who holds 23% of the Group’s capital. The shareholders argue that recent governance changes—including the resignation of longtime CEO Henri Claude Oyima to become Gabon’s Minister of Economy and Finance—warrant a cooling-off period before the stock market launch.

In a recent interview with L’Union daily, Kerangall noted that several letters of complaint had reportedly been ignored by the bank, prompting a formal legal request to suspend the IPO. “We are serenely waiting for the courts to rule,” he said in the interview.

Initially slated for July 15 and later rescheduled to July 31, the IPO was expected to offer 1,573,536 shares—equivalent to 10% of the Group’s capital—on the Douala-based exchange. The goal was to raise 125.8 billion FCFA ($222 million) to boost BGFI’s equity.

A new calendar will be shared once the dispute is resolved.

This article was initially published in French by Sandrine Gaingne

Edited in English by Ola Schad Akinocho