people people






Expansion Capital, Mergers & Acquisition, Restructuring and Recapitalization, Working Capital Finance, IPO Bridge-financing, Foreign Subsidiary Recourse and Non-Recourse Financing.


Prior to NR Capital, Deepak occupied various senior Director positions in European and North American Banks where he was responsible for Structured Finance and Credit Risk in emerging markets investments. His expertise covers; expansion capital, working capital finance, IPO bridge-financing, foreign subsidiary recourse and non-recourse financing.

He is a commentator on trade & investment in India and Africa, financial regulation in African capital markets.



Martin Orji Pic 2

Mg. Principal / Director

Martin provides group level guidance on both the firms Transaction Advisory (including Public Private Partnership - infrastructure development) and Capital Makets businesses (including listing and hedging instruments). LP/Fund Creation, IPO Listing and Financing, Groupt Risk Management, Asset Valuations, Default Risk Ratings.


Providing oversight on Structuring and Origination - he has advised the board of directors at Banks like CIB Egypt, UBA, Zenith Bank, Union Bank, Societe General Europe on Sub Saharan Africa expansion and balance sheet funding. Prior to NR Capital, Martin was a Debt Risk Manager at ING Group in London, and subsequently Vice President at Deutsche Bank head quarters, responsible for Global Fixed Income & OTC Risk. He's also Principal at Global Wealth Management a US SEC regulated ETF Multi Asset Manager, responsible for EMEA Institutional Asset Management.

Martin is regularly featured and quoted on his expertise on emerging market investments by CNBC, BBC, Reuters and Bloomberg.




Principal / Director

Corporate Governance, Financial Control, Organisational re-engineering, Budgeting and Forecasting, Internal Audit, Taxation, Operational Finance, Fund Administration.


With a focus on Corporate Services and Strategic Assets across the business, Dumisa has acted as CFO and Financial Director in various blue chip companies like Alexander Forbes Financial Services, Aveng Construction and Airports Company South Africa (ACSA). Before this role, he was CIO of an $800 million fund in Africa. His other BoD positions included PetroSA (Petroleum, Oil & Gas Corporation of South Africa) and Central Energy Fund South Africa.




Principal / Director

Focusing on Financial Institutions (FIs) Jaycob specialises in Structured Trade Finance, Rating Advisory on Banks and Insurance companies,  Multilateral Funding and Corporate Banking.


With 28 years of experience, Jaycob was until recently Executive Director at FBN Bank United Kingdom (UK) responsible for its European operations, Africa lending and syndications coverage. Subsequently he was Head of Financial Institutions and Multilaterals at First Bank of Nigeria.

Previously he was Head of Investors and Intermediaries at Standard Chartered Bank Nigeria, before which he managed the Alternative Investments Desk at Standard Chartered Bank.



 Sega Official Picture-s

Head of Public Sector Coverage - Francophone Africa


Sega has spent 25 years working with international development agencies execute on foreign direct investments into francophone West & Central Africa. His experience cuts across regional government agencies focused on trade & commerce; to leading private sector developers from France, Spain, Japan and Portugal. As part of our senior team, he provides coverage in the region within our origination and structuring activities. He has been involved in projects related to Railways, Real Estate, Logistics and Power.




Ricardo: We aim to support Long Only Funds, Asset Managers, Pensions Funds and Fund of Funds in their quest for products that generate Alpha. Our Indexes and Execution businesses are a natural complement for any institution looking for a cost effective turnkey approach to Africa's Capital Markets.

Head of Indexation & Asset Valuation


With in depth experience in developing and rolling out Benchmark and Style Indexes for listed and unlisted Funds and modeling Risk and Default Ratings for Corproates, Ricardo is responsible for the groups methodologies, electronic execution and portfolio attribution and optimisation. He was instrumental in our rolling out of the 1st ever Africa investable indexes benchmark used to file the NYSE Arca listed Africa ETF in 2008.

2009-2012: Nex Rubica, London, Vice President - Indexes & Ratings Analytics
2007-2009: Nex Rubica, London, Quantitative Analyst - Indexes & Ratings Analytics
2006-2007: Siemens Brazil: Country Research Analyst
2011-2013: PhD Financial Statistics, Universidade Federal de Minas Gerais, Brazil




Renee: Our Executive Team gives you the opportunity to navigate risk spots in Francophone and Anglophone Africa. We pride ourselves on being able to limit and educate clients on real African opportunities, doing it with transparency and professionalism.

Head of Administration & Research


With a wealth of experience in dealing with Public officials in South Africa and the Middle East, combined with an in-depth Political and Economics understanding of the African landscape, Renee is responsible for our Administration and Economic Research.

2011-2012: Delta Economics: Chief Africa Political Economist
2010-2011: Transparency International: South African Researcher
2009-2010: Delta Economics: South African Trade Flow & Investment Analyst
1999-2007: South African Broadcast Commission (SABC): Senior Political Radio / TV Journalist & War Correspondent

2008-2012: PhD Political Economics, School of Oriental Studies (SOAS) University of London, United Kingdom



CEGX | ZAR | 95.4 | +12%
GXAFR | USD | 33.3 | -10%

In the Press & Commentary

(NR Capital) Apr 2017 - African Business Magazine: Why the smart money is heading for African infrastructure

(NR Capital) Jun 2016 - CNBC: The state of infrastructurre developement in Senegal

(NR Capital) Nov 2013 - Nex Rubica Capital presents at the Thomson Reuters 3rd Annual Tradng Africa Summit in Cape Town, South Africa

(NR Capital) Nov 2013 - Nex Rubica Capital panelist at the Inaugural of South African Competiveness Forum an Initiative by Brand South Africa

(NR Capital) Sep 2013 - Triple A Frontier Investments & South African Petroleum Industry Assosiaction Funding Workshop supported by Nex Rubica Capital (Pty) South Africa

(NR Capital) Aug 2013 - Elidata signs with Nex Rubica Capital as Product Partner for Africa Strategy

(NR Capital) Jun 2013 - Nex Rubica Capital presents at the South African Suppliers Diversity Council: 2013 Synergy Conference and Business Opportunity Fair.

(NR Capital) May 2013 -  Nex Rubica Capital joins the Africa panel at The Exporta 5th Annual Trade & Commodity Finance Conference

(NR Indexes) Mar 2012 - Nex Rubica Capital acquires NR Indexes & Ratings LLP

(NR Capital) Jun 2011 - CNBC Africa - Regional Business Roundup on African capital markets

(NR Indexes) Feb 2011: Country Brief: Egyptian Market Highlights 

(NR Capital) Jan 2011 : Deep Impact in Nigeria's Financial Markets

(NR Indexes) Jan 2010: - Electronic Trading Sweeps Africa

NR Indexes: Sep 2008 - Kenya Firms among top performers in Nex Rubica’s African Equity Capital Markets Review

Benchmark Commentary: With the Egyptian Stock Exchange (EGX) still closed, the North African constituent of the NR Africa Top 40 and NR Africa Mid 45 became more sensitive to volatility in the Sub Saharan markets. Nigeria being the major driver in the Top 40 index dropped by -1.4% over the week. Increased price volatility in the Nigerian Banking sector saw more casualties with First Bank, Zenith Bank and Guaranty Trust Bank all losing ground as investors hastily bought shares following the coming M&A activity in the sector. Kenya remained the best performing country in the Top 40 with Telcoms reporting positive numbers of about 5.5% up from last week.

The NR Africa Top 40 saw $118,56mio worth of shares traded this week with liquidity levels on the Benchmark moving up to 0.1% from a year to date high of 0.6%. The NR Africa Mid 45 was less volatile dropping -17.9712 points over the week an equivalent of $31mio. Morocco was the major country looser as it dropped by -2.1% and Industrials by -0.9%. Kenyan stocks dominated the Top 5 list with Mumias Sugar and NIC Bank breaking through this week.

Index Rebalancing Week: The NR Africa Top 40 saw El Ezz Alexandria (Egypt) exit the basket, replaced by Suez Cement (Egypt).



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