The Osun State Government has dismissed claims that the recently brokered deal between the State and Thors Exploration Limited resulted from a report by a 12-member investigative committee.
In a statement issued on Friday, the spokesperson to the State Governor, Olawale Rasheed, described such assertions as misguided and promoted by individuals seeking to undermine the state’s progress.
He clarified that the resolution between Osun State and Thors Exploration Limited was facilitated through an African dispute resolution mechanism led by the Honourable Minister of Solid Minerals Development, Dele Alake, rather than the committee’s report.
Rasheed explained that the Minister independently assessed the situation and determined that the report could not adequately address the business and operational disputes between the parties involved.
According to Rasheed, after listening to the Osun State Governor’s address, Alake acknowledged the need for a fresh approach to resolving the issues.
Consequently, he convened a meeting between the Segilola team and state representatives, allowing both parties to discuss the points of contention.
During the meeting, the State government, represented by the Special Adviser to the Governor on Solid Minerals, Lukuman Adekilekun Jimoda, highlighted key issues, including: immediate payment of undisputed PAYE, appointment of an independent tax consultant to address other tax components, formal presentation of an environmental report by SROL through the Minister and addressing additional economic interests, particularly the encroachment on 88 cadastral units.
Following thorough discussions, both parties agreed on several resolutions, including: the handover of the share certificate to Osun State, payment of the undisputed portion of the tax assessment, amounting to ₦1.2 billion in PAYE, review of Osun’s claims on environmental audits, with the state presenting a comprehensive report and the Federal Ministry of Solid Minerals reviewing claims of encroachment on Osun’s 88 cadastral mining units by Segilola.
The meeting also covered issues related to communication and tax assessments, with the Osun State Government pledging support for the seamless operations of the Segilola Gold Project.
Rasheed emphasized that the state secured a favorable deal, which now includes direct shares in Thors Exploration Limited rather than Tropical Mines Ltd.
As official shareholders, Osun now holds a stronger stake in the Company’s success.
He commended the Minister for his commitment to mining reforms and commended Segilola’s management for their cooperation.
According to Rasheed, the new agreement is a major win for the Osun State and will significantly boost its financial standing.
Rasheed urged the public to disregard misleading reports, accusing detractors of attempting to downplay the State’s achievements for selfish reasons.
He stressed that Osun has secured a better deal and is poised for greater economic growth, warning that those hoping to benefit from illicit practices at the state’s expense would be disappointed.
