Segilola Resources Operating Limited (SROL) welcomes the findings and recommendations outlined in the Report of the Inter-Ministerial Fact-Finding Committee on the dispute between SROL and the Osun State Government. Following a productive meeting held today, 25th March 2025, in Abuja with all relevant parties, the report has been formally released to SROL.
We appreciate the efforts of the Honourable Minister of Solid Minerals Development, Dr. Henry Dele Alake, and the Committee in facilitating this 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.
Osun State Shareholding in Thor Explorations Ltd
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.
Additionally, the report confirmed that the N3.2 billion tax invoice was not valid. The Committee recommended that the revised tax invoice of N98,347,105.18, issued on 23rd September 2024, should be subject to a final reconciliation process to facilitate an amicable resolution.
On the issue of the environment, the report confirmed that there is no evidence of any environmental degradation on the part of Segilola and thus, there is no basis for the claim for additional environmental levies.
While the report addresses the key concerns, SROL remains open to continued engagement with the Osun State Government to resolve any outstanding matters amicably and in good faith.
For full details on the findings and recommendations of the Inter-Ministerial Fact-Finding Committee, please refer to the report available on our website via the following link: https://srol.com.ng/home/anevent/399. The recommendations can be found on pages 15-19.
Segilola reaffirms 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. A few of Segilola’s community initiatives include:
- Education and Youth Empowerment Programs
- 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
- Provision of equipment and medical consumables, training of staff at the primary health centres, renovation of community healthcare centers, implementation of health programs, and disease prevention campaigns.
- In 2024, SROL conducted its second medical outreach, providing consultations, advanced diagnostics, medications, and surgical procedures.
- Infrastructure Development
- Ongoing road rehabilitation projects.
- Provision of transformer to Imogbara and installation of 150 solar streetlights in Iperindo communities.
- Sustainable Livelihood Restoration Programs (LRP)
- Provision of materials and equipment for vegetable farm, fish farm and cocoa rehabilitation programme for project affected persons (PAP’s). These are done in addition to already paid compensation.
By embedding sustainability and community development into its operations, SROL continues to foster long-term positive relationships with local communities while promoting economic and social well-being. The company remains committed to working collaboratively with all stakeholders to ensure a sustainable future for the company, Osun State and Nigeria’s mining sector.
For: Segilola Resources Operating Limited
Austin Menegbo
Country Manager