Osun Govt Demands Entitlements From Segilola Project

The Osun State government has demanded the state’s entitlements in terms of accrued taxes, environmental development levies, and proper documentation for involved parties in the Segilola gold project in the state.

The state government, at a press conference addressed by the special adviser to the governor on Mining and Mineral Resources, Prof. Lukman Jimoda, yesterday stressed that Osun has not received its due revenue from the Segilola project for over three years despite its bankable gold production since 2019.

He raised concerns over the Segilola gold project’s operations, managed by Thor Explorations Ltd subsidiaries, a UK-based company listed on the Toronto Stock Exchange.

According to him, government investigation revealed various unethical business practices, including alleged tax evasion, use of proxies, and failure to comply with environmental rules and regulations.

Prof. 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.

He also expressed concerns over pollution, including particulate emissions and possible acid drains from waste rocks, which pose serious environmental risks to the state.

Also speaking, the financial consultant to the Office of Mining and Mineral Resources, Dr Wale Bolorunduro, said the allegations against Thor Explorations Ltd and its subsidiaries marked a significant moment for Osun State as the government seeks to reclaim its financial rights and ensure compliance with tax regulations.

Bolorunduro highlighted the state’s concern over the company’s alleged tax evasion and failure to comply with legal requirements, which could have severe financial implications for Osun.