Aluko & Oyebode is pleased to have acted as Nigerian legal adviser to Chariot Resources Ltd (formerly Chariot Corporation Limited) (ASX:CC9) (“Chariot“), an Australian mineral exploration company incorporated in Perth, Western Australia, and listed on the Australian Securities Exchange, in connection with its acquisition of interests in a portfolio of lithium exploration and mining licences in Nigeria. The Transaction is expected to accelerate the exploration and potential development of hard rock lithium assets across the Fonlo, Gbugbu, Saki, and Iganna project areas in Kwara and Oyo States, representing one of the largest known lithium portfolios in the country.
The Firm’s role in this Transaction encompassed multiple workstreams. In particular, the Firm conducted legal due diligence, advised on the Transaction structure, and prepared the mineral title transfer agreements. The Firm also advised on investment protection under Nigerian law, financing and security arrangements, associated corporate authorisations, and registrations with relevant regulatory authorities in Nigeria.
Given the critical role of lithium in the global energy transition, particularly in battery storage and electric vehicle technologies, this Transaction highlights Nigeria’s growing profile as a destination for investment in rare earth and critical minerals.
Commenting on the Transaction, Ajibola Asolo, Partner in the Firm’s M&A team noted:
“This Transaction marks the first entry of an Australian-listed company into Nigeria’s high-potential lithium sector. Chariot’s expertise in critical minerals will improve resource development and unlock long-term economic value within Nigeria.”
Highlighting the significance of the Transaction, Cephas Caleb, Partner in the Firm’s Energy, Natural Resources, Infrastructure team also noted:
“Given the critical role of lithium in batteries and renewable energy storage, unlocking Nigeria’s largely untapped lithium resources represents a strategic priority for the country and the African continent. Chariot’s technical and financial capabilities in critical minerals underscore the potential of this portfolio. We are pleased to have advised on the structuring and documentation of this transaction and supported Chariot’s entry into Nigeria’s emerging mining sector.”
Transaction Team
The Firm’s Transaction team was led by Partners, Ajibola Asolo and Cephas Caleb, with support from Managing Associate, Bukola Akinsulere, Senior Associate, Aaron Alasa, and Associates, Innocent Uzoma, Musa Muhammed and Aminat Tijani.
For further information on the Transaction, please see Chariot’s ASX announcements on the MCO approval announcement dated 10 March 2026 here: https://www.chariotcorporation.com/announcements/7429535
