As Critical Minerals Financing Corp Plc (formerly Deap Capital Management & Trust Plc) steps into its new identity as Africa’s premier investment bank for metals and minerals, its unaudited financial statement for the year ended September 30, 2026, reveals a company undergoing a radical structural transformation.
Moving away from its legacy asset management footprint, CMFC has cleaned up its balance sheet, restructured legacy liabilities, and injected billions in capital to pivot heavily toward the high-value critical minerals sector.
Key Financial Highlights
Cash & Cash Equivalents: Surged dramatically to N5.72 billion (up from N2,415 in 2025), driven by significant capital injections.
Deposit for Shares: Recorded at N6.0 billion, reflecting major strategic backing—including a N6 billion investment commitment following a share purchase agreement with Banklink Africa Private Equities Ltd and RGM Materials Solutions Ltd.
Total Assets: Expanded exponentially to N6.59 billion, compared to just N303.5 million at the close of September 2025.
Total Equity / Shareholders’ Fund: Flipped from a negative equity position of N2.33 billion in 2025 to a positive N4.77 billion in 2026, primarily due to debt-to-equity conversions and share capital expansions.
Revenue (Fees & Commission): Grew to N209.14 million for the full year, a massive jump from N3.14 million in 2025.
Bottom Line: The company posted a net loss after tax of N451.48 million for the year (compared to N9.03 million in 2025), largely pressured by administrative expenses and operational ramp-up costs totaling N645.58 million.
In-Depth News Analysis
1. Strategic Pivot and Rebranding
The most striking element of CMFC’s 2026 report is its complete strategic overhaul. Formerly known as Deap Capital Management & Trust Plc, the company has formally rebranded into Critical Minerals Financing Corp Plc, repositioning itself as Africa’s Premier Investment Bank for Metals and Minerals. With operational headquarters at Akin Adesola Street, Victoria Island, Lagos, the firm is aligning its portfolio with the booming global demand for critical energy transition minerals.
2. Balance Sheet Cleanup and Debt-to-Equity Conversion
For years, the company labored under a heavy deficit of retained earnings and legacy obligations. However, fiscal 2026 marked a major financial restructuring:
Creditor Buy-in: The company successfully concluded a Debt-to-Equity conversion approved by the Securities and Exchange Commission (SEC). Creditors owed a total of N1.81 billion under the Managed Funds Account agreed to convert their receivables into ordinary shares at N1.69 per share. This transaction led to the issuance of over 1.06 billion new shares.
Prior Year Adjustments: Write-backs of legacy loans no longer required (including restructured debt components from Zenith Bank and Access Bank, as well as unconfirmed audit items) contributed N1.43 billion to the company’s adjustments, vastly strengthening net assets.
3. Liquidity Injection and Equity Recovery
The influx of N6.0 billion in “Deposit for Shares” from strategic partners Banklink Africa Private Equities Ltd and RGM Materials Solutions Ltd completely rescued the firm’s balance sheet. Net assets swung from a deep deficit of (N2.33 billion) into positive territory at N4.77 billion. Furthermore, cash reserves skyrocketed to N5.72 billion, giving the newly minted investment bank the liquidity firepower required to fund capital-intensive mineral projects across Africa.
4. Cost Pressures and Profitability Realities
While top-line fee income improved significantly to N209.14 million, bottom-line profitability remains under pressure. Administrative expenses surged to N645.58 million (up from N31.92 million in 2025), driven by increased operational scale, travel, publicity, government levies, and expanded staffing (growing from an average of 3 employees in 2025 to 8 in 2026). As a result, the firm closed the year with a net loss of N451.48 million and a basic earnings per share (EPS) of -18 kobo.
5. Market Standing & Free Float Compliance
The company’s total issued and fully paid share capital expanded to 2,569,640,259 ordinary shares of 50k each. Crucially, CMFC maintains robust compliance with the Nigerian Exchange (NGX) free float requirements, with approximately 70.67% of its shares held by the investing public, well clear of regulatory minimums.
Editor’s Verdict
CMFC’s Q4 2026 report tells the story of a corporate phoenix. By shedding its distressed legacy structure, clearing out toxic liabilities through negotiated debt-to-equity swaps, and securing multi-billion-naira backing from institutional partners, the company has built a solid financial springboard.
While bottom-line profitability remains a medium-term hurdle as operating expenses scale, CMFC enters the market with a pristine cash position and a timely sector focus that positions it at the forefront of Africa’s critical minerals boom.
