Osun Govt Demands N60bn from Thor Explorations UK, Segilola Resources Operating Ltd

Yinka Kolawole in Osogbo

The Osun State Government over the weekend demanded over N60 billion from Thor Explorations UK and Segilola Resources Operating Ltd
Speaking at the weekend on behalf of Osun State Government, the Financial Consultant to the Office of Mining and Mineral Resources, Dr. Wale Bolorunduro, noted that since the operation operandi was purely commercial, it was Segilola Resources Operating Limited that carried out strategic annihilation of Osun State‘s interest in the ownership of the Tropical Mines Limited (TML) in 2016 and the eventual commercial transaction of Transformational Acquisition by Thor Explorations Limited (Thor) UK, without due financial considerations to Osun State.

He recalled that while other legacy co-shareholders of Tropical Mines Ltd got financial considerations for the Commercial Transaction, which includes Shares in Thor Explorations Ltd UK and other financial considerations; “Osun State got nothing, based on our review of the transaction, which commenced in early 2023.”
According to Bolorunduro, for the past twenty months, the company, Segilola has refused to honour its commitment to commence payments on the accrued financial considerations due to Osun State on the Transformational acquisition of Osun interest between 2016 and 2019.

“Even, when a tenor repayment plan, payable over two years, was offered by the Osun State Governor to them to preserve the need to encourage the national and the state investment drives in the mining sector. “
The Consultant emphasised that: “The efforts and demand of Osun state to realize our claims, which is over N60billion in monetary value and redeemable shares as financial considerations for acquiring Osun State’s interest in Tropical Mines Ltd have always been rebuffed by Segilola Operating Resources Ltd.”

“At least four (4) meeting had been held with the Executive Governor, H.E Governor Adeleke and the CEO of SROL, Mr Segun Lawson in attendance and with promises made to commence payment. Only for the company to renege on its Promises and chose to go and misrepresent the state in Abuja, Ministry of Solid Minerals.”

Also reacting to the ugly trend, Prof. Lukman Jimoda, the Special Adviser to the Governor on Mining and Mineral Resources to Osun State Government equally 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 the Segilola project, despite its significant production since 2019, has resisted complying with extant laws like the Personal Income Tax Act (PITA) and the Company Income Tax Act (CITA) which govern tax levies.