Tax Dispute: SROL Applauds Ministerial Fact-finding Report, Commits To Osun Dev’t

Segilola Resources Operating Limited (SROL) has applauded the findings and recommendations outlined in the report of the Inter-Ministerial Fact-finding Committee on the tax and other disputes between it and the Osun State government.

This is even as it said that it was committed to the development of Osun State.

At a productive meeting held on Tuesday, March 25, 2025, in Abuja, with all relevant parties, the report was formally released to SROL.

Reacting to the development, Country Manager, Segilola Resources Operating Limited, Austin Menegbo, lauded the minister of Solid Minerals Development, Dr. Henry Dele Alake, and the Fact-finding Committee in facilitating the thorough assessment and fostering a resolution process grounded in fairness and transparency.

“Importantly, 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.

“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. Today, representatives of TML formally handed over the share certificate to His Excellency, Governor Ademola Adeleke,” Menegbo pointed out.

Additionally, Menegbo noted that the report confirmed that the N3.2 billion tax invoice was not valid as the Committee recommended that the revised tax invoice of N98,347,105.18, issued on September 23, 2024, should be subject to a final reconciliation process to facilitate an amicable resolution.

On the issue of the environment, the SROL country manager stressed that the report confirmed that, there was no evidence of any environmental degradation on the part of Segilola and thus, there was no basis for the claim for additional environmental levies.

While the report addressed the key concerns, Menegbo said the company remained open to continued engagement with the Osun State Government to resolve any outstanding matters amicably and in good faith.

Segilola reaffirmed its commitment to its host communities and strengthening its social license to operate by implementing relevant Corporate Social Responsibility (CSR) initiatives in Osun State, in addition to its various impactful Community Development Agreement (CDA) and Livelihood Restoration Programme (LRP) initiatives.

Segilola’s community initiatives include: education and youth empowerment programmes, construction and renovation of schools, including provision of scholarships to secondary and tertiary institutions, sponsorship of skill acquisition workshops for youth and women, healthcare initiatives, infrastructure development, Sustainable Livelihood Restoration Programs (LRP), among others.