By: Billionaires Africa

Thor Explorations Ltd., the Canadian-listed miner behind Nigeria’s first commercial-scale gold project, has emerged as one of West Africa’s breakout stories. Its shares have jumped nearly 270% in the past 12 months, powered by bumper profits from its flagship Segilola mine and an aggressive push into new territories.

The biggest winner savoring Thor’s sweet victory is none other than Segun Lawson, the Nigerian-born founder and chief executive officer of Thor Explorations Ltd., who has seen his fortune climb sharply as shares of the gold miner surged more than 270% over the past year.

Lawson owns 31.6 million shares, equal to a 4.76% stake in the company, now valued at about $17 million. Lawson’s success story casts the spotlight on Nigeria’s mining story, where oil has long overshadowed other resources and most efforts at industrial-scale mining projects stall before reaching production.

Thor’s Segilola gold mine in Osun State in Nigeria’s Southwest region is the exception. Since starting commercial production in 2021, the $100 million project has become Nigeria’s first modern gold operation, producing consistently and lifting the company’s profile across West Africa.

In the second quarter of 2025, Thor sold about 25,900 ounces of gold at an average realized price of $3,187 per ounce, lifting revenue to $82.7 million from $53.8 million a year earlier. Net income more than doubled to $51.6 million, bringing first-half profit to $86.1 million — already surpassing the entire first-half performance of 2024.

Operating metrics underline why investors have piled in. Thor reported cash costs of $715/oz and all-in sustaining costs of $915/oz, making Segilola one of the lower-cost producers in the global gold industry. By quarter-end, the company’s balance sheet showed net cash of $52.8 million, providing ample firepower for drilling and regional expansion.

A lean rival among bigger names

While West African peers such as Endeavour Mining, Perseus Mining, and West African Resources continue to capture investor attention with projects across Ghana and Senegal, Thor’s lean cost base and high-margin output have placed it in a strong competitive position. The performance has bolstered confidence that Nigeria — better known for oil than for minerals — can sustain a globally competitive mining venture.

Exploration moves beyond Nigeria

Thor isn’t slowing down. In Nigeria, it is drilling deeper beneath Segilola, targeting underground extensions that could lengthen the mine’s life. Beyond its home base, the company is advancing the Douta project in Senegal, where a 12,000-meter drill campaign is underway. Results from that program are expected to feed into a pre-feasibility study later this year.

Meanwhile, Thor has planted its flag in Côte d’Ivoire, securing exploration permits across the Guitry, Boundiali, and Marahui prospects. The expansion underscores its intent to build a multi-country portfolio in West Africa, diversifying away from reliance on a single project and positioning itself alongside regional mid-tier producers.

Nigerian investors cash in

Segun Lawson is not the only one benefitting from Thor’s run. Chief Kayode Aderinokun holds 22.2 million shares, equal to 3.34% of the company, now worth about $12 million. Folorunso “Folli” Adeoye owns 21.3 million shares, or 3.21%, valued at roughly $11 million. Alongside Lawson, the trio control more than 11% of Thor, making them a formidable Nigerian bloc of shareholders.

The biggest single investor remains Africa Finance Corporation, the Lagos-based development financier backed by African states and multilateral lenders. Its 16% stake gave Thor the institutional firepower needed to bring Segilola to life.

The men behind the numbers

Lawson’s path to this moment traces back to his training as a geologist at Imperial College London and an MBA at Cass Business School. Before Thor, he worked in oil and gas corporate finance at Noble & Company and scouted deals at Premier Oil. Since co-founding Thor in 2011, he has steered it from junior explorer to Nigeria’s first serious gold producer.

Chief Aderinokun brings three decades of experience in Nigerian finance and mining. Chairman of First Marina Trust, he helped lead the first commercial exploration of Segilola through Tropical Mines Ltd., and has been a key voice in the local mining community. A published author and former chairman of the Association of Nigerian Authors, he also founded Nigeria’s Fencing Federation and served as an adviser to the Osun State government.

Adeoye, president of Superior Petroleum Ltd., blends a career across banking, oil, and mining. He co-founded Pacific Merchant Bank in 1989, which later merged into Unity Bank Plc, and spent decades building ventures in Nigeria’s resource industries. In mining, he helped pioneer modern exploration standards through Pineridge Nigeria and Tropical Mines, the original owners of Segilola.

A bet on Nigeria’s next chapter

For decades, Nigeria’s mining sector failed to live up to its potential. Despite vast untapped reserves, the industry has been starved of investment, weighed down by red tape, and overshadowed by the dominance of oil. Annual output of 85,000–95,000 ounces has cemented its place as the cornerstone of the country’s nascent mining industry.

The success is fueling Thor’s push beyond Nigeria. In Senegal, the company is advancing its Douta project, while in Côte d’Ivoire, it has acquired exploration permits in highly prospective greenstone belts. Still, the risks remain: West Africa is a hotbed for gold but also for political volatility, shifting rules, and security threats.

For now, Thor’s Nigerian backers are enjoying the payoff. The combined value of Lawson, Aderinokun, and Adeoye’s holdings is near $40 million — a figure that would have seemed improbable when Segilola was first mooted.