The Osun State Government has demanded N60 billion from Segilola Resources Operating Limited, a subsidiary of Thor Explorations Ltd, United Kingdom, over unpaid financial considerations.
Wale Bolorunduro, the Financial Consultant to the Office of Mining and Mineral Resources, disclosed that Segilola Resources Operating Limited acquired Tropical Mines Limited, a company in which Osun State had a significant stake, between 2016 and 2019 without providing adequate financial considerations to the state.
He explained that while other legacy co-shareholders of Tropical Mines Ltd received financial considerations for the commercial transaction, including shares in Thor Explorations Ltd UK and other financial benefits, Osun State received nothing. This is based on a review of the transaction that began in early 2023.
According to Bolorunduro, for the past twenty months, Segilola Resources has refused to honour its commitment to commence payments on the accrued financial considerations due to Osun State from the acquisition of Osun’s interest between 2016 and 2019.
He said: “At least four meetings have been held with Governor Ademola Adeleke and the CEO of SROL, Mr. Segun Lawson, in attendance, with promises made to commence payment. However, the company reneged on its promises and chose to misrepresent the state at the Ministry of Solid Minerals in Abuja.
“Initially, in early 2023, Segilola claimed we were not entitled to any shares of Thor Explorations Ltd UK. However, after presenting them with facts and figures, they acknowledged that Osun State holds bonus shares—5.1 million shares in Thor UK.
“Segilola has been evasive. When they do engage, they direct Osun State to Tropical Mines Ltd (TML), a company whose assets have been stripped by Segilola without winding it down. How can TML take liability to pay Osun State?
“Directing us to TML is an affront to our collective sensibility as people with culture and dignity. It is the responsibility of Thor UK to restore the value that should have been given to Osun State from the outset. As a co-shareholder in Thor UK, Osun deserves to be treated with fairness, equity, and without prejudice to our interests.”
Also commenting, Prof. Lukman Jimoda, the Special Adviser to the Governor on Mining and Mineral Resources, raised serious concerns about the operations of the Segilola Gold Project, managed by subsidiaries of Thor Explorations Ltd, a UK-based company listed on the Toronto Stock Exchange.
Jimoda emphasized that despite significant production since 2019, the Segilola project has resisted compliance with extant laws such as the Personal Income Tax Act (PITA) and the Company Income Tax Act (CITA), which govern tax levies.
