) Critical Minerals Financing Corp. Plc (CMFC) has recorded an improvement in its shareholders’ funds, moving from a negative N2.3 billion as of Sept. 30, 2025, to a positive N4.3 billion as of June 30.
The company disclosed this in its unaudited nine-month financial statement for the period ended June 30, submitted to the Nigerian Exchange Ltd. (NGX).
The improvement came barely three months after shareholders approved the transformation of Deap Capital Management and Trust Plc (DEAP) into CMFC, following the entry of Banklink Africa Private Equities Ltd. as a core investor.
According to the company, the restructuring repositioned it as a specialised financing and investment banking institution focused on Africa’s critical minerals, metals and commodities sectors.
The company’s net asset value per share also improved from a negative 155 kobo as of Sept. 30, 2025, to a positive 167 kobo as of June 30.
CMFC also recorded N82.64 million in income during the nine-month period, compared with zero 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.
CMFC also settled a negotiated debt of N430 million with the Asset Management Corporation of Nigeria (AMCON), against an initial claim of N2.5 billion.
AMCON, which previously held about 16 per cent of the company’s paid-up capital, is no longer a shareholder following the restructuring.
Banklink Africa Private Equities Ltd. emerged as the majority shareholder and committed N6 billion to accelerate the company’s corporate transition.
The restructuring has also been accompanied by increased activity in the company’s shares on the NGX.
More than 1.44 billion CMFC shares were traded between August 2025, when discussions on Banklink Africa’s strategic investment began, and Aug. 7, 2026.
The volume represented about 97 per cent of the company’s issued and fully paid-up share capital of 1.5 billion shares at the time.
This compared with about 946 million shares traded between May 2023, when the company resumed operations after 10 years of inactivity, and July 31, 2025.
The stock has also become more liquid, with daily transactions rising above 190 deals, compared with fewer than 40 deals recorded before Banklink Africa’s investment.
The share price rose from N1.35 in the first week of August 2025 to N11.43 on Jan. 31, before declining to N3.01 on Aug. 5, when the nine-month results were released.
The company also converted N1.8 billion of legacy debt, out of N2.52 billion, into 1.069 billion ordinary shares of 50 kobo each, following approval by the Securities and Exchange Commission (SEC).
The conversion increased the company’s paid-up capital to 2.570 billion ordinary shares of 50 kobo each.
The Chairman of CMFC, Mr Lamon Rutten, said the transition reflected the company’s sharpened focus on capital structuring, investment banking, transaction advisory, project development support and financing solutions for stakeholders in the minerals and commodities sector.
Rutten, who was appointed chairman in March 2026, said the completion of the transition marked the beginning of a new phase for the company.
He said CMFC was strategically positioned to provide 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.
According to him, the company’s strategy is focused on addressing the financing and transaction-structuring gap in Africa’s mining industry.
This, he noted, was achieved by combining global financial expertise, sector-specific knowledge and strategic partnerships.
Rutten, a founding Chief Executive Officer of the Multi Commodity Exchange of India (MCX), has more than 30 years’ international experience in commodity markets, structured commodity finance and exchange development across Europe, Asia, the Middle East and Africa.
“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, Dr Israel Ovirih, said he had advised on financing programmes exceeding $1.5 billion across the energy, marine, oil and gas sectors.
Ovirih, a development economist and structured-finance expert with more than 30 years’ experience in Nigerian and international capital markets, is the Founder and Chairman of Banklink Africa Private Equities Group. (NAN)
