TBY talks to Oluwaseun OlatunjI, Managing Director/CEO, SBOG, on the sector.

Oluwaseun OlatunjI

What drove you to establish the company in a sector that is still underdeveloped?

SBOG is focused on the exploration, mining, and trading of base metals sourced from Nigeria to primary markets in Asia. The company is 10 years old, and we have always been at the forefront of promoting an industry that was completely under the radar of the government. Mining is serious business, and we want to be part of that development. That was the main driving factor for establishing the company as a trading business, though we later decided to go upstream. Today, we are actively developing two mines.

What is needed to boost investment in the local mining sector?

There are currently gray areas in the legislation that worry investors, particularly the conflicts between the state government and the federal government on land ownership structure. The state government wants to have control of mineral administrations endowed in their states, which is a legal challenge because of the constitution, where all minerals on the exclusive list give the federal government complete control. As for the fiscal framework, local investors are wondering why Nigerian banks are not jumping on the bandwagon. The government needs to lower the risk in the sector, which requires spending money.