…says Gold production success story attracts more investors
By Gabriel Ewepu. ABUJA
WITH Nigeria turning her energy to unearth more treasures for revenue generation other than the oil and gas sector, the Minister of Mines and Steel Development, Arc Olamilekan Adegbite, disclosed that the Segilola Resources Operating Limited, SROL, paid N1.1 billion royalties to the Federal Government since 2021.
Adegbite stated this during facility tour of SROL in Iperindo area of Osun State, where he said the success story of gold production by SROL has attracted more local and foreign investors to the mining sector.
He said: “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.
“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 inviting them to invest in the sector, they were hesitant as they saw Nigeria as shark-infested water and wanted to see who dived in and came out first. They wanted to see how Thor’s exploration will fair, your success story is out there now and everybody wants to be the next Segilola.
“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.
“SROL has paid about N1.1 billion in royalties to the Federal Government since they started production in 2021.”
Meanwhile, he (Adegbite) urged the host communities and SROL to maintain harmonious relationship, while he pointed out that the company has employed huge number of members of the communities since 2021 including skilled, semi-skilled and unskilled labour.
“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 said.
Earlier, the Chief Executive Officer, Segilola Resources Operating Limited, Segun Lawson, commended the Federal Government for the support and motivation received since the company started operations, and pointed to the success story recorded.
According to Lawson, the company is not only running commercial operation but had also added developmental value to host communities, and made it known that his company has “fulfilled all the promises made in the CDA signed with the host communities” and have gone into CSR by constructing markets, schools, bridges, provision of scholarships, portable water, and others.
However, he pointed that the company is having challenges including illegal mining, hence called for support from the Ministry of Mines and Steel Development to address the issues.
Meanwhile, he disclosed that there are plans to expand exploration and production of Gold in other States, and also to explore other solid minerals.
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