The Federal Government has attributed the increase in influx of global investors to the resounding success of Segilola resourcing Limited, adding that the ability of private sector-led organization to showcase the wealth and job creation potentials of the Nigerian mining sector is attracting more investors to the country.
A statement signed by Idowu Jokpeyibo for Director, Press and Public Relations in the Ministry of Mines and Steel Development said the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite made the disclosure during a facility tour of Segilola Resources Operating Limited in Iperindo, Osun State, recently. According to the statement, the minister also disclosed that an Aurelian company has commenced operation in Baba Tsauni area of Gwagwalada in the Federal Capital Territory carrying out an advanced exploration and mining project for Gold, Silver and Lead.
The Minister said: “An Aurelian company came into Nigeria in 2021, brought some investment, and the company is about to start operation while another company which has also made imprints in Nigeria is acquiring equities right now,” adding that so many other companies like that have come into Nigeria, some are at the explorative stages while some have even gone beyond that,” he further explained.
He attributed the sudden rise of foreign interests in the Nigeria mining sector to the success story from SROL operations in Nigeria, adding that Nigeria needs more of Segilola to return to the world mining map.
In his words, “we need more of Segilola in Nigeria, you are the pioneer and we are happy that it is a success story because when I started going to the mining calendar events and invited them to invest in the sector, they were hesitant as they saw Nigeria as a shark infested water and wanted to see who dived in and came out first. They wanted to see how Thor Exploration will fare, your success story is out there now and everybody wants to be the next Segilola”
According to him, the Segilola success story has opened a new vista of opportunity for Nigeria and for Nigerians. “I was in Australia, Saudi Arabia, London, Canada, even the United States of America, everybody wants to come to Nigeria to do mining because of what Segilola has done, a lot of news out there is negative about Nigeria, but we have your story to tell as a company that came from outside and is able to survive in Nigeria.”
The minister disclosed that the SROL has paid about 1.1 billion Naira in royalties to the Federal Government, since they started production in 2021. He expressed government’s wiliness to welcome more relevant investors like Segilola Resources Operating Limited adding that increase in number of investors also lean increase in royalties to the government and more employment for Nigerians.
He encouraged communities to be receptive to mining companies so as to accelerate development in their communities, provide job opportunities for their teaming youth and create wealth.
He appealed for continuous cooperation between the mining companies and the host communities stating that SROL has employed a lot of people including skilled, semi-skilled and unskilled from the neighborhood. “They employed a lot of people, the communities are benefiting, they have gone beyond the Community Development Agreement (CDA) which is compulsory and now doing a lot under Community Social Responsibility (CSR), this should be an encouragement,” he added.
The Minister ascribed earlier hesitation of foreign interest in the sector to the notion that Nigeria was being seen as an oil and gas country. This perception, was however changed with accelerated investment in exploration through the National Integrated Mining Exploration Project (NIMEP) and its generated data.
He called on more foreign mining companies to invest in Nigeria and take advantage of the abundant mineral resources not just gold but also other minerals spread all over different parts of the country such as Lithium, Coal, Nickel and Cobalts, among others.
Chief Executive Officer, Segilola Resources Operating Limited, Segun Lawson appreciated the support and motivation received from the Federal Government which he believes is responsible for the success so far recorded.
Lawson said the company is not only running commercial operation as they have made a lot of social impact to the communities around them. He reiterated that his company has fulfilled all the promises made in the Community Development Agreement signed with the host communities, and has embarked on Corporate Social Responsibility which includes, building of markets, schools, construction of bridges, provision of scholarships and portable water among others.
Highlighting some of the challenges faced by the company, Lawson said illegal mining in his domain is a challenge. He appealed for the continuous support of the Ministry and other government agencies to overcome the challenges, adding that plan is underway to expand exploration and production of gold to other States and diversify from gold production.
