Banklink Africa Injects Additional Capital into CMFC

The transformation of DEAP Capital Management & Trust Plc into Critical Minerals Financing Corporation Plc (CMFC Plc) has entered a decisive new phase, following an additional N2 billion capital injection by Banklink Africa Private Equities Limited.

The latest funding increases total capital injected to N3 billion, with the balance of the N6 billion committed under the parties’ capitalisation agreement expected to be completed this month.

Chairman of the company, Lamon Rutten stated that the additional capital injection reflects growing confidence in the company’s ability to become the leading institutional platform for the financing and development of critical minerals in Nigeria and across Africa.

According to him, the accelerated pace of funding underscores growing conviction in CMFC’s strategy and in the scale of the opportunity emerging within Nigeria’s critical minerals and metals sector. He noted that CMFC is being built as the institutional platform intended to underpin and accelerate the development of an entire industry. Chief Financial Officer of Banklink Africa Private Equities Limited, Joshua Adesoji, said the additional N2 billion injection demonstrates the investor group’s conviction that CMFC is uniquely positioned to address a longstanding financing gap in the Nigerian and African mining sectors.

“We have increased our commitment according to the terms of our takeover agreement and because we believe CMFC can truly become a genuinely differentiated institution. The company is positioned to occupy a strategic space that has historically been underserved: providing both capital and structuring capability across the full mine-to-market chain. As the transition progresses and the company begins to execute on its pipeline, we believe CMFC will increasingly distinguish itself as one of the most consequential growth platforms linked to Nigeria’s economic diversification agenda.”