KEY POINTS

• Nigeria’s new mining boom is redefining its mineral economy.
• Entrepreneurs like Segun Lawson and Jegede Paul lead industrial mining revival.
• Nigeria’s new mining boom could further rival oil in long-term revenue.

Nigeria is sitting on gold. Real gold. And not just that columbite, tantalite, lithium, and other rare earths that power everything from Teslas to iPhones. Whoever controls these supply chains could shape the next era of global power.

On paper, Nigeria should be a strategic winner. But for years, the country’s mining belt has looked like the Wild West, unregulated digs, environmental ruin, and armed escorts hauling ore through the night.

Ongoing clean-up and the rise of legitimate mining

Chaos is the backdrop facing Dele Alake, Minister of Solid Minerals. Since 2024, his ministry’s Mining Marshals have cracked down on rogue pits, revoked illegal licences, and reclaimed over 100 sites from illicit operators. The goal: turn mining into a transparent, high-value sector.

As the world tries to cut dependence on China which dominates 80–90 percent of global rare earth refining Nigeria has become part of a quiet global contest for supply. Within this shifting landscape, a new elite of Nigerian entrepreneurs is taking center stage, building serious mining ventures where chaos once ruled.

Segun Lawson bets early on gold

Segun Lawson, CEO of Thor Explorations, proved that industrial-scale gold mining can work in Nigeria. His Segilola project in Osun State, now a 24-hour operation, transformed Thor from a small explorer into a major West African producer.

Lawson’s contrarian bet that solid geology and community trust could offset Nigeria’s risk paid off. Segilola therefore stands as a case study for sustainable, large-scale gold production in the country.

Raj and Alok Gupta turn steel into strength

Brothers Raj and Alok Gupta, through African Natural Resources and Mines Ltd., invested $600 million in an integrated iron-ore and steel project in Kaduna one of Nigeria’s largest non-oil industrial ventures.

Furthermore their vertically integrated model, from mining to processing, positions them as pillars of Nigeria’s industrial future.

Ezuma’s coal empire defies the ESG tide

Dr. Innocent Ezuma’s ETA-Zuma Group dominates Nigeria’s coal belt. From briquettes to coal-to-power projects, his operations in Kogi State have revived a resource once written off. With a 5,000-tonne-per-day plant, Ezuma remains a contrarian force betting that cleaner industrial coal still has a market.

Laushi’s quiet fortune in rare earths

Murtala Laushi, founder of Malcomines, has quietly built one of Nigeria’s largest private mining outfits. His company explores iron ore, tin, columbite, and rare earths across the north-central belt. His low-profile approach has turned endurance into immense wealth making him one of Nigeria’s richest but least-publicized industrialists.

Seriki’s Kursi Investments mines both base metals and opportunity

Ambassador Abdulfatai Yahaya Seriki’s Kursi Investments operates in more than 20 states, dealing in base metals, gemstones, and rare earths. Seriki’s strength lies in agility — funding early exploration, scaling fast, and advocating for local refining. Furthermore, he’s a leading voice for value addition and beneficiation in Nigeria’s mining sector.

Jegede’s Japaul Gold reinvents corporate mining

From oil logistics to solid minerals, Jegede Abiodun Paul transformed Japaul Gold & Ventures Plc into one of Nigeria’s few listed mining companies.

With ₦20 billion in capital raised and a $20 million commitment from GEM Global Yield, Japaul is now further pursuing gold, lithium, and copper exploration a corporate pivot that mirrors Nigeria’s energy transition.

Emotan Aburime-Shine adds value to gemstones

Emotan Josephine Aburime-Shine, founder of Emotan Global Ventures, does more than mine, she refines and exports polished gemstones. By investing in cutting and finishing facilities, she’s proving that Nigerian gemstones can compete internationally while creating local jobs.

From chaos to capital: the new face of Nigerian mining

This new generation of miners from Segun Lawson to Emotan Shine represents a deeper shift. They’re not extracting; they’re building.

According to Billionaires Africa, as global demand for lithium, gold, and rare earths accelerates, Nigeria’s new mining boom could become one of its most powerful growth stories yet.