Segilola Resources Operating Limited (SROL) commends the findings of the Inter-Ministerial Fact-Finding Committee on its dispute with the Osun State Government, reaffirming its commitment to the state’s development.

Austin Menegbo, Segilola’s Country Manager, in a statement released after a meeting held in Abuja on March 25, 2025, SROL expressed appreciation to the Minister of Solid Minerals Development, Dr. Henry Dele Alake, and the Committee for what it described as a “thorough assessment” and a resolution process rooted in fairness and transparency.
“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,” the company stated.

The report also addressed the issue of Osun State’s shareholding in Thor Explorations Ltd, SROL’s parent company.

According to the findings, Thor issued 5,192,869 ordinary shares to the Osun State Government following its acquisition of the Segilola Gold Project in August 2016. These shares, which carry no preferential rights, had remained in the custody of Tropical Mines Limited (TML) with the knowledge of the state. In a significant development, TML representatives formally handed over the share certificate to Osun State Governor Ademola Adeleke during the meeting.

The Committee’s report also addressed the contentious tax dispute between SROL and the Osun State Government. It confirmed that the ₦3.2 billion tax invoice issued against the company was not valid. Instead, a revised tax invoice of ₦98,347,105.18, issued on September 23, 2024, was deemed appropriate and is now subject to a final reconciliation process to facilitate an amicable resolution.


https://guardian.ng/business-services/segilola-resources-commends-fact-finding-report-on-dispute-with-osun-govt/