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Deap Capital Management & Trust Plc (DEAPCAP), listed on the Nigerian Exchange Limited (NGX) has completed its transition to Critical Minerals Financing Corp (CMFC) Plc following the receipt of regulatory approvals, as the company seeks to focus on financing, advisory and investment activities across Nigeria’s mining and critical minerals sector.
The company disclosed the completion of the corporate name change in a regulatory filing with the NGX stating that it has also relocated its headquarters to Victoria Island, Lagos.
The transition follows shareholders’ approval at the company’s annual general meeting in March 2026, where resolutions were passed to change the company’s name, restructure its operations, raise additional capital and pursue strategic alliances aimed at repositioning the business towards mining and commodities financing.
Chairman of CMFC, Lamon Rutten, said the company’s new focus would be on capital structuring, investment banking, transaction advisory, project development support and financing solutions for operators in the minerals and commodities sector. “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,” Rutten said. According to him, the company intends to address financing and transaction-structuring challenges facing Africa’s mining industry through a combination of financial expertise, sector knowledge and partnerships.
President and Co-Chief Executive Officer of CMFC, Dr Israel Ovirih, said the company is strengthening its governance, operational and financial structures as it prepares for its next phase of growth.
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He said CMFC plans to work with mining companies, commodity traders, institutional investors, development finance institutions and governments in supporting mineral processing, industrial development and export activities.
The company said growing global demand for critical minerals used in battery manufacturing, renewable energy infrastructure and industrial applications presents opportunities for African countries with significant mineral resources.
As part of its restructuring, Banklink Africa Private Equities Limited, identified as the company’s core investor, injected about N6 billion into the business under a recapitalisation programme aimed at supporting its expansion plans. CMFC also disclosed that it has secured commitments from investors in Saudi Arabia, the United Arab Emirates and Europe and is exploring additional investment opportunities linked to its transaction pipeline.
At the March annual general meeting, Rutten said the company would initially focus on opportunities within Nigeria’s minerals sector before expanding its activities across Africa. He stated that the company intends to provide financing across different stages of the minerals value chain, including exploration, feasibility studies, mine development, processing, refining, commodity trading and logistics.
According to him, “Africa holds more than 30 per cent of global mineral reserves but continues to face funding constraints that have limited exploration, development and value addition activities across the continent.”
