Vietnamese telecom group Viettel is seeking to protect its majority stake in Cameroon’s Nexttel, renewing attention on a long-running shareholder dispute as questions over control and governance continue to affect the operator.
In a letter dated August 25, 2026, Tao Duc Thang, CEO of Viettel Global, appealed to Cameroon’s President Paul Biya to protect Viettel’s investment and its 70% stake in Viettel Cameroon, which operates under the Nexttel brand, according to Africa Intelligence. Bestinver Cameroon, linked to businessman Baba Ahmadou Danpullo, holds the remaining 30%.
Viettel Global’s own financial reporting reflects the scale and duration of the disagreement. As of June 30, 2026, the Vietnamese company still reported a 70% ownership interest in Viettel Cameroon. However, it classified the holding as an equity investment in another entity. It had been unable to obtain Viettel Cameroon’s financial statements from November 1, 2018, through the end of the reporting period.
Nexttel launched commercially in September 2014 as Cameroon’s third mobile operator and became the first operator in the country to launch 3G services. The company entered the market to increase competition in a market dominated by larger operators and to extend mobile connectivity beyond the country’s main urban centers. Information published at the time described a network featuring more than 1,000 base stations and thousands of kilometers of fiber-optic infrastructure.
The shareholder conflict has had consequences for the operator’s development. A 2024 ITWeb Africa report said Nexttel had been on what the report described as an operational pause since 2023, and that the company’s difficulties had affected more than 3.2 million subscribers. The report also linked the dispute to stalled investment and repeated attempts by the shareholders to resolve their differences. These figures describe the situation as it stood in 2024; they are not a measure of Nexttel’s current subscriber base or operational status.
The disagreement has also moved through the courts. In July 2024, the Common Court of Justice and Arbitration (CCJA) of OHADA ruled that the arbitration clause in the shareholders’ agreement between Viettel Global and Bestinver was applicable. The CCJA set aside a 2021 ruling by Cameroon’s Littoral Court of Appeal and upheld the earlier decision of the Wouri High Court, which had held that state courts lacked jurisdiction over the dispute because it fell under the arbitration clause.
The case has also drawn interest from potential investors. Africa Intelligence reported in April 2025 that Mauritius-based Axian Telecom was considering a takeover of Nexttel, although the unresolved shareholder conflict remained an obstacle to any transaction. That reported interest illustrates the commercial value investors may still see in the operator despite years of instability.
For Cameroon, the stakes extend beyond the two shareholders. Nexttel is part of the country’s telecommunications infrastructure and contributes to competition in the mobile market. The Telecommunications Regulatory Board is currently preparing its 2026 directory of authorized operators and service providers, which it describes as a way to strengthen transparency and consumer protection in the sector.
Viettel’s latest appeal to Biya therefore comes at a pivotal moment for an investment that has been stuck in a shareholder dispute for years. The Vietnamese group continues to recognize its 70% stake, while Viettel Cameroon’s failure to provide financial statements underscores how deeply the conflict has affected the parent company’s ability to exercise normal oversight.
The case highlights a broader challenge for foreign investors in African infrastructure: securing market access is only the first step. Protecting ownership rights, maintaining effective corporate governance and resolving shareholder disputes are equally important to preserving the value of long-term investments.
