The Reuters news agency, citing sources, reported that 100 to 200 Russians had arrived in the past two months.
It said some of them were likely to be part of the Africa Corps, a paramilitary force formerly known as Wagner before it was renamed and officially came under the control of Russian forces.
There were other reports of sightings of mercenaries in both Malabo and Bath, also indicating that they were there to protect the president and his family.
The small country of 1.7 million people is led by President Theodore Obiang Ngema Mbasoga, the world’s longest-serving president, in power since 1979.
The country’s vice president is his son, Theodore Abiang Mangu, known for his lavish lifestyle.
He was at the center of scandals around the world, was the subject of criminal charges and sanctions.
Equatorial Guinea’s administration has faced criticism for its human rights record, including arbitrary killings and torture, according to a US government report.
The country is trying to mediate military deals, as well as gas and mineral exploration agreements with Russia and Belarus. It has had similar deals with China in the past.
Recently, both the President of Equatorial Guinea and the Vice President have made several visits to Russia.
In September, President Obiang thanked Russian President Vladimir Putin for sending instructors to strengthen the defense of Equatorial Guinea, according to the state news agency TASS.
On Wednesday, Tutu Alicante, an American human rights activist based in Equatorial Guinea, told VOA that the proposed military presence in the country could undermine US geopolitical interests.
He said that Russia “definitely shows its military and economic muscles on the ground” through the physical presence of troops in the country.
In the past, the US has made investments, including in the country’s energy sector, but interest in it has declined.
Some West African countries that have seen coups in recent years have distanced themselves from traditional Western allies such as France, accusing them of not doing enough to quell jihadist insurgencies, while seeking closer ties with Russia.
Additional reporting by Ines Silva