DEAP Capital Management & Trust Plc has appointed Mr. Lamon Rutten, founding CEO of the Saudi Mining Exchange and Mumbai Commodity Exchange, to its Board of Directors.
The board inclusion follows the company’s recent recapitalization, with Banklink Africa Private Equities Limited injecting N1 billion to support operations and DEAP Capital’s role in Africa’s minerals finance sector.
Building on this, Dr. Israel Ovirih, Chairman of Banklink Africa Group, has also joined the board as a Non-Executive Director.
Other new board members include Mr. Tope Oduseso of RichGreen Masters Group and serial entrepreneur Mr. Francis Aniedi Ekeng, with Kenneth Olise, Chairman of DEAP Capital, welcoming their appointments.
What the company is saying
According to DEAP Capital, Mr. Lamon Rutten is a commodities and capital markets executive with over 30 years of experience in exchange development, structured commodity finance, and market infrastructure.
- He previously served as Chief of Energy at the United Nations’ UNCTAD, before helping set up the Multi-Commodity Exchange of India (MCX) as Joint Managing Director and CEO.
- At MCX, he led a $1.5 billion IPO and helped create India’s largest collateral management firm, NBHC, contributing to the country’s commodity finance sector.
- Lamon later founded and led the Indonesia Commodity & Derivative Exchange (ICDX) from 2017 to 2022, served as CEO of the Saudi Mining Exchange, and advised Ajlan & Bros Metal Corporation, which manages over $50 billion in assets.
Following Mr. Rutten’s inclusion, DEAPCAP also named Dr. Israel Ovirih to the board as a Non-Executive Director, adding expertise in finance, banking, and capital markets.
Dr. Ovirih sits on the boards of several minerals and natural resource companies, including Continental Lithium Limited in Jos, Plateau State, and chairs Banklink Africa Group.
His experience in structured finance, M&As, and recapitalizations would help DEAPCAP manage strategy and finances.
Get up to speed
Other appointed directors include Mr. Tope Oduseso, Group CEO of RichGreen Masters Group, with over 30 years in Nigeria’s financial sector and recently joining Tantainment Limited, Tantalizers Plc’s subsidiary.
- He has a background in financial management, internal control, and regulatory compliance, bringing financial discipline, governance oversight, and operational experience to DEAP Capital’s board.
- Mr. Francis Aniedi Ekeng also joins as a Non-Executive Director, with experience in real estate, fintech, telecom, and asset management, including early telecom projects and the Numoni rewards platform.
Commenting on the appointments, Mr. Lamon Rutten said Africa has key minerals for digital and energy projects, and looks forward to helping DEAP Capital connect investors with these opportunities.
What you should know
The appointments follow DEAP Capital’s recent restructuring, which included recapitalization and operational changes, and coincides with a deal with Banklink Africa.
- In mid-January 2026, the company signed a Memorandum of Understanding (MoU) with Banklink Africa Private Equities Limited to launch a Minerals and Metals Financing initiative across Africa.
- On February 11, DEAP Capital announced it received a N1.0 billion equity investment from the bank to expand its capital and restructure operations in line with its new strategy.
- The company’s shares rose sharply on these developments, hitting a high of N11.45 in late January 2026, up more than 394%.
However, the stock has retraced in February, dipping about 26% to below N7, which may create a buying opportunity for investors looking to reposition.
