NEW DEAL BETWEEN OSUN AND SEGILOLA HAS NO LINK WITH INVESTIGATIVE REPORT – SPOKESPERSON

OSOGBO – 27/03/2025 – osunstate.gov.ng

Our attention has been drawn to a misguided report publishing an investigative committee report on the business and legal disputes between the Thors Exploration Limited and the Osun state government.

We note that those who sponsored the report with a view to sabotage the new deal between the two parties assumed the discussion, facilitated by the Honourable Minister and the agreement brokered by the Honourable Minister of Solid Minerals Development was based on the report of the 12 man investigative committee.

Those enemies of Osun state would however be disappointed to learn that the new deal between the two parties was based on African dispute resolution mechanism, which some can term “political intervention” , being pioneered by the Honourable Minister for this important economic sector.

While Osun state is not privy to the report, the Minister decided out of his volition that the said report cannot provide the required solution to the business and operational dispute between the two parties.

The Minister after listening to the address of the Osun state governor responded by noting that he has read all the report and he has concluded that a new approach is necessary, leading to summoning the Segilola team to a meeting with the state team while both the Governor and the Minister mediated.

It was on the strength of that approach that the Minister called on Osun state team to present the sticky points which were listed by the Special Adviser to the Governor on Solid Minerals, Prof. Lukuman Adekilekun Jimoda to include;

Payment of undisputed PAYEE immediately.
⁠Setting up of independent tax consultant to address other tax components
⁠Formal presentation of Environmental report and request to SROL through the Minister and;
⁠The need to address the additional economic interest due to encroachment of 88 cadastral unit etc

Each of the points were thrashed and conclusion reached namely;

The handing over of the share certificate to Osun state,
⁠Agreement to pay undisputed portion of the tax assessment of 1.2 Billion Naira (on PAYE alone),
⁠Review of Osun claims on Environmental Audit with Osun submitting a comprehensive environmental audit and lastly;
⁠A decision for the Federal Ministry of Solid Mineral to review claims on encroachment on Osun 88 cadastral mining units by Segilola and the associated inconclusive partnership.

The meeting further resolved many grey areas including better communication, serving as liaison office for correspondences on tax assessments/demand notices for companies operating within Segilola premises, assurance by the Osun government to support seamless operation by Segilola among other positive developments.

We are therefore surprised to read sponsored reports from saboteurs who never wish Osun well pushing out a report which even the Minister said cannot provide a sustainable basis for resolving the disputes.

Whether those eager to deny Osun legitimate earnings for her development like it or not, a new paradigm has been reached. Osun is now an official shareholder in Thors Exploration Limited and Thors Exploration is to enjoy a positive operational environment. We have the shares and we know, if it were to be them, they would have commenced a process of selling the shares.

Osun got a better deal, it is no longer shares in Tropical Mines Ltd but shares in Thor Exploration and had an opportunity to present its Environmental Audit Report. As a shareholder of Thors Exploration, things can only get better as insiders and we do not hope to spoil the goodwill that exists between the two parties.

We commend the Minister of Solid Minerals, Mr Dele Alake for his steadfastness and patriotic stance and demonstration of commitment to mining reforms and the resolution of the dispute. We also applaud the directors of Segilola Gold project for their openness and readiness to partner and cooperate with the state government. This deal is a headache for haters of Osun development.

Members of the public are therefore enjoined to ignore the fake news from the enemies of Osun state who prefer lining their pockets with illicit gold than seeing Osun with more funds for her development.

Signed
Mallam Olawale Rasheed,
Spokesperson to the State Governor.