Mahamadou Bonkoungou suffers loss as Gabon ends EBOMAF deal

Burkinabe billionaire Mahamadou Bonkoungou, one of West Africa’s most prominent businessmen, has suffered a blow to his regional ambitions after Gabon abruptly canceled a contract with his EBOMAF Group.

The National Inland and International Navigation Company (CNNII) announced on Aug. 20 that it was terminating its partnership with EBOMAF, barely six months after the Burkinabe firm was brought in to manage operations. The deal, signed in February, had been billed as a lifeline for the struggling state-owned company, which has faced years of financial and logistical challenges.

Gabonese officials said EBOMAF fell short on its promises, particularly in putting up the needed capital and meeting operational targets. The Burkinabe-owned conglomerate formally assumed control of the Compagnie nationale de navigation intérieure et internationale (CNNII) in February 2025, after delivering a vessel to help secure passenger transport between Libreville and the oil hub of Port-Gentil. Gabonese authorities had presented EBOMAF’s arrival as a rescue mission for a company considered vital to national sovereignty in the river, lagoon and coastal shipping sector.

At the time, CNNII was drowning in debt, suppliers were unpaid, and workers were owed 17 months of back wages. The state turned to EBOMAF, led by billionaire businessman Mahamadou Bonkoungou, in hopes that new management would stabilize the struggling enterprise.

Whether that has happened remains unclear. Workers at the company have voiced unease over changes brought in under EBOMAF’s management, while authorities have yet to provide clear data showing any turnaround. The Libreville–Port-Gentil route remains in operation, but doubts about the company’s role are growing as trust between the sides frays.

For Bonkoungou, 58, the reversal marks an unusual stumble. Through EBOMAF — short for Entreprise Bonkoungou Mahamadou et Fils — he built a fortune spanning public works, road construction, aviation, and transport, with operations stretching from Burkina Faso to Benin, Togo, and Côte d’Ivoire. Known for bold expansion moves, he had recently turned his sights on Central Africa, with Gabon seen as a strategic entry point.

The breakdown with CNNII suggests that path may be more complicated. Analysts say the setback could dampen EBOMAF’s credibility in Central Africa, even as the group remains strong in its West African base.

Mahamadou Bonkoungou has built one of West Africa’s most recognizable business empires, a story that began modestly in the late 1980s and grew into a regional powerhouse spanning construction, aviation and finance.

Born in 1966, Bonkoungou entered the business world through trading and gold dealing before launching his company, Entreprise Bonkoungou Mahamadou et Fils, in 1988. What started as a family enterprise quickly became known across Burkina Faso for road and public works projects, laying the foundation for the group that today operates simply as EBOMAF.

Over the years, EBOMAF has delivered major infrastructure across West Africa, including highways, bridges and large real estate developments. Among its most ambitious projects is an international airport now under construction in Gabon, part of a pipeline valued at more than $3 billion.

Bonkoungou has also diversified. He owns Liza Transport, a jet charter service, and controls IB Holding, which took over the Togolese Bank for Commerce and Industry.