Romulus Mining secures $150m expansion backing at Mining Indaba
Romulus Mining and Exploration Limited has secured ministerial, legislative, diplomatic and traditional support following its participation at the 2026 Investing in African Mining Indaba, where the company outlined plans to
Romulus Mining and Exploration Limited has secured ministerial, legislative, diplomatic and traditional support following its participation at the 2026 Investing in African Mining Indaba, where the company outlined plans to expand its Nigerian operations from $50 million to $150 million over the next three years.
The endorsement came during a mining conference held at the Cape Town International Convention Centre in Cape Town, which convened investors, policymakers, development finance institutions and mining executives shaping Africa’s mineral development agenda.
Nigeria’s delegation delivered a unified message centred on responsible mining, secure investment, regulatory clarity and sustainable prosperity, positioning the country as an emerging hub for critical mineral development amid rising global demand.
Nigeria’s Minister of Solid Minerals Development, Dele Alake, reaffirmed the Federal Government’s ongoing structural reforms aimed at formalising the mining sector, improving transparency and enhancing investor confidence.
“Nigeria’s mining sector is undergoing structural reform designed to ensure transparency, investor confidence, and long-term sustainability. We are building a mining ecosystem that encourages responsible investment while safeguarding national interest,” the minister stated.
Also reinforcing the administration’s reform narrative was the Minister of Information and National Orientation, Mohammed Idris Malagi, who emphasised the importance of projecting Nigeria’s policy progress to international markets and positioning mining as a key pillar of economic diversification.
At the parliamentary level, Chairman of the Senate Committee on Solid Minerals Development, Ekong Sampson, highlighted the National Assembly’s commitment to policy stability and investor protection within the sector.
Chairman of the House Committee on Solid Minerals Development, Gaza Gbefwi, provided further assurances of regulatory continuity and strengthened oversight.
“Nigeria’s solid minerals sector is entering a defining era of reform and accountability. The House of Representatives is fully committed to strengthening the regulatory framework to ensure transparency, environmental responsibility, and sustainable economic impact,” Gbefwi said.
He added that responsible investors such as Romulus Mining represent the strategic partnerships Nigeria must encourage, noting that compliance, community inclusion and long-term value creation are critical benchmarks for sectoral growth.
“Our role in the National Assembly is to provide oversight that protects national interest while fostering a stable, predictable environment where serious investors can thrive,” he stated.
Complementing the legislative backing, Chairman of the Senate Committee on Navy, Gbenga Daniel, underscored the alignment between mineral resource development and national security priorities, assuring stakeholders of infrastructure protection and operational stability.
Nigeria’s diplomatic representation at the event was led by Ambassador to South Africa, Alexander Temitope Ajayi, and the Consul General of Nigeria in Johannesburg, Ninikanwa Okey-Uche.
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Their presence signalled Abuja’s intention to strengthen bilateral mining partnerships and facilitate cross-border investment flows between Nigeria and South Africa, particularly in the context of critical mineral supply chains and energy transition opportunities.
A key highlight of Romulus Mining’s participation was a strategic dinner engagement attended by Osun State Governor, Ademola Adeleke, who publicly declared the state’s readiness to deepen collaboration with responsible investors.
“Osun State is open for mining business. Government is not just a regulator; we are a committed partner focused on delivering predictable policies, secure operations, and sustainable returns for investors,” Adeleke stated.
The governor acknowledged the company’s intention to scale its existing $50 million investment to $150 million within three years, citing commitments to streamline permitting processes and align state-level policies with federal reform efforts.
The proposed expansion is expected to strengthen Osun State’s position within Nigeria’s emerging lithium and critical minerals value chain, potentially generating employment, infrastructure development and increased internally generated revenue.
Providing cultural legitimacy and reinforcing community-centred development principles was the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, who emphasised the importance of environmental responsibility and local inclusion in extractive activities.
“Mining, when undertaken with wisdom, accountability, and reverence for the people and the environment, becomes a force for sustainable development and shared prosperity,” the monarch said.
His participation underscored the growing recognition that sustainable mining in Nigeria requires not only regulatory approval but also community trust and traditional institutional engagement.
Romulus Mining’s operational roadmap was presented by Director of Mineral Resource Development, Tim Tokun, who outlined a strategy anchored on advanced geological precision, responsible lithium and critical mineral development, local value-chain expansion and structured community integration.
“Our strategy is grounded in geological precision, responsible development, and long-term value creation. From advanced exploration to local processing and community integration, we are building assets that meet global standards while delivering measurable economic impact within Nigeria,” Tokun stated.
The company’s expansion plan aligns with accelerating global demand for lithium and other strategic minerals critical to battery storage technologies and renewable energy systems.
Romulus Mining’s engagements at Mining Indaba 2026 were attended by a cross-section of federal leaders, lawmakers, financial institutions and traditional authorities.
Among them were Senator Ireti Kingibe; Prince Gboyega Nasir Isiaka, a member of the House of Representatives representing Ogun State; and Mr. Oluwole Ajimisinmi, Deputy Managing Director of Wema Bank.
Their collective presence signalled strong institutional alignment between public sector leadership, private finance and traditional governance structures in support of responsible mineral development.
By the close of Mining Indaba 2026, Romulus Mining had secured a comprehensive framework of support encompassing ministerial reform endorsement, federal legislative alignment, parliamentary oversight backing, national security assurances, diplomatic engagement, state-level regulatory acceleration, traditional institutional approval and a confirmed $150 million expansion trajectory.
Industry observers noted that such multi-tier alignment reflects Nigeria’s intensified effort to reposition its solid minerals sector as a credible alternative revenue stream beyond oil and gas, particularly in the context of global energy transition dynamics.
As demand for lithium and other critical minerals continues to intensify worldwide, Romulus Mining’s strengthened institutional backing positions the company at the forefront of Nigeria’s evolving mining transformation — supported not only by capital expansion plans but by a rare convergence of political, diplomatic and traditional consensus.