Key Points
-
Nigeria’s mining cleanup has reclaimed over 100 illegal sites for licensed operators.
-
Entrepreneurs like Segun Lawson and the Gupta brothers lead major mineral projects.
-
Legal, large-scale mining is now generating real wealth for Nigerian investors
Nigeria’s mineral wealth has long been buried under corruption and chaos. Now, a handful of Nigerian entrepreneurs are pulling it into the open and proving that legitimate mining can work — and pay off.
The country holds vast reserves of gold, lithium, tin, columbite, and other minerals critical to global industries. But for decades, weak oversight allowed illegal mining to flourish.
Across states like Zamfara, Niger, and Plateau, unregulated operators carved pits into farmland, polluted rivers, and stripped communities of land and livelihoods.
Since 2024, Nigeria’s Minister of Solid Minerals, Dele Alake, has led a cleanup. The government has shut down hundreds of illegal sites, revoked licenses, and deployed a new Mining Marshals unit under the NSCDC. More than 300 suspects have been arrested, and about 100 sites reclaimed for legal operations.
Amid that shakeup, a new class of Nigerian miners has emerged. They are playing by the rules — investing in exploration, refining, and technology. Their approach is transforming a troubled industry into a serious business.
Here are eight who stand out.
1. Segun Lawson — Thor Explorations (Gold)
Segun Lawson is the face of Nigeria’s modern gold rush. As CEO of Thor Explorations, he turned the Segilola Gold Project in Osun State into a fully operational mine. Once dismissed as too risky, Segilola is now West Africa’s highest-grade open-pit gold project.
Lawson’s bold bet on Nigeria’s geology paid off. Thor has grown from a small explorer into a cash-producing company, showing investors that large-scale gold mining is possible in Nigeria.
2 & 3. Raj and Alok Gupta — African Natural Resources and Mines Limited (Iron Ore)
Brothers Raj and Alok Gupta took on a challenge most avoided — steel. Through African Industries Group, they built African Natural Resources and Mines Limited, which operates a $600 million integrated iron ore and steel project in Kaduna State.
The plant mines locally, processes ore on-site, and produces direct reduced iron for Nigeria’s steel market. Their project is one of the country’s biggest industrial investments outside oil.
4. Innocent O. Ezuma — ETA-Zuma Group (Coal and Power)
Dr. Innocent Ezuma saw potential in coal when most dismissed it. His ETA-Zuma Group operates large mines in Kogi State and runs one of Africa’s few coal briquette factories, producing 5,000 tonnes daily.
Ezuma’s vision extended beyond extraction. He invested in coal-to-power projects that feed industrial energy demand, making ETA-Zuma a key player in Nigeria’s private energy space.
5. Murtala Laushi — Malcomines (Iron Ore, Tin, Rare Earths)
Murtala Laushi’s Malcomines is one of Nigeria’s largest privately held mining firms. Operating across the north-central region, the company explores iron ore, tin, columbite, and rare earths.
Tin once made Jos famous, and Laushi’s company has revived those fields with modern technology. Known for quiet efficiency and long-term planning, Laushi has built significant wealth while staying under the radar.
6. Abdulfatai Yahaya Seriki — Kursi Investments Limited (Base Metals and Gemstones)
Ambassador Abdulfatai Yahaya Seriki built Kursi Investments into a broad mining enterprise operating in more than 20 states. The company explores and exports base metals, gemstones, and rare earth minerals.
Seriki’s strategy is to buy early, explore carefully, and scale sustainably. He also advocates for local refining to keep more of the value chain in Nigeria.
7. Jegede Abiodun Paul — Japaul Gold & Ventures Plc (Gold, Lithium, Copper)
Jegede Abiodun Paul turned his company, Japaul, from an offshore logistics firm into a solid minerals player. Japaul Gold & Ventures Plc now holds licenses for gold, lithium, copper, and zinc, and has attracted more than ₦20 billion in local investment.
With backing from GEM Global Yield, Jegede repositioned Japaul to tap into global demand for energy transition minerals. The company is now listed on the Nigerian Exchange as a major mining operator.
8. Emotan Josephine Aburime-Shine — Emotan Global Ventures (Gemstones and Industrial Minerals)
Emotan Aburime-Shine is changing how Nigeria’s gemstone sector operates. Her company, Emotan Global Ventures, focuses on cutting, polishing, and finishing gemstones rather than exporting raw stones.
She argues that refining at home creates jobs and raises export value. Her operations in gemstones and industrial minerals now serve both local and foreign markets.
