…We ‘ve paid our dues” firm responds
CHIGOZIE AMADI
Osun State Government has 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.
Addressing newsmen at press conference held at the Exco lounge, Governor’s office, Aberee, Osun State, the Special Adviser to the Governor on mining and mineral resources, Prof. Lukman Jimoda, disclosed that the state has not received its due revenue from the Segilola project for over years, despite its bankable gold production since 2019.
He also expressed concerns over pollution, including particulate emissions and possible acid drains from waste rocks, which pose serious environmental risks to the state.
According to him, the federal constitution places environmental oversight under the concurrent list, allowing the state to assess companies’ operations for economic and environmental impacts.
“As government is prepared to take necessary actions to ensure compliance and safeguard the state’s environmental and economic interests”, the Special Adviser noted.
Speaking, the Financial Consultant to the Office of Mining and Mineral Resources, Dr. Wale Bolorunduro, revealed series of infractions related to the non-remittance of taxes and failure to pay accrued financial considerations owed to the state.
Bolorunduro revealed that the operator of the Segilola Gold Project, has failed to remit a tax liability amounting to ₦3.2 billion, covering a four-year period from 2019 to 2023.
He added that the firm 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 said, “we have no choice than to take action now, no matter how temporary or subtle, on the failure of the company to provide tax information on the 3.2Billion Naira, Four (4) year PAYE Assessment and withholding tax (individuals) remittance, on full disclosure basis to the Government since 11th July, 2024 deadline given to the company.
“Particularly troubling is the claim that Osun State’s interests in Tropical Mines Ltd were strategically diminished without due financial compensation, raising questions about the fairness of the company’s practices in Nigeria versus its compliance with international standards in the UK and Canada, where it is publicly listed”.
Reacting to the allegations, the country manager, Austin Menegbo, Segilola Resources Operating Limited, refuted the claims by the state government, describing it as untrue.
Menegbo said, “We wish to refute the allegations made by the Osun state government concerning tax evasion and unethical business practices. Our company has consistently demonstrated a commitment to being a law-abiding, transparent corporate entity, fulfilling all tax obligations and royalty payments in full and on time. We maintain detailed records and have receipts for all royalty payments made to the Federal Government, as well as tax remittances to the State Government.”
