The Osun state government has disclosed to the public on findings on the Subsidiary of Thor Explorations Ltd United Kingdom, a company listed on Toronto Stock Exchange as an Exploration and Development company. The Subsidiaries are Segilola Operating Resources Ltd (SROL) and Segilola Gold Limited (SGL), operators of the Segilola Gold Project (SGP).
According to a statement by the Special Adviser to the Governor on Mining and Solid Resources, Prof. Lukman Jimoda stated that, The findings are on the unethical business practices, alleged tax evasion, sharp operational practices of using proxies, companies in their commercial activities of outsourcing employment, drilling, etc to parties that are not disclosed to the state government for environmental assessment and security documentation.
“These companies include
1. SINIC Engineering Limited
2. ATF Consulting Limited
3. Monurent Nigeria Limited
4. Rabaa Cleaning Limited
5. Deep Rock Drilling Services
6. CEFO Security Limited
“The constitution of the federal Republic of Nigeria has placed Environment under the concurrence list and we have assessed Segilola based on our protocol on Environment and on back duty rates that reflect economic cost escalations. They have resisted complying despite the extant laws that allow such levies (PITA and CITA). Apart from the levy, we have issues with particulate in the air, other pollutions, possible acid drains from the waste rocks.
“We have complied the activities of these companies under the following, which shall be presented to you under/
(1) Taxes on Employees, Withholding taxes, etc
(2) Disclosure issues that bordered, allegedly on Tax Evasion, Security Documentation, Business Premises Levies evasion
(3) Failure to pay accrued considerations for stripping Osun State’s Interest in Tropical Mines Ltd, since 2016
(5) Environmental Development Levy
“We have been on this for over eighteen (18)?months. We have engaged our consultant who will present our findings on this and why we need to take action.
The Life of the Iperindo Mine is 6 years and it has been operated for more than 3 years, without necessary income to osun. We know the annual production of gold from the project and what Osun is supposed to be making annually as government revenue that have not been coming since 2019, when it bacame bankable and the companies started building the camp.” He noted
