The Federal Ministry of Solid Minerals Development has issued a warning to the Osun State Government regarding the closure of the Segilola Resources Operating Limited (SROL) mining site, which could jeopardize Foreign Direct Investments (FDI) in the region. Minister Dr. Dele Alake made this statement on October 5, 2024, following the state's decision to seal SROL's premises on September 30, 2024, citing a court order related to alleged tax violations amounting to approximately 1.9 million USD. [60a1cf32]
The Segilola Gold Mine, which produced 98,006 ounces of gold in 2022 and 84,609 ounces in 2023, is targeting a production range of 95,000-100,000 ounces for 2024. Alake emphasized the critical importance of maintaining industrial harmony and urged the Osun State Government to consult with the Federal Ministry before taking actions that could negatively impact investors. [60a1cf32]
In a related development, the Ministries of Solid Minerals and Steel Development (MSMSD) have adopted the Mineral Sector Support for Economic Diversification (MinDiver) Project, which aims to transform Nigeria's mining sector. The handover ceremony took place at the Ministriesā Headquarters in Abuja on October 12, 2024. Dr. Mary Ogbe, Permanent Secretary of MSMD, highlighted the project's goal to create a resilient and diversified mining sector. MinDiver, launched in 2017 and set to expire in 2024, has achieved 75% of its objectives, focusing on geological data acquisition and environmental safeguards, with a World Bank IDA credit of US$150 million. [7d64bc1c]
Dr. Christopher Isokpunwu, Permanent Secretary of the Ministry of Steel Development, called for collaboration among industry leaders to ensure the project's success. Engr. Sallim Salam, the former Project Coordinator, emphasized the importance of skilled personnel for the continuity of the project. This initiative aligns with the Federal Government's efforts to enhance the mining sector's attractiveness to investors, which is vital for Nigeria's economic growth. [7d64bc1c]