LAGOS — The landscape of African industrial finance is poised for a seismic shift as shareholders of DEAP Capital Management & Trust Plc gather this Thursday. The landmark Annual General Meeting (AGM) is set to ratify the firm’s evolution from a traditional investment banking group into the continent’s first major private-sector institution dedicated to mineral finance.
Backed by a wave of high-net-worth investors from Saudi Arabia, the UAE, and Europe, the emergent entity aims to bridge the massive funding gap in Africa’s critical minerals and rare earth industries.
Unlocking a $2 Billion Pipeline
The primary objective of the newly restructured group is to mobilize at least $2 billion in private capital within the next 24 months. This funding is specifically targeted at projects that align with the global energy transition, including the extraction and processing of minerals essential for electric vehicles (EVs), wind turbines, and advanced telecommunications.
Rather than focusing solely on raw exports, the company will introduce an integrated financing model that includes:
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Project Finance & Structured Credit: Tailored loans for mining infrastructure.
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Beneficiation & Processing: Investments in local refineries to ensure value is retained within Nigeria and Africa.
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Global Trading Linkages: Creating direct corridors between African mines and major exchanges in London and Hong Kong.
A “Dream Team” Board of Directors
To steer this ambitious transformation, DEAP Capital has reconstituted its board with heavyweights from the global commodities and tech sectors. Subject to shareholder ratification, the new leadership includes:
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Lamon Rutten: A global titan in commodity exchanges. Rutten previously led the Multi Commodity Exchange of India (MCX) to become the world’s second-largest exchange and served as the founding CEO of the Saudi Mining Exchange.
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Dr. Israel Ovirih: A specialized finance expert and Chairman of Banklink Africa Group, renowned for raising over $1 billion for Nigerian enterprises.
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Tope Oduseso: A veteran banker with three decades of experience in the Nigerian financial sector.
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Francis Ekeng: A serial technology entrepreneur with a track record of expanding telecom and fintech infrastructure across East and West Africa.
Strategic Impact: From Raw Ore to High-Tech Powerhouse
The timing of this transformation is critical. As the world seeks to diversify supply chains away from traditional monopolies, Africa—which holds nearly one-third of global mineral reserves—is positioned to become a central powerbase.
The move is seen as a major vote of confidence in Nigeria’s ongoing mining reforms. By providing “bankable” structures for mining projects, the emergent company will allow African businesses to access global capital with unprecedented ease, moving the continent from the periphery of the global supply chain to its very heart.
“This is about moving beyond raw mineral exports,” a company spokesperson noted ahead of the meeting. “We are building the financial architecture that will power the technologies of tomorrow, from mobile phones to national defense.”
