Pizolub, Gabon’s leading lubricant manufacturer, is teetering on the brink of bankruptcy, weighed down by a staggering 13 billion FCFA in debt.
The company’s leadership met with the Minister of Petroleum on June 19 in Libreville to discuss urgent restructuring options aimed at salvaging the struggling enterprise.
Jean Koumbi Guiyedi, Chairman of Pizolub’s Board of Directors, did not mince words about the severity of the crisis.
“We were at -12 billion FCFA of debt, or even 13. And at -13 billion, the company, logically, no longer exists, since the debt exceeds half of the share capital,” he said.
He further cited Article 664 of the OHADA Uniform Act, which stipulates that a company whose liabilities surpass half of its share capital must be dissolved unless swift remedial action is taken.
“According to Article 664 of the OHADA Uniform Act, Pizolub should be dissolved. Today, we have presented this situation to the Minister,” Guiyedi added.
The revelation has sent ripples through Gabon’s industrial sector, raising alarms about the broader implications for employment and national economic stability.
In response, the Minister of Petroleum has instructed Pizolub’s management to draft and submit a comprehensive restructuring plan without delay.
The plan is expected to outline viable strategies for debt recovery, operational efficiency, and long-term sustainability.
Sources close to the ministry indicate that while no bailout has been promised, the government is prepared to examine all possible avenues to prevent the complete collapse of the once-prominent firm.
Founded to supply essential lubricants for Gabon’s automotive and industrial sectors, Pizolub now finds itself in a race against time to avoid dissolution.
As creditors loom and financial obligations mount, all eyes are now on the company’s ability to deliver a credible turnaround strategy.
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