CMFC Raises ₦6bn, but Investors Await Proof of Its Critical Minerals Strategy
Critical Minerals Financing Corp Plc (CMFC), formerly Deap Capital, reported a major balance-sheet recovery in its unaudited nine-month results ended 30 June 2026. Equity moved from a ₦2.3 billion deficit to positive ₦4.3 billion, while cash rose to ₦6.1 billion following a ₦6 billion deposit for shares from new investors. However, its operating performance remains weak. The company recorded ₦82.6 million in fees and commission income against ₦230.6 million in administrative expenses, resulting in a ₦148 million loss before tax. The report also showed a ₦142 million comprehensive loss and a loss per share of 6 kobo. CMFC's shift into critical-minerals financing could position it for opportunities in Nigeria's mining and energy-transition economy. Yet investors will want clarity on its deal pipeline, expected fee income, cost-control plans and how the fresh capital will be deployed. The capital raise has given CMFC another chance. The key test is whether management can turn the stronger balance sheet into profitable mineral-financing and advisory business.
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