By Emmanuella Opara | October 25th 2026
KEY POINTS
- Segilola Resources Operating Limited says investment, effective regulation and community partnerships are essential to expanding Nigeria’s gold mining industry.
- The company highlighted lessons from operating Nigeria’s first commercial gold mine at Nigerian Mining Week 2026 in Abuja.
- SROL showcased its approaches to water conservation, recycling, environmental management and host community development.
- The company called for clearer regulatory processes and stronger industry partnerships to attract investment and support responsible mining.
MAIN STORY
Segilola Resources Operating Limited (SROL) has called for increased investment, effective regulation and stronger partnerships to unlock Nigeria’s gold mining potential and build a competitive mining industry.
The company, a subsidiary of Thor Explorations Ltd and operator of Nigeria’s first commercial gold mine, made the call at Nigerian Mining Week 2026, held in Abuja from October 12 to 14.
SROL participated in the 11th edition of the event as a Diamond Sponsor. The conference brought together government officials, investors, mining companies and technical experts to discuss ways to attract investment and promote growth across the mining value chain.
The event was hosted by the Ministry of Solid Minerals Development and organised by the Miners Association of Nigeria in partnership with PwC Nigeria.
Speaking at the main conference, SROL’s Country Manager, Austin Menegbo, said the Segilola Gold Mine demonstrated that commercially viable gold mining operations could be established and sustained in Nigeria.
He identified patient capital, technical discipline, effective regulation and strong relationships with host communities as important requirements for developing the sector.
Menegbo said Nigeria needed to move beyond the potential of its mineral resources by creating conditions that would encourage responsible production, generate employment, increase export earnings and develop local skills.
“The opportunity before Nigeria is significant. But potential, by itself, creates no jobs, earns no export revenue, builds no skills and transforms no communities. Potential becomes valuable only when institutions and industry work together to convert it into responsible production. Segilola has shown that this can be done. Our responsibility now is to make the path clearer for the projects that should follow—not by lowering the bar, but by making the rules coherent, the processes credible and the partnerships real. If we do that, Nigeria will not merely have a successful gold mine. It will have a stronger mining industry: one that attracts serious capital, rewards responsible operators, expands Nigerian participation and delivers enduring value to the nation,” Austin Menegbo, Country Manager of SROL, said.
The company also used the event to share its operational experience and approaches to responsible mining.
During a masterclass titled “From Compliance to Stewardship – Water Management: The SROL Way”, SROL discussed water management, recycling and conservation, emphasising the need to incorporate responsible water use throughout mining operations.
Another session, “Building a Commercial Gold Industry in Nigeria – Lessons from Segilola and the Path to Scale”, examined the experience of establishing a large-scale commercial gold mining operation and the opportunities for expanding the wider industry.
Through its exhibition booth, the company also engaged stakeholders on environmental stewardship, workplace safety and host community development.
Nigeria’s mining sector is regarded as an avenue for economic diversification, employment generation and industrial development. However, attracting investment and translating mineral resources into sustainable economic benefits require appropriate regulatory frameworks, technical capacity and responsible environmental practices.
SROL said its participation in Nigerian Mining Week reflected its commitment to sharing operational expertise, promoting responsible mining and supporting the development of an industry capable of delivering long-term value to Nigeria and its communities.
THE ISSUES
Nigeria’s gold resources offer opportunities to attract investment and broaden the country’s economic base, but developing the sector requires more than mineral deposits. Investors also need credible regulatory processes, access to capital, technical expertise and confidence that mining operations can maintain productive relationships with host communities.
Responsible water use, environmental management and workplace safety are also important considerations as mining operations expand.
WHAT’S BEING SAID
“The opportunity before Nigeria is significant. But potential, by itself, creates no jobs, earns no export revenue, builds no skills and transforms no communities. Potential becomes valuable only when institutions and industry work together to convert it into responsible production,” Austin Menegbo, Country Manager of SROL, said.
“Our responsibility now is to make the path clearer for the projects that should follow—not by lowering the bar, but by making the rules coherent, the processes credible and the partnerships real,” Austin Menegbo, Country Manager of SROL, said.
WHAT’S NEXT
The call places emphasis on cooperation between government and private-sector operators to improve the investment climate, strengthen regulatory processes and build local capacity. The source does not outline specific new investment commitments or a timetable for additional gold mining projects.
BOTTOM LINE
SROL is urging Nigeria to convert its mineral wealth into economic gains through investment, credible regulation and responsible mining. The company’s experience at the Segilola Gold Mine is being presented as an example of what commercial gold production can achieve when financing, technical expertise and community partnerships work together.
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