Niger Republic as strategic optionality

Our resources positions are not confined to Nigeria. A deliberate share of our holdings sit across the border in Niger Republic, where the regulatory and geological picture differs enough to matter.

This is not diversification for its own sake. It is a specific hedge against single-jurisdiction concentration risk in a sector where permits, ownership rules, and political attention can shift quickly.

This note explains how we think about that positioning and what would have to change for us to expand or reduce it.