This paper examines how decentralized forest governance policy led to new patterns of wealth accumulation in villages as a result of economic opportunities created by wood-charcoal production and trade in rural Senegal. In the region studied, the locus for development through decentralized governance was offered through an institution: the democratically elected Rural Council. USAID provided assistance to Rural Communities and their Rural Councils by implementing Wula Nafaa, a project supporting capacity-building and consolidation of institutional infrastructure to encourage wealth creation from forests in a sustainable and inclusive way. This case study was constructed with qualitative data collected during fieldwork and complemented by secondary sources of data. It was observed that a warping of mechanisms meant for promoting equitable access to charcoal-related economic opportunities enabled only a small group of socially and economically advantageously positioned rural elites to grab and dominate the access to forest resources. Elite capture not only excluded less-privileged villagersfrom entering the lucrative charcoal business, creating inequitable access for smaller producers, but had implications for contributing to the existing spatial disparities in development between the remote rural regions and the urban centers of the country.