GABON · STOCK MARKET
Key Facts
- —What is happening BGFI Holding, the Gabon based parent of the BGFIBank group, says individuals were 95% of the new clients in the first phase of its share sale, a figure released on Friday, 23 October.
- —Why it matters The share sale put a Central African bank group on the regional stock exchange, so the 95% shows whether ordinary savers, not only institutions, now own shares in a major regional bank.
- —The numbers The first phase raised 45.3 billion CFA francs (US$77.4 million) from 7,601 investors in 24 countries; the second, closed on 15 October, offered 80.6 billion francs (US$137.6 million).
- —Who is who BGFI Holding Corporation is the listed parent of BGFIBank, led by Henri Claude Oyima; the exchange is the BVMAC in Douala, Cameroon, and COSUMAF is the regional market regulator.
- —What to watch Whether BGFI Holding enlarges the second phase or cuts subscriptions, and what final amount and number of investors it discloses.
- —What it means for you Nothing in the sources links the offer to US investors or rules, but it shows how small savers are joining a young Central African stock market.
BGFI Holding, a Gabon bank group, went public on a Central African stock exchange in 2026. It says almost all its new clients in the first phase were individuals.
Individuals made up 95% of the new clients in the first phase of the BGFI Holding IPO, the company says. The figure comes from its October media kit, which Gabon Media Time reported on Friday, 23 October.
BGFI Holding Corporation is the parent of BGFIBank, a banking group based in Libreville, Gabon. Gabon Media Time stresses that the 95% does not mean individuals bought 95% of the shares.
What BGFI Holding Says About Its New Investors
Gabon Media Time says the figure counts clients, not capital, so it does not mean individuals held 95% of the money. Its report gives no amount that individuals put in.
It says more than 96% of the capital raised came from the CEMAC zone, a currency area of six countries. They are Cameroon, Chad, Gabon, the Republic of the Congo, Equatorial Guinea and the Central African Republic.
Subscribers came from 24 countries, and the kit says the group’s consolidated net income rose 190% from 2021 to 2025. It adds that the balance sheet grew 89% over the same period.
The kit gives no dividend figure and no payout policy. Gabon Media Time notes that dividends depend on distributable profit, funding needs, prudential rules and the decisions of the governing bodies.
How the BGFI Holding Share Sale Unfolded
The first phase opened in November 2025, after the regional regulator COSUMAF authorised the offer on Tuesday, 28 October 2025. The company planned to sell 10% of its capital, or 1,573,536 new shares at 80,000 CFA francs (about US$137) each.
That target was about 125.9 billion CFA francs (about US$215 million), and the window was extended to Saturday, 7 February 2026. The first phase raised 45.325 billion francs (about US$77.4 million), or 36% of the target, from 7,601 investors.
Before the offer, the group had 431 shareholders from 8 countries, Gabon Media Time reported in March. Trading on the BVMAC began on Thursday, 7 May 2026, under the ticker BGFI HC.
The reference price was 80,000 francs (about US$137), and Dabafinance called the listing the first by a multinational on that equities market. It also warned of thin trading, citing the high share price for small savers and low liquidity.
The Second Phase and the Price Gap
A second public offer opened on Tuesday, 15 September 2026, and closed on Thursday, 15 October. It offered 1,006,975 new shares at 80,000 francs, a target of 80.558 billion francs (about US$137.6 million).
The goal is to lift the public share of capital from 3.85% to 10%, under COSUMAF visa COSUMAF-APE-06/26. The minimum order was 10 shares, or 800,000 francs (about US$1,366).
BGFI Holding said on 15 October that the second phase was oversubscribed, which means demand exceeded the shares on offer. It gave no rate, no final amount and no number of subscribers.
EcoMatin, citing a source close to the deal, put second phase demand at a little over 81 billion francs (about US$138.3 million). It said subscriptions across both phases would total about 126.5 billion francs (about US$216 million), still being consolidated.
Chief executive Henri Claude Oyima cited a price of 89,000 francs (about US$152) at investor meetings in Libreville, Yaoundé, Douala and Brazzaville. Gabon Media Time reported on 12 October that he put the September peak at 93,000 francs (about US$159).
Those figures are 11% to 16% above the 80,000 franc offer price, but the paper gain is theoretical. Resale depends on a buyer being willing to pay that price, and trading on the BVMAC is thin.
In Plain English
An IPO, or initial public offering, is the first time a company sells new shares to the public. BGFI Holding sold new shares, so existing owners keep theirs but each holds a smaller slice.
The BVMAC is the stock exchange of the six CEMAC countries, based in Douala, and COSUMAF is its regulator. The CFA franc used here is pegged to the euro, so US$ values follow the dollar and euro exchange rate.
What It Means for US Readers
None of the sources says that US residents could subscribe, or that US rules apply to the BGFI Holding offer. The shares trade only on a small regional exchange, so US access looks limited.
For US readers the story is a test of Central Africa’s capital markets, which have few listed companies. A bank group that draws mostly individual clients suggests local savers, not only funds, are starting to buy shares.
The exchange rate used here is 585.63 CFA francs per US$ (open.er-api.com, 24 October 2026, 00:02 UTC). This report is news, not investment advice, and gives no price target.
What Is Not Known
The company has not said how it defines a new client, or how many of the 7,601 first phase investors were individuals. The 95% is a share of new clients, not of subscribers or of money.
BGFIBourse, the offer arranger, said in March that individuals were over 71% of first phase subscriptions, a different measure. The two figures cannot be compared, and this report does not treat them as a change over time.
The media kit itself was not opened, so the 95%, the 96% and the 190% rest on Gabon Media Time. Its report is also unclear on which phase the 96% CEMAC share covers.
No source gives the second phase rate, final amount or subscriber count, and EcoMatin’s figures are unofficial. The offer document lets BGFI Holding ask COSUMAF to enlarge the issue or cut subscriptions, and it has not said which.
What Comes Next
BGFI Holding is expected to publish the final result of the second phase and its decision on the oversubscription. No date has been given for either.
The next evidence will be how the shares trade on the BVMAC and whether a dividend is announced. None of that is settled by the 95% figure.
Frequently Asked Questions
What does the 95% figure mean?
BGFI Holding says individuals were 95% of the new clients in the first phase of its share sale. Gabon Media Time notes this does not mean individuals put in 95% of the money.
What is BGFI Holding?
BGFI Holding Corporation is the parent of the BGFIBank group, based in Libreville, Gabon. Its shares have traded on the BVMAC since 7 May 2026.
How much did the share sale raise?
The first phase raised 45.325 billion CFA francs (about US$77.4 million). The second phase closed oversubscribed on 15 October, but no official total has been given.
Where do the investors come from?
The company says subscribers came from 24 countries and that more than 96% of the capital raised came from the CEMAC zone. CEMAC is a Central African currency area of six countries.
Can Americans buy the shares?
The sources do not say. The shares trade on a regional exchange in Douala, so anyone interested should ask a licensed adviser.
Sources: Gabon Media Time, 23 October 2026 (BGFI Holding media kit); Gabon Media Time, 15 October 2026; Gabon Media Time, 20 October 2026; Gabon Media Time, 12 October 2026; Gabon Media Time, 3 March 2026; Gabon Media Time on the BGFIBourse closing notice, March 2026; Gabon Media Time on the COSUMAF authorisation, 3 November 2025; Gabonreview, 15 September 2026; Gabonreview, 1 January 2026; EcoMatin, 15 October 2026; Dabafinance, 13 May 2026; Gabonreview on the 7 May listing; open.er-api.com exchange rate, 24 October 2026 (all accessed 24 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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