OBSTRUCTION / TAX EVASION: OSUN GOVT SEALS UP PREMISES OF SEGILOLA RESOURCES OPERATING LIMITED, A SUBSIDIARY OF THORS EXPLORATIONS

NEWS RELEASE

OSOGBO: 30/09/2024 – Osunstate.gov.ng

The Osun State Government has today 30th September, 2024 sealed up the business premises of Segilola Resources Operating Limited, following a Court Order permitting the State to distrain the company for various flagrant tax violations and failure to disclose fully the employees directly and indirectly involved in its business activities, obstruction of tax processes by failing to provide timely tax information and documents.

Segilola Resources Operating Limited is one of the major companies carrying out mining activities and mineral exploration in the State as a subsidiary of Thors Explorations Limited listed on London and Toronto Stock Exchanges.

After a series of demands, meetings, consultations, and engagements, the company still remained adamant and remorseless in its tax evasion and other violations. The Attorney -General of Osun State approached the Court and consequently obtained an Order of the Court to seal up the Company until the due sum calculated from 2019 to 2023 is fully liquidated into the Osun State Government Account.

The state notes with regret that while some companies make billions of naira in the state, especially in the mining sector, they are not ready to give the state its lawful dues.

While the issue of shareholding values due to the acquisition of Osun state interest in Tropical Mines is purely commercial, we will continue to hold the company responsible for all its actions.

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