The battle for control of two major iron ore deposits in Cameroon has turned into a serious legal and financial fight involving international banks, local billionaires, and questions about fraud. At the centre of the case are the Nkout deposit, estimated at 2.7 billion tons, and the Ntem deposit, estimated at 98 million tons, both located in southern Cameroon. The two deposits are among the largest untapped iron ore resources in the country, but their development has been trapped in controversy.
The ownership dispute is tied to Cameroon Mining Exploration (Caminex), a local subsidiary of the bankrupt British group, International Mining and Infrastructure Corporation (IMIC). Caminex’s control is now contested by two powerful players. On one side is Libyan Foreign Bank (LFB), a subsidiary of the Libyan central bank and the main creditor of IMIC, represented in Cameroon by businessman Elias Pungong. On the other side is Caisse Capital Ltd, an investment company owned by Cameroonian billionaire Colin Mukete, who was also a financier of IMIC.
The disagreement is over who has the legal right to control Caminex and the true amount of money that was invested in the iron ore projects. According to Elias Pungong, LFB became the majority shareholder of Caminex after a London court gave it the right to take over IMIC’s shares when the British company went bankrupt. He insists that the decision followed legal debt recovery processes since IMIC could not repay loans.
But Caisse Capital disagrees, insisting the London court only ordered IMIC’s liquidation and did not transfer shares in Caminex. The company’s lawyer, Barrister Etah Akoh, said only a Cameroonian court could decide ownership of shares in a local company. He accused Pungong of false claims and threatened to sue him for misleading testimony.
The dispute has also raised questions about how much was actually invested in Nkout and Ntem. LFB claims that IMIC invested more than $400 million, mostly financed through loans and stock exchange fundraising in London. Pungong explained that the funds covered exploration, equipment, headquarters operations, and feasibility studies.
However, Caisse Capital and other creditors doubt those figures. They argue that documents from IMIC’s legal counsel in London show debts of about $245 million, out of which $175 million was owed to LFB, not $400 million. They say the difference of $155 million suggests financial manipulation. Barrister Akoh said there is no evidence of such massive investment, pointing out that Caminex was left bankrupt, with over CFA 2 billion in tax debts, unpaid wages of CFA 160 million, no offices, and workers stranded in the bush. He asked how a company in that condition could claim to have received $400 million in funding.
Caisse Capital further insists that it injected $5 million into the project and should not be sidelined. It claims that LFB is trying to dominate Caminex and push the Cameroonian government into granting it a mining convention that would cut out other creditors. Mukete’s firm accuses LFB of inflating its financial role to attract future buyers for Caminex.
The Ministry of Mines in Cameroon appears to be considering reopening talks with LFB and Caminex. But Caisse Capital has warned it will go to court locally and internationally to stop any agreement that ignores its claims. Its lawyer stressed that once legal proceedings begin, no serious investor or lender will fund the project due to the risk of disputes.
This conflict highlights the high stakes around Cameroon’s iron ore resources and the risks of foreign and local investors fighting over control. For the government, the dispute is not only about money but also about its reputation as a safe place for investment. Analysts say the final decision will determine whether Cameroon is seen as protecting creditors fairly or allowing foreign banks to dominate its natural resources sector.
Until the matter is resolved, the future of Nkout and Ntem, which could transform Cameroon’s mining sector, remains in uncertainty. Both LFB and Caisse Capital continue to defend their claims, while the government faces pressure to make a decision that balances legal rights, investment confidence, and national interest.
