DealMakers AFRICA

In Mali, NDC Energie has acquired approximately 80 services stations across the country from Coly Energy Mali, a subsidiary of Benin Petro, for an undisclosed sum. Coly acquired the assets from TotalEnergies last year when the global firm exited its 25-year presence in the West African country. Its extensive assets accounted for an estimated 25% – 30% of the national fuel network.

Mineral exploration and development company, Kendrick Resources, has exercised its option to acquire a 70% stake in Namibia exploration licences EPL4458 and EPL 6691 from Bonya Exploration Pty Namibia. The consideration payable is US$300,000 in cash and the issue of 22 million ordinary shares in Kendrick. Further considerations of $500,000 and three million Consideration Shares will be payable once the extension of at least 18 months have been granted to the Licences.

Grene Capital Management Nigeria has completed of the management buyout of the firm from Actis. Grene Capital will now operate as an independent, Africa focused real asset fund manager, currently invested in two institutional-quality assets: Jabi Lake Mall in Abuja and Heritage Place office building in Ikoyi, Lagos.

WafR, a Morocco-based fintech, has closed a US$4 million oversubscribed seed round, co-led by LoftyInc Capital, Attijariwafa Ventures, and Almada Ventures, with participation from returning investors UM6P Ventures and First Circle Capital. WafR enables small merchants to optimise their revenues by becoming digital access points for payments, airtime top-up and other financial services. The funding will be used to, amongst other things, accelerate the expansion of its distribution network.

Spiro, an e-mobility company operating in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo – with pilots underway in Cameroon and Tanzania, has raised US$50 million in debt funding from Afreximbank and two new investors Nithio and Africa Go Green Fund managed by Cygnum Capital. The new capital will support the continued expansion of Spiro’s battery swapping network across existing and new markets, while further advancing the company’s proprietary technology platform, including automated battery swaps, fast charging, and renewable energy integration.

In November 2025, Ellah Lakes, an agricultural company listed on Nigeria’s NGX, announced a ₦235 billion Public Offer consisting of 18,8 billion shares at ₦12.5k each. The funds were earmarked for acquisitions and working capital. On 23 February 2026, the company announced that the level of subscription had not met the minimum threshold for allotment and therefore no shares would be allotted pursuant to the Offer. Subscription monies received would be refunded to applicants.

Abu Dhabi headquartered, Mubadala Energy, has acquired a 15% participating interest in the Nargis Offshore Area (‘Nargis’) concession, an offshore exploration block in Egypt, from Eni. Financial terms were not disclosed. The Nargis concession is located in the East Nile Delta Basin of the Mediterranean Sea, approximately 50km offshore. The concession includes the Nargis‑1 discovery made in early 2023. The Nargis concession is adjacent to the Eni-operated Nour concession, in which Mubadala Energy has a 20% stake.

The Mauritius Commercial Bank (MCB) has successfully closed its inaugural GCC and India focused Syndicated Term Loan of US$450 million. Initially launched at $300 million, the facility was oversubscribed by approximately 2.1x, enabling MCB to upsize the loan to $450 million. The facility is structured as a two-year term loan with a one-year extension option at the borrower’s discretion (2+1) and will be used for general corporate purposes.

DealMakers AFRICA is the continent’s quarterly M&A publication
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