Review of Week of 21 September 2026

Across this week's featured transactions, capital momentum was driven by landmark energy transition initiatives (Chris Griffith, Sam Jonah, and Colin Coleman’s $1.0B critical minerals fund launch), major corporate debt issuances (OCP Group's $149.9M hybrid bond tap and Zeenab Foods' $34M commercial paper), strategic infrastructure buyouts (Ardova's 100% acquisition of Powergas Nigeria), and high-growth fintech scale-ups (Paymob's $35M Pre-Series C).

01. Chris Griffith, Sam Jonah & Colin Coleman Launch $1.0B Critical Minerals PE Initiative

Former Gold Fields CEO Chris Griffith has teamed up with prominent dealmakers Sam Jonah and Colin Coleman to launch a $1.0 billion private equity initiative focused on securing critical mineral supply chains across Africa. Targeting energy transition metals including copper, lithium, cobalt, and rare earth elements, the fund aims to deploy capital into exploration, brownfield expansion, and processing infrastructure across resource-rich Sub-Saharan jurisdictions.

• Target / Strategy: Pan-African Critical Minerals & Energy Transition Platform
• Sponsors / Principals: Chris Griffith (former GOLD FIELDS CEO), Sir Sam Jonah, Colin Coleman
• Deal Size & Structure: $1.0 Billion Private Equity Initiative (Equity & Project Finance)
• Geography & Sector: Sub-Saharan Africa | Critical Minerals, Energy Transition Metals (Copper, Lithium, Cobalt, REEs)

02. OCP Group Raises $149.9M via Perpetual Hybrid Bond Tap Issue

Moroccan fertilizer and phosphate giant OCP Group has raised $149.9 million through a tap issue on its perpetual subordinated hybrid bond, tapping directly into the 10.25-year tranche originally priced in April. Executed under prospectus exemption rules on Euronext Dublin's Global Exchange Market, the offering replicates the structural and economic terms of the original $500 million tranche to strengthen OCP Group’s capital structure and fund ongoing strategic capital expenditures.

• Issuer: OCP Group (Morocco)
• Sole Initial Purchaser: J.P. Morgan
• Deal Size & Structure: $149.9 Million Tap Issue (Perpetual Subordinated Hybrid Bond; Fixed Coupon 7.3682% to July 2036 Reset)
• Geography & Sector: Morocco / Global | Agrochemicals, Phosphates & Fertilizer Manufacturing
• Listing Platform: Euronext Dublin (Global Exchange Market)

03. Ardova-Led Consortium Acquires 100% Stake in Powergas Nigeria

An investor consortium led by Nigerian energy major Ardova Plc and including Diadem Group has entered into a definitive agreement to acquire a 100% stake in Powergas Nigeria from A.P. Moller Capital and Impala Energy. Subject to customary regulatory and third-party approvals, the acquisition expands Ardova Plc’s downstream and gas distribution footprint across West Africa’s industrial energy sector.

• Target Asset: Powergas Nigeria (100% Equity Interest)
• Acquirers: Investor consortium led by Nigerian energy major Ardova Plc and including Diadem Group
• Sellers: A.P. Moller Capital (acting through Africa Infrastructure Fund I) and Impala Energy
• Deal Size & Structure: 100% Corporate M&A Buyout (Targeting final completion by end of 2026)
• Geography & Sector: Nigeria | Energy Infrastructure, Off-Grid Power & Compressed Natural Gas (CNG)
• Key Deal Leads: Dr. Abiola Oluwaseyi Babatunde-Ojo, Dr. AbdulWasiu Sowami

04. EFG Holding Secures $40M EBRD Debt Facility for NBFI Platform

Egyptian financial services powerhouse EFG Holding has secured a $40 million, four-year term loan facility from the EBRD, signed on the sidelines of the 12th Annual EFG Hermes London Investor Conference. Designed to accelerate capital access for micro, small, and medium-sized enterprises (MSMEs) particularly across rural and underserved regions outside Egypt's primary cities, the loan will be deployed via EFG Holding's non-bank financial institutions (NBFI) platform.

• Borrower: EFG Holding (Egypt)
• Lender: European Bank for Reconstruction and Development (EBRD)
• Deal Size & Structure: $40.0 Million (4-Year Senior Term Loan Facility)
• Geography & Sector: Egypt | Non-Bank Financial Services & MSME Finance

05. Paymob Closes $35M Pre-Series C Round Co-Led by Mubadala & EBRD

Egyptian payments infrastructure provider Paymob has secured $35 million in a pre-Series C funding round, bringing its cumulative venture backing to approximately $125 million. Co-led by Abu Dhabi-based sovereign investor Mubadala and the EBRD, with participation from British International Investment, Global Ventures , and Development Partners International (DPI), the round will accelerate product expansion and merchant onboarding across regional growth markets.

• Target Company: Paymob
• Lead Investors: Mubadala Investment Company & European Bank for Reconstruction and Development (EBRD)
• Participating Investors: British International Investment (BII), Global Ventures, Development Partners International (DPI)
• Deal Size & Structure: $35.0 Million Pre-Series C Equity Round (Total Cumulative Funding: ~$125M)
• Geography & Sector: Egypt / MENA | Merchant Payments Infrastructure & Digital Finance

06. Zeenab Foods Raises $34M via Oversubscribed Commercial Paper Offer

Nigerian food processing and agro-commodity trading company Zeenab Foods Limited has raised $34 million through a dual-tranche hybrid commercial paper offer. The transaction attracted $41.1 million in total institutional subscriptions (~121% oversubscription rate). Arranged by Pathway Advisors Limited, the capital provides short-term working capital to scale Zeenab’s domestic grain milling operations and expand its international agro-export supply chains.

• Issuer: Zeenab Foods Limited
• Arranger: Pathway Advisors Limited
• Deal Size & Structure: $34.0 Million (₦ Equivalent) Dual-Tranche Hybrid Commercial Paper ($41.1M Subscriptions; ~121% Oversubscription)
• Geography & Sector: Nigeria | Agribusiness, Grain Milling & Commodity Export

07. Adenia Partners Prepares Strategic IPO Exit for Quickmart Kenya

Major Kenyan retail enterprise Quickmart Kenya Official is preparing for a landmark capital markets exit, exploring plans to divest up to a 57.5% equity stake through an Initial Public Offering (IPO) on the Nairobi Securities Exchange PLC. The transaction represents a significant liquidity event for Mauritius-based private equity firm Adenia Partners, which controls the retailer through its dedicated investment vehicle, Sokoni Retail Kenya.

• Target Asset: Quickmart Kenya Official (up to 57.5% Equity Stake)
• Sponsor / Seller: Adenia Partners (via Sokoni Retail Kenya)
• Deal Size & Structure: Initial Public Offering (Equity PE Liquidity Exit)
• Geography & Sector: Kenya | FMCG, Grocery & Retail Distribution
• Exchange / Venue: Nairobi Securities Exchange (NSE)

08. Sadio Mané Commits $20.4M to SM10 AGRO Industrial Park in Senegal

Senegalese international footballer Sadio Mané has committed 11.7 billion CFA francs ($20.4 million USD) of personal funds to launch SM10 AGRO, an integrated agro-industrial park in his hometown of Bambali, Senegal. Breaking ground on September 19, 2026, the 500-hectare project encompasses a major plantation (78,000 mango trees), four specialized industrial processing units (8,500 tonnes annual capacity), an agricultural training college, and an R&D facility to curb West Africa's post-harvest losses and export high-margin fruit products globally.

• Target / Project: SM10 AGRO (500-Hectare Integrated Agro-Industrial Park)
• Sponsor / Investor: Sadio Mané
• Deal Size & Structure: $20.4 Million / 11.7 Billion CFA Francs (Direct Private Capital Investment)
• Geography & Sector: Senegal (Bambali) | Agro-Industrial Infrastructure & Processing

09. Spiro Secures $18M Debt Expansion from AfricaGoGreen Fund

African electric mobility platform SPIRO has secured an additional $18 million debt commitment from the AfricaGoGreen Fund, managed by Cygnum Capital, doubling AGG’s total financing commitment in the company to $36 million. The round comes less than a year after its original debt round featuring $18 million from AGG and $7 million from Nithio to expand battery-swapping networks and EV fleets across the continent.

• Borrower: Spiro
• Lender / Manager: AfricaGoGreen Fund (AGG) / Managed by Cygnum Capital
• Deal Size & Structure: $18.0 Million Senior Debt Facility Expansion (Total AGG Commitment: $36M)
• Geography & Sector: Pan-African | Electric Mobility & Clean Transportation
• Key Contacts: Anant Badjatya, Kaushik Burman, Sanjay Dey, Gagan Gupta

10. SunCulture Closes $10M Securitization via Mirova Gigaton Fund

Nairobi-based solar irrigation provider SunCulture has officially closed a $10 million securitization of customer receivables, backed by senior secured financing led by the Mirova Gigaton Fund. Founded in Kenya in 2012, SunCulture has sold over 85,000 solar irrigation systems via a "Pay-As-You-Grow" model. The transaction is structured and monitored by fintech platform Kaleidofin Private Limited.

• Originator: SunCulture
• Senior Backer: Mirova Gigaton Fund
• Structure & Monitoring: Kaleidofin Private Limited
• Deal Size & Structure: $10.0 Million Customer Receivables Securitization
• Geography & Sector: Kenya / East Africa | Solar Agtech & Structured Climate Finance
• Key Deal Leads: Samir Ibrahim, Rim Azirar, Sucharita Mukherjee

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