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Segilola has paid 1.1 billion Naira in royalties to FG-Minister

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By Victoria Onehi

The Segilola Resources Operating Limited (SROL) in gold production, a West African subsidiary of Thor Exploration Limited which focuses on gold exploration, has paid about 1.1 billion Naira in royalties to the Federal Government since they started production in 2021,the Minister of Mines and Steel Development Architect Olamilekan Adegbite has said.

The Minister made this known at the weekend during a facility tour of SROL in Iperindo area of Osun State, South Western Nigeria.

The Minister in a statement expressed government’s willingness to welcome more relevant investors like Segilola Resources Operating Limited in to the country as more investors coming  means more royalties to the government and more employment for Nigerians.

According to him, the success story of Segilola has opened a new vista of opportunity for Nigeria and for Nigerians. He said“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 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.  “An Aurelian company came into Nigeria in 2021, brought some investment in and others are about starting operation while another company who has also made imprints in Nigeria is acquiring equities right now. So many other companies like that have come into Nigeria, some are at the explorative stages while some have even gone beyond that,” he explains.

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.

Earlier in his remarks, the Chief Executive Officer, Segilola Resources Operating Limited, Segun Lawson appreciated the support and motivation received from 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 CDA signed with the host communities and have gone ahead into CSR which includes, building of markets, schools, construction of bridges, provision of scholarships, portable water, among others.

He highlighted the challenges faced by the company to include the issue of illegal mining in his domain as he appealed for the continuous support of the Ministry and other government agencies to overcome such challenges, adding that plan is underway to expand exploration and production of gold to other States and diversify away from gold production.

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