BGFI blazes as new BVMAC heavyweight
by NDUMBE BELL JG in Douala
Four months after its listing, BGFI Holding Corporation has become the single force driving Cameroon's regional stock exchange. Its weight is so large that when BGFI does not trade, the entire BVMAC stands still.
Listed on the Bourse des Valeurs Mobilières de l'Afrique Centrale, BVMAC, in May 2026, BGFI Holding now concentrates FCFA 1,325.5 billion in market capitalization. That represents almost three-quarters of the entire market, which stands at FCFA 1,802.4 billion across just seven listed companies. The dominance was visible again on August 11, 2026. BGFI Holding was the only stock that recorded any trades during the entire session. The other six listed companies recorded zero activity.
The market’s obsession with BGFI is not without reason. The financial group, chaired by veteran banker Henri-Claude Oyima, delivered strong results for 2025. BGFI Holding posted net profit of FCFA 59.5 billion, a sharp increase compared to the previous year. The growth was driven by its banking, insurance and investment subsidiaries across Central Africa. For investors looking for a liquid, profitable counter in the CEMAC zone, BGFI is currently the only real option.
That explains why, since its IPO, the stock has absorbed most of the available capital on the BVMAC. But that same strength is now the market’s biggest weakness. BGFI’s free float is only 3.85% of its total capital. In simple terms, less than 4 out of every 100 BGFI shares are actually available for the public to buy and sell. The remaining 96%+ is held by a tight core of founding shareholders and institutional investors who are not selling.
This structure creates a dangerous imbalance. The BVMAC’s total value looks big on paper because of BGFI’s high capitalization. But in reality, very little of that value circulates.
Analysts say this is why trading volumes remain so low. When that small 3.85% slice is not being traded, there is nothing else to move the market. Hence, sessions like August 11 where BGFI was the sole stock traded and the rest of the board was dead.
There is ariskto have one company market. This is a common feature in emerging markets at the start
of their development. But for CEMAC, the risks are real.
For example the concentration Risk. The performance of the entire regional index depends on one company. Any bad news, dividend cut, or governance issue at BGFI would drag the whole market down. There is also a Liquidity Risk. With only 7 listed companies and one dominant counter, institutional investors, pension funds, and foreign buyers have very few alternatives. It discourages portfolio diversification.
The listing of BGFI for Cameroon means that it doubled the market’s size overnight and gave it a credible flagship company .They also need to encourage wider shareholding. For now, investors are watching BGFI. When it trades, the market lives.
CEO BVMAC Louis BANGA NTOLO
