Breaking News

Osun begins Interview for shortlisted Teachers across the State | YOUR ASSESSMENT OF DEVELOPMENT UNDER ADELEKE IS JAUNDICED, MISGUIDED, BAMIJI TAUNTS NIWA BOSS. | GOVERNOR ADELEKE SALUTES ELDER STATES MAN, LT. GEN. ALANI AKINRINADE ON 85TH BIRTHDAY | GOVERNOR ADELEKE APPOINTS AFOLABI ADEOLA BABATUNDE AS CMD, UNIOSUN TEACHING HOSPITAL | GOVERNOR ADEMOLA ADELEKE APPROVES #3.3BILLION FORRETIREES | DEFAMATORY STATEMENT: GOVERNOR ADELEKE THREATENS TO SUE APC DIRECTOR FOR N5 BILLION DAMAGES | Governor Adeleke Extols Rep Salam At 55 | GARAGE OLODE: GOVERNOR ADELEKE EXPRESSES SHOCK OVER LACK OF ELECTRICITY FOR 15 YEARS, DIRECTS MINISTRY OF ENERGY TO ACT URGENTLY | OBSTRUCTION / TAX EVASION: OSUN GOVT SEALS UP PREMISES OF SEGILOLA RESOURCES OPERATING LIMITED, A SUBSIDIARY OF THORS EXPLORATIONS | Governor Adeleke Congratulates Oyetola @70 | How Late Owa Achieved His Developmental Wishes For Ijesha People – Governor Adeleke | Ajibola Bashiru is Behind News as Osun Gets Federal Award for O-Meal – Adeleke’s Spokesperson | GOVERNOR ADELEKE CONDOLES AKWA IBOM GOVERNOR, PASTOR UMO UNO, OVER WIFE’S DEMISE | Osun Government Goes after Segilola over Tax Evasion, Environmental Pollutions, Shareholding, Others | Adeleke’s Health Initiative Has Improved The Wellbeing Of Pensioners In The State. | Governor Adeleke Greets Alhaji Diekola On His Birthday | Governor Adeleke Hosts Osun Indigenes in Abuja, Presents Multi-Million Naira Cooperative Cheques to Associations | Governor Adeleke Felicitates Oba Adedokun Abolarin On His Birthday | Governor Adeleke Approves Reduced Work Days for Civil Servants, Extends Palliative Payments | GOVERNOR ADELEKE SWEARS IN NEWLY APPOINTED CHAIRMAN OF OSUN STATE COLLEGE OF EDUCATION GOVERNING COUNCIL, ILA-ORANGUN | How to Strengthen Democracy and Good Governance – Governor Adeleke
IMG-20240909-WA0131
System Analyst September 26, 2024

Osun Government Goes after Segilola over Tax Evasion, Environmental Pollutions, Shareholding, Others

NEWS RELEASE

OSOGBO – 26/09/2024 – Osunstate.gov.ng

The 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.

According to Prof. Lukman Jimoda, the Special Adviser to the Governor on Mining and Mineral Resources, the state’s investigation revealed various unethical business practices, including alleged tax evasion, use of proxies, and failure to comply with environmental rules and regulations.

The companies involved—such as SINIC Engineering, ATF Consulting, Monurent Nigeria, and others—are reportedly engaged in outsourcing employment and operations to undisclosed third parties without proper documentation or environmental compliance.

Prof. Jimoda highlighted that the federal constitution places environmental oversight under the concurrent list, allowing the state to assess companies’ operations for economic and environmental impacts.

He emphasized that the Segilola project, despite its significant production since 2019, 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 also expressed concerns over pollution, including particulate emissions and possible acid drains from waste rocks, which pose serious environmental risks to the state.

The state government is therefore demanding the payment of accrued taxes and environmental development levies, as well as proper documentation for all involved parties.

The Special Adviser stressed that Osun has not received its due revenue from the Segilola project for over three years, despite its bankable gold production since 2019.

“The government is prepared to take necessary actions to ensure compliance and safeguard the state’s environmental and economic interests”, the Special Adviser noted.

Also speaking, the Financial Consultant to the Office of Mining and Mineral Resources, Dr. Wale Bolorunduro while presenting his report said the allegations against Thor Explorations Ltd and its subsidiaries mark a significant moment for Osun State, as the government seeks to reclaim its financial rights and ensure compliance with tax regulations.

Dr Bolorunduro highlighted the state’s concern over the company’s alleged tax evasion and failure to comply with legal requirements, which could have severe financial implications for Osun.

Dr. Bolorunduro’s detailed statement paints a picture of a company attempting to sidestep its fiscal responsibilities, with far-reaching consequences for the state’s revenue.

“The refusal to remit taxes from both direct employees and service providers, as well as the evasion of other financial obligations, highlights a deeper issue of corporate governance and transparency.

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”. Dr. Bolorunduro stated.

Governor Ademola Adeleke’s administration has emphasized the need for due payments to be made, while also ensuring that business operations continue smoothly. This balanced approach underscores the state’s willingness to foster investment, but not at the expense of its fiscal health or integrity.

Responding to the allegations that the Adeleke Dynasty is involved in the management of the Segilola Gold Project, Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi denied the report, noting that those holding a stake or the other in the gold firm areas shortchanged the Osun state government.

He therefore assured members of the public that the administration of Senator Ademola Adeleke will not relent in efforts to ensure that the state gets its dues from all companies operating in Osun State.

Signed:
Oluomo Kolapo Alimi,
Hon Commissioner for Information and Public Enlightenment

Leave a Reply

Your email address will not be published. Required fields are marked *