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By Chukwuma Umeorah
Critical Minerals Financing Corp Plc (CMFC) has moved from negative shareholders’ funds of N2.3 billion to a positive N4.3 billion within nine months, as the company’s restructuring and change of business focus began to reflect in its financial position.
The company disclosed this in its unaudited financial statements for the nine months ended June 30, 2026, submitted to the Nigerian Exchange Limited (NGX) on August 5, 2026. The improvement represents a positive movement of about N6.6 billion in shareholders’ funds from the negative position recorded as of September 30, 2025.
The company also reported income of N82.64 million during the nine-month period, compared with zero income in the corresponding period of 2025. About 90 per cent of the income was recorded between March and June 2026, following the restructuring of the business.
CMFC ended the period with cash and cash equivalents of more than N6 billion, providing the company with funds to support its new business activities. The restructuring followed the entry of Banklink Africa Private Equities Limited as a core investor and the subsequent change of the company’s name from Deap Capital Management and Trust Plc to Critical Minerals Financing Corp Plc. The company said it is now focused on financing and investment banking activities relating to Africa’s critical minerals, metals and commodities sectors.
As part of the restructuring, CMFC also settled an AMCON-negotiated debt of N430 million, against which the company had previously faced a claim of N2.5 billion.
AMCON, which had held about 16 per cent of the company’s paid-up capital and was previously its largest shareholder, subsequently ceased to be a shareholder. Banklink Africa Private Equities Limited emerged as the majority shareholder and committed N6 billion to support the company’s transition.
The restructuring also involved the conversion of N1.8 billion of legacy debt out of N2.52 billion into 1,068,980,259 ordinary shares of 50 kobo each, following approval by the Securities and Exchange Commission (SEC).
This increased the company’s paid-up capital to 2,569,640,259 ordinary shares of 50 kobo each. The improvement in shareholders’ funds was also reflected in the company’s net asset value per share, which rose from a negative 155 kobo as of September 30, 2025 to a positive 167 kobo as of June 30, 2026.
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The company’s shares have also recorded increased activity on the NGX since discussions over Banklink’s strategic investment began in August 2025. More than 1.44 billion CMFC shares had been traded between August 2025 and August 7, 2026, according to the figures provided by the company.
This compares with about 946 million shares traded between May 2023, when the company resumed operations after about 10 years of inactivity, and July 31, 2025. Trading activity also increased, with daily transactions rising to more than 190 deals from fewer than 40 deals recorded before Banklink’s investment.
The company’s share price, however, has fallen significantly from its peak during the period. CMFC traded at N1.35 per share in the first week of August 2025 before rising to N11.43 by January 31, 2026. It subsequently declined to N3.01 on August 5, 2026, when the nine-month results were released.
The company’s chairman, Lamon Rutten, said the restructuring had changed the company’s focus towards capital structuring, investment banking, transaction advisory, project development support and financing solutions for the minerals and commodities sectors.
“The transition to CMFC marks the beginning of an exciting new phase for the company,” he said.
Rutten added “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 company’s strategy was aimed at addressing financing and transaction-structuring gaps in Africa’s mining industry through financial expertise, sector knowledge and partnerships.
The latest results come about three months after shareholders approved the company’s transformation from Deap Capital Management and Trust Plc to CMFC. The company had resumed operations in May 2023 after about a decade of inactivity, but continued to carry significant legacy liabilities and a negative net asset position.
