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The Senegalese government has announced it will reclaim all assets of Industries Chimiques du Sénégal (ICS), effectively terminating the operating licence held by the Singapore-based Indorama Ventures.
Prime Minister Ousmane Sonko reported that a comprehensive audit revealed major financial irregularities and “unfair” contractual terms that have allegedly cost the nation nearly $1.88 billion in lost revenue.
As an immediate measure, the government has frozen the company’s accounts and is demanding a payment of over 200 billion CFA francs to settle outstanding debts and legal breaches.
This move is part of a broader resource overhaul led by President Bassirou Diomaye Faye, who campaigned on a promise to renegotiate foreign contracts to better benefit the Senegalese population.
Credit: France 24
Beyond the phosphate sector, the administration has revoked 71 mining licenses—including 14 for gold—and terminated several offshore oil concessions due to non-compliance with regulations.
Sonko also targeted a major gas deal with BP, labelling it one-sided, as the government seeks to regain control over its strategic minerals and energy resources.
The crackdown comes as Senegal grapples with significant national debt and rising fuel prices, fuelled by global instability.
By seizing these assets, the government intends to manage its phosphate production independently and ensure that more domestic resources, such as oil from the Sangomar field, are directed toward the local market.
While Indorama has not yet officially commented on the takeover, the administration maintains that these actions are necessary steps toward achieving economic sovereignty and fiscal transparency.
