Cameroon banks earn $13.5m in oil transit fees

YAOUNDE: Cameroon's state oil firm SNH earned 6.49 billion CFA francs ($13.46 million) in transit fees for Chadian oil shipped to Cameroon's coast from January through April, triple the amount during the same period last year.

The spike in revenues comes after Cameroon last year more than tripled the transit fee land-locked Chad would pay to ship its oil to Cameroon's coast.

SNH said in a statement issued on Monday that 10.45 million barrels of Chad's oil transited Cameroon in the first four months of this year, roughly the same amount of oil as the same period last year.

The rate is due to be reviewed every five years and altered according to regional rates of inflation.