Deep Capital Management has initiated a bold strategic overhaul, with shareholders unanimously approving a comprehensive transformation at its 12th Annual General Meeting (AGM) held on March 12, 2026.
The resolutions, formalized in a notice dated March 16, 2026, signal a shift from traditional fund and portfolio management toward specialized financing in Africa’s critical minerals sector.
Key materials like lithium, cobalt, copper, nickel, and rare earth elements essential for the global energy transition, electric vehicles, renewable technologies, and advanced manufacturing.
The meeting addressed standard governance matters, including:
Approval of the audited financial statements for the years ending September 30, 2024, and September 30, 2025.
Ratification of director appointments: Mr. Lamon Rutten, Dr. Israel Ovirih, Mr. Temitope Oduseso, and Mr. Francis Ekeng.
Authorization for the board to determine the remuneration of the external auditors for the financial year ending September 30, 2026, pursuant to Section 408(1)(b) of the Companies and Allied Matters Act (CAMA) 2020.
Special Business and Resolutions: The Core Transformation
The company’s authorized share capital increased from ₦1,500,000,000 (3,000,000,000 ordinary shares of ₦0.50 each) to ₦5,029,411,764 (10,058,823,528 ordinary shares of ₦0.50 each).
This involved creating and allotting 7,058,823,528 new ordinary shares at ₦0.85 each to BANKLINK Africa Private Equities Limited and RGM Materials Solutions Limited.
These new shares have equal rights (pari passu) with existing shares. This move is part of a broader recapitalization and appears linked to strategic investment and debt restructuring efforts.
The directors received approval to pursue fundraising through private placement, public offers, or other mechanisms—including the creation of global private equity funds—subject to regulatory approvals in Nigeria and internationally.
The board was empowered to file all necessary documents with the Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX), Corporate Affairs Commission (CAC), and other authorities to implement the changes.
The company will transition from Deap Capital Management & Trust Plc to Critical Minerals Financing Corporation Plc (CMFC Plc), pending final CAC approval or an alternative name if required.
The strategic investment in Banklink Africa Private Equities Limited (a Lagos-based investment firm with expertise in equity financing and capital raising) and RGM Materials Solutions Limited (a Nigerian entity active in strategic investments) introduces new capital and expertise.
Administrator and Writer
