Osun

Segilola Resources Operating Limited acknowledges Inter-Ministerial Fact-Finding Report, Reaffirms Commitment to Osun State’s Development

ByHafsoh Isiaq

PublishedMarch 26, 2025

Segilola Resources Operating Limited (SROL) has welcomed the findings of the Inter-Ministerial Fact-Finding Committee report on its dispute with Osun State Government, reaffirming its dedication to transparency, compliance, and sustainable development in the state.

In a statement by its Country Manager, Austin Menegbo, the company, which operates Nigeria’s first commercial gold mine, expressed satisfaction with the report’s conclusions, particularly its confirmation that SROL has adhered fully to its legal and regulatory obligations.

The report also dismissed allegations of environmental degradation and clarified Osun State’s shareholding in Thor Explorations Ltd, SROL’s parent company.

At a crucial meeting in Abuja on Tuesday, the report was formally handed over to SROL, following extensive engagements with key stakeholders, including the Honourable Minister of Solid Minerals Development, Dr. Dele Alake.

One of the most significant resolutions was the handover of Osun State’s share certificate in Thor Explorations Ltd. The report verified that the state had always been aware of the shares’ existence, which had remained in the custody of Tropical Mines Limited (TML).

During the meeting, representatives of TML officially transferred the share certificate to Osun State Governor, Senator Ademola Adeleke.

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The report also clarified that the ₦3.2 billion tax invoice previously issued to SROL was invalid, with the committee recommending that the revised tax invoice of ₦98.3 million undergo final reconciliation to ensure a fair resolution.

On environmental concerns, the committee found no evidence of environmental degradation caused by SROL, ruling out any justification for additional environmental levies.

As part of its long-term commitment to Osun State, SROL reaffirmed its dedication to supporting local communities through Corporate Social Responsibility (CSR) initiatives and Community Development Agreements (CDA).

According to the statement; “The report affirms what we have maintained from the outset – SROL has acted in full compliance with its legal and regulatory obligations, and the allegations of wrongdoing were unfounded.

“Osun State Shareholding in Thor Explorations Ltd. Following the acquisition of the Segilola Gold Project by Thor Explorations Ltd (SROL’s parent company), in August 2016, Thor issued 5,192,869 ordinary shares. These shares have since been part of the Company’s ordinary shares and have no preferential rights. The share certificate had remained in custody of Tropical Mines Limited, with the State’s knowledge.

“On the issue of the environment, the report confirmed that there is no evidence of any environmental degradation on the part of Segilola and thus, there is no basis for the claim for additional environmental levies.

Earlier, Menegbo appreciated the efforts of the committee headed by the Minister of Solid Minerals Development, Dr. Dele Alake, in ensuring a transparent and fair resolution of the report.

“We appreciate the diligent efforts of the Honourable Minister of Solid Minerals in ensuring a transparent and fair resolution of this matter. This report confirms what we have maintained all along – that SROL has operated in full compliance with all regulatory requirements.”

The company reaffirmed its dedication to strengthening its social license to operate, promoting responsible mining practices, and contributing to the sustainable development of Osun State and Nigeria’s mining sector.

Hafsoh Isiaq

Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.