Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
ABUJA, Nigeria — Australian mining company Chariot Resources Limited has announced its entry into Nigeria’s rapidly emerging lithium industry following the acquisition of six mining licences, a move that signals growing foreign investor interest in the country’s critical minerals sector.
The company confirmed that Nigeria’s Mining Cadastre Office approved the transfer of the licences to its Nigerian subsidiary, C&C Minerals Limited, marking a key regulatory milestone in the transaction. The approvals cover four exploration licences and two small-scale mining licences previously held by Continental Lithium Limited, and are part of a broader acquisition strategy aimed at consolidating lithium assets across key mineral-rich regions.
According to the company, the licences span exploration projects in the Fonlo and Gbugbu areas, along with small-scale mining operations in the Saki project, all located in mineral-bearing zones across Kwara and Oyo States. The development forms part of a wider deal under which Chariot Resources is set to acquire a 66.7 percent stake in C&C Minerals upon completion, while Continental Lithium will retain the remaining minority interest.
Company officials described the regulatory approval as a major step forward in completing the acquisition process, noting that it significantly reduces uncertainty surrounding the transaction. They added that only standard administrative procedures remain before full transfer completion, with expectations that the deal could be finalized by May 2026, subject to final regulatory and shareholder approvals.
Chariot Resources stated that additional licences linked to exploration activities in the Saki and Iganna projects are still awaiting approval from the Mining Cadastre Office. These remaining approvals are expected to further expand the company’s footprint in Nigeria’s lithium exploration landscape once concluded.
Lithium, a key component in battery production and electric vehicle technology, has become increasingly important in global supply chains as demand for energy storage solutions rises. Nigeria, which has been working to diversify its mineral sector beyond oil and gas, is seen as a potential emerging hub for critical minerals, including lithium, which is essential for the global energy transition.
The company said its strategy in Nigeria will focus on deploying systematic exploration methods to generate high-quality geological data and identify drill-ready targets across its licence areas. It also indicated that it is engaging potential funding and offtake partners to support future drilling activities and the development of small-scale mining operations.
Senior executives of Chariot Resources described the Nigerian portfolio as a significant opportunity within the global lithium market, emphasizing plans to conduct modern exploration programmes aimed at identifying commercially viable deposits. They expressed confidence that the project could contribute to long-term resource development and economic value creation in Nigeria.
Continental Lithium Limited, the previous holder of the licences, noted that the regulatory approvals strengthen alignment with Nigerian authorities and support structured exploration activities across the affected sites. The company said the transition would enable more systematic development of the Fonlo and Gbugbu projects under the new ownership structure.
Legal advisers involved in the transaction highlighted Nigeria’s growing attractiveness as an investment destination for critical minerals. They noted that the deal reflects increasing global interest in lithium-rich jurisdictions, particularly as demand for battery materials continues to rise worldwide due to electric vehicle adoption and renewable energy expansion.
According to the advisory firm involved in the process, its role included overseeing due diligence, structuring the transaction, preparing mineral title transfer documentation, and advising on regulatory compliance and investment protection frameworks. It described the transaction as a reflection of Nigeria’s strengthening position in the global rare earth and critical minerals market.
Industry observers say the entry of foreign mining firms into Nigeria’s lithium sector underscores a broader shift in the country’s mineral development strategy, with increased focus on attracting foreign direct investment, improving regulatory transparency, and formalising artisanal and small-scale mining activities.
The development is also seen as part of Nigeria’s efforts to diversify its economy and reduce reliance on hydrocarbons, while positioning itself within the global supply chain for clean energy technologies. Analysts note that successful exploration and development of lithium resources could contribute to job creation, infrastructure development, and increased export earnings if properly managed.
However, experts also caution that the sector’s growth will depend on regulatory stability, environmental safeguards, and effective community engagement, particularly in mining regions where land use and resource extraction often intersect with local livelihoods.
As the transaction moves toward completion, attention is expected to remain on regulatory approvals, exploration outcomes, and the broader implications for Nigeria’s emerging role in the global critical minerals market.
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