Federal Committee Exposes Osun Government's Baseless Allegations Against Segilola Resources

A recent report by the Federal Government's Inter-Ministerial Fact-Finding Committee has debunked the Osun government's claims against Segilola Resources Operating Limited (SROL), revealing a blatant attempt to extort and manipulate facts for financial gain.

Segilola is the only mechanised gold mining company in Nigeria and boasts of best global practices which the federal government discovered was a beacon in the area of gold mining.

 The committee's findings have laid bare the Osun government's exaggerated environmental claims, unfounded tax demands, and bogus assertions of shareholding rights.

One of the most egregious claims made by the Osun government was its demand for a staggering ₦7.5 billion as an environmental levy from Segilola. 

However, the committee found no legal or factual basis for this claim, confirming that Segilola had already paid ₦32.5 million in environmental levies between 2022 and 2024.

 Furthermore, there was no evidence of environmental pollution caused by Segilola's operations, rendering the Osun government's attempts to extort money under the guise of environmental protection null and void.

The report also exposed the Osun government's baseless claims of a 21.05% stake in Segilola's parent company, Thor Explorations Ltd. 

The committee found that the Osun government was only entitled to 5,192,869 bonus shares issued by Thor in goodwill, which carried no preferential rights and had remained in the custody of Tropical Mines Limited (TML) with the knowledge of the Osun government.

The Osun government's desperation was further revealed in its tax dispute with Segilola, with a ₦3.2 billion tax invoice being issued against the company.

 However, the committee found this figure to be invalid, with the actual tax liability standing at ₦98.3 million, which is currently under reconciliation for a final settlement.

A recent report by the Federal Government's Inter-Ministerial Fact-Finding Committee has debunked the Osun government's claims against Segilola Resources Operating Limited (SROL), revealing a blatant attempt to extort and manipulate facts for financial gain.

Segilola is the only mechanised gold mining company in Nigeria and boasts of best global practices which the federal government discovered was a beacon in the area of gold mining.

 The committee's findings have laid bare the Osun government's exaggerated environmental claims, unfounded tax demands, and bogus assertions of shareholding rights.

One of the most egregious claims made by the Osun government was its demand for a staggering ₦7.5 billion as an environmental levy from Segilola. 

However, the committee found no legal or factual basis for this claim, confirming that Segilola had already paid ₦32.5 million in environmental levies between 2022 and 2024.

 Furthermore, there was no evidence of environmental pollution caused by Segilola's operations, rendering the Osun government's attempts to extort money under the guise of environmental protection null and void.

The report also exposed the Osun government's baseless claims of a 21.05% stake in Segilola's parent company, Thor Explorations Ltd. 

The committee found that the Osun government was only entitled to 5,192,869 bonus shares issued by Thor in goodwill, which carried no preferential rights and had remained in the custody of Tropical Mines Limited (TML) with the knowledge of the Osun government.

The Osun government's desperation was further revealed in its tax dispute with Segilola, with a ₦3.2 billion tax invoice being issued against the company.

 However, the committee found this figure to be invalid, with the actual tax liability standing at ₦98.3 million, which is currently under reconciliation for a final settlement.

The report's findings have raised serious questions about the Osun government's motivations, with the committee's chairman stating that the government's actions were a blatant attempt to strong-arm Segilola into paying an outrageous sum. The committee's report has effectively blocked the Osun government's path to unjust enrichment and has comprehensively cleared Segilola of any wrongdoing.

In response to the report, Segilola Resources Operating Limited expressed gratitude to the Minister of Solid Minerals Development, Dr. Henry Dele Alake, and the Committee for conducting a fair and transparent assessment.

 The company stated that the report affirms its compliance with all legal and regulatory obligations and that the allegations of wrongdoing were unfounded.

The Osun government's actions have been widely criticized, with many viewing its attempts to distort facts and extract unjust payments as a reckless and opportunistic approach to governance. The government now faces a critical decision: to continue down the path of baseless confrontations or to accept the reality and move forward with genuine collaboration.

The controversy surrounding the Segilola Gold Project dates back to September 26, 2024, when the Osun State Government accused the company of tax evasion, environmental violations, and unethical business practices. The state government demanded almost ₦100 billion in unpaid taxes and investment returns, dating back to the early 1990s. However, the fact-finding committee's report has revealed that these allegations were baseless and motivated by a desire to extort money from the company.

The case has also raised questions about the relationship between the Osun State Government and Tropical Mines Limited, with allegations of a long-standing connection between the two entities. The opposition All Progressives Congress (APC) has accused Governor Ademola Adeleke of attempting to hide fraudulent business transactions perpetrated over 30 years ago, when his elder brother, Osun governor at the time, invested state money in a private business with ties to the Adeleke family.

The Federal Government's Inter-Ministerial Fact-Finding Committee's report has brought to light the Osun government's blatant attempts to manipulate facts and extort money from Segilola Resources Operating Limited. The report's findings have significant implications for the company, the Osun State Government, and the broader business community, highlighting the need for transparency, accountability, and good governance in the management of natural resources.