Segilola Resources Operating Limited (SROL) has welcomed the findings and recommendations of the Inter-Ministerial Fact-Finding Committee on its dispute with the Osun State Government. Following a meeting in Abuja on 25th March 2025 with all relevant parties, the report was 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," said Austin Menegbo, Country Manager of SROL.
The report confirms that SROL has acted in full compliance with its legal and regulatory obligations and that allegations of wrongdoing were unfounded.
On the issue of Osun State's shareholding in Thor Explorations Ltd, the report clarifies that when Thor acquired the Segilola Gold Project in August 2016, it issued 5,192,869 ordinary shares. These shares have remained part of the company's ordinary shares with no preferential rights. The share certificate had been in the custody of Tropical Mines Limited, with the state's knowledge. Representatives of TML have now formally handed over the share certificate to Governor Ademola Adeleke.
The committee also ruled on the ₦3.2 billion tax invoice issued to SROL, confirming that it was not valid. Instead, it recommended that the revised tax invoice of ₦98,347,105.18, issued on 23rd September 2024, should undergo a final reconciliation process to facilitate an amicable resolution.
On environmental concerns, the report confirmed that there was no evidence of any environmental degradation caused by SROL, and therefore, no basis for the claim for additional environmental levies.
While the report addresses key concerns, SROL reaffirmed its openness to continued engagement with the Osun State Government to resolve any outstanding matters amicably and in good faith.
"We remain committed to maintaining a strong and collaborative relationship with Osun State and will continue to engage in good faith to resolve any remaining issues," Menegbo said.
For full details on the findings and recommendations of the Inter-Ministerial Fact-Finding Committee, SROL has made the report available on its website via the following link: https://srol.com.ng/home/anevent/399, with recommendations outlined on pages 15-19.
Segilola also reaffirmed its commitment to its host communities and its ongoing Corporate Social Responsibility (CSR) initiatives in Osun State, alongside its Community Development Agreement (CDA) and Livelihood Restoration Programme (LRP).
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"Our dedication to the development of our host communities remains unwavering," Menegbo stated. "Through our various CSR initiatives, we aim to make a lasting impact in education, healthcare, infrastructure, and sustainable livelihoods."
The company highlighted its key community initiatives, including education and youth empowerment through the construction and renovation of schools, scholarships for secondary and tertiary students, and skill acquisition workshops for youth and women.
Healthcare initiatives include the provision of medical equipment and consumables, training of health workers, renovation of community healthcare centres, and health awareness campaigns. In 2024, SROL conducted its second medical outreach, offering consultations, diagnostics, medications, and surgical procedures.
Infrastructure development projects include ongoing road rehabilitation, the provision of a transformer to Imogbara, and the installation of 150 solar streetlights in Iperindo communities.
SROL's sustainable livelihood programmes support project-affected persons (PAPs) with materials and equipment for vegetable farming, fish farming, and cocoa rehabilitation, in addition to previously paid compensation.
"By embedding sustainability and community development into our operations, we continue to foster long-term positive relationships with local communities while promoting economic and social well-being," Menegbo said. "We remain committed to working collaboratively with all stakeholders to ensure a sustainable future for the company, Osun State, and Nigeria's mining sector."
