CMFC Shows Bright Prospects Three Months after Transformation
Three months after shareholders approved the change from Deap Capital Management & Trust Plc to Critical Minerals Financing Corp Plc (CMFC), the company has started showing very bright prospects going by its latest financial results for nine months ended June 30, 2026.
The company was restructured following the entry of Banklink Africa Private Equities Limited as a core investor, making CMFC as a specialised financing and investment Banking institution focused on developing Africa’s critical minerals, metals, and commodities sectors. Unaudited interim financial statements of the company for the nine month ended
June 30, 2026 submitted to the NGX on August5, showed that CMFC has started to earn income and closing period with a robust cash position.
Specifically, unlike the nine months ended June 2025 when the company recorded zero income, it ended nine months in 2026 with an income of N82.641 million. A further analysis of the earnings showed that 90 per cent was recorded between
March and June 2026. Also, the company closed the period with a robust cash position of over N6 billion, a situation market analysts said gives the company opportunity for business funding to earn more income in the coming months.
Besides, the company has paid off the AMCON negotiated debt of N430 million for which they were originally claiming N2.5 billion. Also, AMCON, which used to be the largest shareholder with 16 per cent of the paid-up capital, is no longer a shareholder in the company, freeing the company from issues related to its painful past years.
Banlink Africa Private Equities Limited is now the majority shareholder and has committed a total of N6 billion to accelerate the corporate transition of CMFC.
Investors in the Nigeria Exchange Limited ( NGX) have embraced these developments in CMFC with a lot of optimism. Since August 2025 when the company and Banklink Africa Private Equities Limited started their discussions about Banklink’s strategic investment in the company to August 7, 2026 more than 1.44 billion shares of the company have been traded out of the total issued and fully paid up share capital of 1,500,660,000. This shows a turnover of 97 per cent compared to 946 million shares of the company traded between May 2023 when the company restarted operation after 10 years of inactivity and July 31, 2025. The stock has also become very liquid since the new investors showed interest in the company with daily deals being in excess of 190 transactions compared to less than 40 deals in the period from May 2023 to July 31, 2025 before Banklink Africa Private Equities Limited invested in the company. At the same time the price has moved from N1.35 per shares in the first week of August 2025 to N11.43 on January 31, 2026 before it came down from February 2026 to the present level of N3.01 on August 5, 2026 when the nine months result for 2026 was released to the market.
The result has given a complete picture of the turnaround and transformation of the company from negative shareholders fund of N2.3 billion as at September 30 , 2025 to a positive shareholders funds of N4.3 billion as at June
30, 2026, a positive movement of 272 per cent. This improvement in the asset base of the company has led to the net asset per share improving from negative 155 kobo as at September 30, 2025 to positive 167 kobo as at June 2026, a favourable change of 208 per cent.
In the same period the company has successfully converted legacy debts of N1.8 billion out of N2.52 billion into 1,068, 980,259 Ordinary shares of 50k each , thereby increasing the paid-up capital to 2,569, 640,259 ordinary shares of 50k each after receiving the approval of the Securities and Exchange Commission ( SEC) to that effect.
The Chairman, CMFC Plc, Mr Lamon Rutten, who was appointed in March 2026, has said the transition reflected company’s sharpened focus on capital structuring, investment banking, transaction advisory, project development support, and financing solutions for stakeholders across the minerals and commodities sector.
According to him, the completion of the transition to CMFC marks the beginning of an exciting new phase for the company.
Rutten, a founding Chief Executive Officer of Saudi Mining Exchange and Mumbai Commodity Exchange (MCX), said: “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 explained that CMFC’s strategy is focused on addressing the significant financing and transaction-structuring gap within Africa’s mining industry by combining global financial expertise, sector-specific knowledge, and strategic partnerships.
Market analysts have said with the new board members and management of CMFC, shareholders are in for an exciting time going forward.
For instance, the chairman, Rutten, is a globally respected expert in commodity markets, structured commodity finance, and exchange development with over 30 years of international experience across Europe, Asia, the Middle East, and Africa.
Founding CEO of the Multi Commodity Exchange of India (MCX), which he led to become the world's second-largest commodity exchange after CME, achieving a public listing valued at approximately US $1.5 billion. Previously Founding CEO of the Indonesia Commodity & Derivatives Exchange (ICDX) and a key architect of the Saudi Mining Exchange initiative.
Earlier Rutten led international commodity risk management and trade finance programmes at the United Nations Conference on Trade and Development (UNCTAD). Has advised governments, multilateral institutions, and financial organisations on commodity market development.
On the other hand, the President & Co-Chief Executive Officer, Dr. Israel Ovirih, is a development economist and veteran structured-finance expert with over 30 years of experience in Nigerian and international capital markets. Founder and Chairman of Banklink Africa Private Equities Group with a formidable track record in capital syndication, project finance, and institutional advisory. He has arranged and advised on financing programmes exceeding US $1.5 billion across energy, marine, and oil & gas sectors. Previously held senior strategic roles at Guaranty Trust Bank, Oceanic Bank, and ETBank (now Sterling Bank), and currently sits on multiple corporate boards across Africa driving economic transformation initiatives.