Banro Corporation

Banro CorporationCordiant, through its CIFA fund, invested in Banro Corporation. Banro is a junior gold exploration company focused on the development of four advanced stage gold projects in the Democratic Republic of the Congo. Africa is rich in natural resources and accounts for 21% of the world’s gold production. Banro is a Canadian (Toronto Stock Exchange) and AMEX listed company. The company owns 100 percent of the mining licenses of the four projects and has eleven million ounces of gold resources along the Twangiza-Namoy gold belt.

Banque Commerciale de Rwanda (BCR)

BCRCIFA invested in BCR, the second largest commercial bank in Rwanda, with a market share of 25 percent, 200 staff and seven branches. Utilising the bank’s extensive branch network and strong distribution channels, the intention is to grow  the corporate and retail business significantly by introducing leasing, SME lending and housing finance products, all the while focusing on customer service.




Candax Energy Inc.

CandaxCandax is a Toronto-based oil and natural gas company engaged in exploration, acquisition, development and production of natural gas and crude oil. The company is currently focussing its activities on projects in the Middle East and North Africa, North Africa being one of the most prolific and, as yet, underdeveloped regions for hydrocarbon reserves in the world.  Candax was listed on the Toronto Stock Exchange in August 2005.





Mineral Deposits Limited (MDL)

MDLMDL is an Australian based resources company that is developing two quality mining projects in Senegal. The Grande Côte Zircon Project, which has received its mining concession, has high quality zircon, a cost freight advantage over its competitors due to its proximity to Europe, and can benefit from the use of existing sand mining dredges. The second project is the Sabodala gold project where evaluation drilling has confirmed a resource of 2.2 million ounces.

Orezone Resources

OrezoneOrezone was acquired by IAMGOLD in February 2009.

Orezone Resources is a Canadian gold exploration company with four advanced stage gold projects in Burkina Faso. Burkina Faso is strategically located between Ghana and Mali, the second and third largest gold producing countries in Africa. Orezone has 3700 km2 of properties in the region with 3.5 million oz resources.





Peters Papers

Peters PapersPeters Papers is the second largest paper merchant in South Africa with a history that can be traced back over 100 years. The company distributes paper and associated products to commercial printers and resellers in South Africa. It represents more than 40 leading paper mills and graphic sundries suppliers from around the world and employs 300 permanent and 100 contract staff in its nationwide sales and distribution network in South Africa.

Savcio Holdings

Savcio HoldingsCIFA invested in Savcio, a repairs, services and replacement parts company comprised of four separate business units: Electrical Repair Engineering, accounting for 80 percent of Savcio’s sales, is Africa’s largest private sector repairer of electric motors, transformers and traction drive systems; Transwire is a leading manufacturer of enamelled copper wire; Wilec supplies input materials to the electrical motor and transformer industries; and ESPA specialises in the procurement of high quality after-market replacement parts. The growth prospects for Savcio are very encouraging given that Savcio will benefit from general and industrial growth in South Africa and is uniquely positioned to take advantage of the government’s commitment to upgrade public transport and electrical distribution.


UACNCIFA invested in UAC of Nigeria (UACN). With its headquarters in Lagos, the company’s core businesses are food-focused and include a fast food retail outlet (the Mr. Big Bigg’s chain), food manufacturing (Gala Sausage Rolls), and food supply (GCOML grain processing plants). UACN also owns MDS, one of the largest warehousing and logistics companies in Nigeria, and holds a 46% shareholding in UACN Properties, a high growth residential property developer. The company has been trading since 1931 and was formerly a part of Unilever plc. It is one of the leading public companies quoted on the Nigerian Stock Exchange.

Gulf of Guinea Energy Limited (GOGE)

GOGE is an upstream oil & gas company whose initial focus is on Nigeria but with ambition to expand to West Africa. GOGE has rights to a 40% interest in the undeveloped onshore Uquo field to the east of the Niger Delta, with 2P oil reserves of 50 million barrels and tcf scale gas.

Diamond Bank

Diamond Bank, Nigeria's 9th largest commercial bank, currently has 100 branches, 1800 staff and a market share of 5%. With its focus on SME and corporate sectors, the bank sits at the top of the second tier of the industry with a healthy lending book and a robust operating platform.

Fuel Logistics Group

Fuel is an established supply chain and logistics services group in South Africa. With a nationwide network, the company provides customised logistic solutions to blue chip local and international customers in a wide range of industry sectors, focussing in particular on the FMCG and pharmaceutical sectors.

Sinai Marble

Sinai Marble is an integrated marble producer and one of Egypt's leading exporters. Marble extracted from company-owned quarries is used in the production of slabs and tiles for export to over 40 countries. As one of the few producers of scale in Egypt and as the leading player in terms of product quality and customer service, Sinai Marble is well-positioned to take advantage of the increase in demand for high quality Egyptian marble.

Alexander Forbes

Alexander Forbes is a diversified financial services company that operates as an intermediary in two distinct industries: investment and insurance. The company holds a dominant market position and is represented across 30 countries, with the majority of its operations being in South Africa.

Mouka Foam

UACNMouka manufactures foam used in making mattresses, furniture and other products. Founded in 1972, the company today holds a leading brand and market position in Nigeria and continues to experience growth both in Nigeria and the West African su-region.




The Poulina Group pioneered the poultry industry in Tunisia before diversifying regionally into branded food, building products and ancillary industries. The Group has shown double-digit growth for the last 20 years and, in August 2008, CIFA was invited to become a cornerstone investor in its landmark IPO.