Nigeria’s mining industry, long overshadowed by oil, has found a shining star in Segun Lawson. The billionaire businessman, alongside two other prominent Nigerian investors, now holds a combined stake worth nearly $40 million in Thor Explorations Ltd., the Canadian-listed company behind the country’s most successful gold venture.
Thor’s flagship project, the Segilola gold mine in Osun State, has rewritten Nigeria’s mining story. Since launching full production in 2021, the mine has steadily churned out high volumes of gold, lifting revenues and transforming Thor into one of the most profitable gold producers in West Africa.
Its success has also sent Thor’s stock price soaring by almost 270% in the past year, swelling the fortunes of Lawson and his Nigerian co-investors.
Lawson, the company’s founder and chief executive officer, owns 31.6 million shares, translating to a 4.76% stake now valued at around $17 million. This rise in wealth is not just a personal win for Lawson; it highlights Nigeria’s emerging potential in gold mining, an industry that has often failed to attract large-scale investment.
Segilola has become the outlier. Built at a cost of about $100 million, it is Nigeria’s first large-scale, modern gold operation. For years, the country’s mineral wealth was either untapped or exploited through small-scale artisanal mining.
Today, Segilola stands as proof that Nigeria can host a project capable of competing with global gold producers.
The financial results speak volumes. In the second quarter of 2025, Thor Explorations sold nearly 26,000 ounces of gold at an average price of over $3,000 per ounce.
That lifted quarterly revenue to $82.7 million, up sharply from $53.8 million in the same period last year. Net income more than doubled, hitting $51.6 million, and profits for the first half of the year have already surpassed the company’s entire performance in 2024.
Even more impressive are the operating costs.
With cash costs of just $715 per ounce and all-in sustaining costs of $915 per ounce, Segilola ranks among the lowest-cost gold producers globally.
That efficiency has made investors take notice and given Thor ample cash reserves over $52 million at the end of June to finance new drilling and expand its footprint.
While much of West Africa’s gold narrative has been dominated by giants like Endeavour Mining and Perseus Mining, Thor has carved a niche for itself as a leaner, highly profitable competitor.
Its performance is changing perceptions about Nigeria’s ability to sustain a world-class mining industry.