Cameroon’s SNH Rocked by $230M Oil Scandal: Moudiki, Family & Shell Firms Implicated

The scandal, which implicates a shell company named Teclogix, has reignited concerns over elite capture and financial opacity within the state oil behemoth.

The controversy exploded after whistleblower reports and internal audits traced the disappearance of at least five oil shipments, allegedly siphoned through a covert offshore operation. The SNH’s Director General, Adolphe Moudiki — at the helm since 1993 — issued a strongly worded denial on April 2, claiming the transactions were “transparent” and compliant with procedures. However, observers argue the language mirrors past defensive postures seen during the Savannah Energy and Glencore scandals.

A Family Empire Cloaked in State Power

Moudiki, a political veteran and close confidant of President Paul Biya, has turned the SNH into a virtually impenetrable empire. Critics argue that his control over the SNH’s books is so absolute that state institutions are left blind to the company’s financial operations. His wife, who now holds a discreet but strategic post within the SNH, is reportedly operating as a shadow CEO — or as some insiders term it, “DG in waiting.”

At the heart of this latest scandal is Igor Emmanuel Soya Bissaya, a senior advisor and longtime ally of Moudiki. An internal memo dated March 4, 2024, granted him extensive powers over daily operations, reportedly forming a power duo with Nathalie Moudiki — herself involved despite limited official credentials.

Sources close to the matter indicate that in recent weeks, key individuals linked to the case have been attempting to erase digital trails and remove sensitive documents, fueling suspicion of a cover-up. As investigations escalate, efforts to shield those implicated appear to be mounting. In what many viewed as a contradiction, Moudiki simultaneously issued a communiqué denying the very existence of fraudulent sales — a move seen by many as an attempt to "muddy the waters."

Structural Plundering in a Fragile State

In a country already reeling from decaying infrastructure, deepening inequality, and rising insecurity, the alleged embezzlement of 140 billion FCFA further damages public trust in government institutions. “This is more than a scandal; it’s systemic plunder,” said one political analyst based in Yaoundé. “We are witnessing the operations of a cartel embedded within the state.”

This latest case adds to an expanding catalogue of corruption scandals involving the SNH — including the Savannah Energy debacle, which nearly triggered a diplomatic rift with Chad, and the Glencore corruption case, which remains shrouded in secrecy despite international scrutiny.

The Bigger Picture

As Cameroon prepares for crucial elections later this year, revelations like these serve as potent reminders of the entrenched elite networks that dominate state institutions. Prominent voices such as Akere Muna, former bar president and anti-corruption crusader, have long warned of the opacity surrounding SNH operations — warnings that now seem increasingly prophetic.

For many Cameroonians, the SNH has become a symbol of state failure and economic hijacking. With billions siphoned away through murky transactions, the country’s dream of emerging economy status remains tragically out of reach.

Reporting by Cameroon Concord Newsroom
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