NEXALTUS CAPITAL
SOVEREIGN ORIGINATION

Strategic infrastructure, energy and resource development in West & Central Africa

NEXALTUS Capital originates and structures projects directly with governments and state-owned entities. Long-horizon development rather than transactional participation.

CASABLANCA, MOROCCO RELATIONSHIPS ACROSS 18 MARKETS
01THE THESIS

Why the projects exist but do not get built

01  DEMAND

Across West and Central Africa the demand is not in question. Power deficits, road networks, refined product imports and resource projects are all defined, budgeted and politically sponsored.

02  THE GAP

What is missing is the intermediate layer. A ministry with a mandate and a contractor with capacity are rarely in the same room, and almost never with the capital structure already attached. Projects stall between political will and financeable documentation.

03  THE POSITION

NEXALTUS Capital operates in that gap. We originate at the level where the decision is actually made, and we carry the mandate through to a structure that a lender, a supplier and the sponsoring state can each sign.

02THE FIRM

Origination at the level where decisions are made

Relationships are maintained continuously across administrations, not assembled when a transaction appears. Concession, offtake and PPP frameworks are negotiated with the sponsoring ministry, and financing is developed alongside so a mandate does not stall at signature.

01Origination at decision level: heads of state, ministries and state-owned entitiesRelationships held at ministry level or above in 18 markets, maintained across changes of administration.
02Public-private partnership structuring with the sponsoring stateConcession, offtake, availability-payment and sovereign-guarantee frameworks.
03Long-horizon development rather than transactional participationThe firm stays with a project through development and holds a position alongside the state where the mandate permits.
AT A GLANCE
OfficeCasablanca, Morocco
Geographic focusWest & Central Africa
CounterpartiesSovereign and state-owned
Lead activityOil & gas
Mandate policySelective
03FOOTPRINT

Markets in which the firm holds government and state-entity relationships

18 MARKETS
WEST AFRICA 09
Nigeria Côte d'Ivoire Senegal Niger Mali Burkina Faso Sierra Leone Liberia Guinea (Conakry)
CENTRAL AFRICA 05
Republic of the Congo Cameroon Gabon Central African Republic Angola
EAST AFRICA 02
Ethiopia Rwanda
SOUTHERN & NORTH 02
Eswatini Morocco

Coverage is relationship-led; depth varies by market and is discussed case by case.

18 MARKETS · 4 REGIONS

CORRIDOR DEVELOPMENT, WEST & CENTRAL AFRICA
04SECTORS

One relationship base, five points of entry

The sectors are not a diversification strategy. They are what the same ministry conversation produces. A state that awards a crude allocation is the state that tenders the road, procures the equipment and licenses the mine, and it negotiates all four with the same people.

Alongside the five sectors, the firm runs a distinct advisory line in Morocco, supporting international companies establishing local operations. See Morocco

CRUDE & PRODUCTI
STORAGE & TERMINALWEST AFRICA
I LEAD ACTIVITY

Oil & Gas

Petroleum trading in crude and refined products, with government-linked supply originated in West Africa. Cargo-level transactions, supported by storage, terminal and logistics arrangements where the flow requires them.

Crude supplyACTIVE
Refined productsACTIVE
Trading mandatesIN STRUCTURING
Midstream assetsDEVELOPMENT

One refined-product cargo completed to date. Counterparties, volumes and commercial terms are provided under NDA on a per-transaction basis.

II

Defense & Security

An established working position between the state client and the industrial supplier. The firm defines the requirement with the state client, matches an industrial supplier, and carries the process through to a financeable structure.

01State procurement programmes sponsored at ministry level
02Direct access to suppliers and their industrial facilities
03Security infrastructure and capability build-out
04All engagements subject to export licensing and compliance review
CURRENT PROGRAMME  DEFENSE SUPPLY, NIGER

Programmes, suppliers and jurisdictions are disclosed only under NDA.

SCALE
III

Infrastructure

Road construction and transportation projects developed under PPP frameworks. Transport corridors are the same conversation as the resource and energy projects they serve, and they are negotiated with the same ministries.

01National and regional road programmes
02Port, corridor and inland logistics links
03Concession and availability-based structures
CURRENT MANDATE  CONAKRY HIGHWAY, INVESTMENT SOURCING
IV

Energy

Power generation and energy infrastructure built around government partnerships. Where gas supply relationships already exist, generation and transmission are structured as a single platform.

01Generation projects with sovereign offtake
02Transmission and distribution infrastructure
03Gas-to-power platforms linked to the supply business
CURRENT MANDATE  GABON BATTERY STORAGE
RAW MATERIAL
V

Mining

Mineral resource projects and the infrastructure required to bring them to market. A resource licence without evacuation capacity is not a project; the firm develops both sides in the same negotiation.

01Licence and concession-stage resource projects
02Evacuation infrastructure: rail, road and power
03Structures aligned with host-government interests
STAGE  ORIGINATION
06ADVISORY LINE

Establishing in Morocco

We support international companies seeking to establish operations in Morocco, from market entry through to local development. We handle the administrative pathway, build the strategic partnerships, and open the doors to the relevant private and institutional counterparts.

01  ADMINISTRATIVE PATHWAY

Company formation, licensing and regulatory filings, and the sequence in which they have to be taken.

02  STRATEGIC PARTNERSHIPS

Identification and negotiation of local partners, distributors and joint-venture counterparts appropriate to the sector.

03  INSTITUTIONAL INTRODUCTION

Direct access to the ministries, agencies and private groups whose sponsorship determines whether a market entry moves or stalls.

The barrier to entering Morocco is rarely regulatory on paper. It is knowing which counterpart matters, and being introduced by someone they already take a meeting with.

07HOW WE ENGAGE

What a mandate looks like, mechanically

01
Mandate
We take a defined mandate from a state client or a sponsor.
02
Structuring
Requirement, supplier and capital structure developed in parallel, through to documentation a lender can sign.
03
Execution
We stay through delivery, with milestone reporting to the sponsor.
04
Economics
Agreed per mandate and disclosed in full before engagement.
05
Selectivity
We take few mandates, and only where the sponsoring state is committed in writing.
08LEADERSHIP

In this business the names are the product

FOUNDER & CHIEF EXECUTIVE OFFICER

Matteo Benenati

Physical commodities and petroleum trading, with mining operations experience in Morocco.

Mandates are led personally, and counterparties deal with the principal rather than with an account team.

09COMPLIANCE & RISK

Procedures applied before a mandate is taken

APPLIED PROCEDURES
Know-your-counterparty (KYC) Sanctions screening Anti-bribery & corruption AML / CTF Export control review
RISK AND MITIGANT
PoliticalMandates taken only where the sponsoring state is committed in writing.
ComplianceScreening and export-control review completed before engagement.
FinancialCapital structure developed in parallel with the commercial mandate.
ExecutionThe firm remains through delivery, with milestone reporting to the sponsor.
10WHAT DEFINES THE FIRM

What defines the firm

01
Government access
Origination at decision level, not through intermediaries.
02
Multi-sector origination
Oil & gas, defense, infrastructure, energy and mining from one relationship base.
03
Financing built in
Commercial mandate and capital structure developed in parallel.
04
Selectivity
Few mandates, taken only where the sponsoring state is committed.
05
Long-term commitment
The firm stays with a project through development, not only to signature.

Contact

Speak with the firm directly. We meet in person or by video conference. Further detail on any sector is available on request.

CONTACTMatteo Benenati, Chief Executive Officer
OFFICECasablanca, Morocco
NEXALTUS CAPITAL
PRIVATE & CONFIDENTIAL© 2026 NEXALTUS CAPITAL. ALL RIGHTS RESERVED.