Key Points
- CMFC’s shareholders’ funds rose from a negative N2.3bn to a positive N4.3bn.
- The company recorded N82.64m income in nine months, compared with zero income a year earlier.
- Banklink Africa emerged as majority shareholder and committed N6bn to the company’s transition.
- CMFC has repositioned itself to finance Africa’s critical minerals and commodities sectors.
Main Story
Critical Minerals Financing Corp. Plc (CMFC) has swung from negative shareholders’ funds of N2.3 billion to a positive N4.3 billion within nine months, following a restructuring that transformed the company from Deap Capital Management and Trust Plc (DEAP) into a specialised critical minerals financing institution.
The company disclosed the improvement in its unaudited financial statement for the nine-month period ended June 30, 2026, filed with the Nigerian Exchange Ltd. (NGX).
The financial position also reflected a sharp improvement in net asset value per share, which moved from negative 155 kobo at the end of September 2025 to positive 167 kobo by June 30, 2026.
CMFC generated N82.64 million in income during the period, compared with no income in the corresponding period of 2025. About 90 per cent of the income was generated between March and June.
The company ended the period with more than N6 billion in cash after the restructuring, which followed the entry of Banklink Africa Private Equities Ltd. as a core investor.
Banklink Africa subsequently became the majority shareholder and committed N6 billion to support the company’s corporate transition.
The restructuring also resolved part of the company’s legacy obligations. CMFC paid N430 million to the Asset Management Corporation of Nigeria (AMCON) under a negotiated settlement against an original claim of N2.5 billion.
AMCON, which previously owned about 16 per cent of CMFC’s paid-up capital, ceased to be a shareholder following the restructuring.
CMFC also converted N1.8 billion of legacy debt into 1.069 billion ordinary shares of 50 kobo each after obtaining approval from the Securities and Exchange Commission (SEC). The transaction raised its paid-up capital to 2.570 billion ordinary shares.
The restructuring has coincided with increased activity in the company’s shares on the NGX. More than 1.44 billion CMFC shares were traded between August 2025, when discussions over Banklink Africa’s investment began, and Aug. 7, 2026.
The volume represented about 97 per cent of the 1.5 billion issued and fully paid-up shares at the time and exceeded the roughly 946 million shares traded between May 2023, when the company resumed operations after a decade of inactivity, and July 31, 2025.
Trading activity also increased, with daily transactions rising above 190 deals from fewer than 40 before Banklink Africa’s investment.
CMFC’s share price moved from N1.35 in early August 2025 to N11.43 by Jan. 31, before falling to N3.01 on Aug. 5, when the nine-month results were released.
The company is now focused on providing capital structuring, investment banking, transaction advisory, project development support and financing services to businesses operating in Africa’s minerals and commodities sectors.
Its Chairman, Lamon Rutten, said the restructuring had created a platform for the company to address financing gaps within Africa’s mining industry.
Rutten said CMFC would target companies operating across critical mineral segments including gold, copper, cobalt, lithium, tungsten, tin and tantalum.
“We are strategically positioned to deliver world-class capital structuring, advisory and financing solutions to mining and metals companies operating across gold, copper, cobalt, lithium, tungsten, tin, tantalum and other critical mineral sectors,” he said.
The President and Co-Chief Executive Officer of CMFC, Israel Ovirih, has more than 30 years’ experience in Nigerian and international capital markets and has advised on financing programmes exceeding $1.5 billion across the energy, marine, oil and gas sectors.
The Issues
CMFC’s financial position has improved significantly following the restructuring, with shareholders’ funds moving from negative to positive territory. The company has also increased its paid-up capital through the conversion of legacy debt into equity and secured fresh capital from its new majority shareholder.
What’s Being Said
CMFC’s leadership says the restructuring has created a stronger platform for the company to provide financing, investment banking and advisory services to businesses operating in Africa’s critical minerals and commodities sectors.
What’s Next
CMFC is expected to focus on capital structuring, transaction advisory, project development support and financing solutions for mining and metals companies across critical mineral sectors.
Bottom Line
CMFC has emerged from its restructuring with stronger shareholders’ funds, fresh capital and a new strategic focus on financing Africa’s critical minerals industry.
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