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.
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 ₦3.2 billion tax invoice was not valid. The Committee recommended that the revised tax invoice of ₦98,347,105.18, 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:
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
