AMILOADED MEDIA HUB NEWS UPDATE
The Osun State Government has vowed to go after Segilola Gold Project, managed by subsidiaries of Thor Explorations Ltd, a UK-based company over alleged tax evasion, environmental pollution and attempt to dupe the state.
The Special Adviser to the Governor on Mining and Mineral Resources, Prof. Lukman Jimoda, stated this on Thursday, at a press briefing in Osogbo, the Osun State capital.
According to Prof Lukman Jimoda, the state’s investigation revealed various unethical business practices, including alleged tax evasion, use of proxies, and failure to comply with environmental rules and regulations.
Prof Jimoda stated that the companies involved—such as SINIC Engineering, ATF Consulting, Monurent Nigeria, and others—are reportedly engaged in outsourcing employment and operations to undisclosed third parties without proper documentation or environmental compliance.
He added that the Segilola project, despite its significant production since 2019, has resisted complying with extant laws like the Personal Income Tax Act (PITA) and the Company Income Tax Act (CITA) which govern tax levies.
Jimoda expressed concerns over pollution, including particulate emissions and possible acid drains from waste rocks, which pose serious environmental risks to the state, while demanding the payment of accrued taxes and environmental development levies, as well as proper documentation for all involved parties.
The Special Adviser stressed that Osun has not received its due revenue from the Segilola project for over three years, despite its bankable gold production since 2019.
“The government is prepared to take necessary actions to ensure compliance and safeguard the state’s environmental and economic interests”, the Special Adviser noted.
Also speaking, the Financial Consultant to the Office of Mining and Mineral Resources, Dr. Wale Bolorunduro while presenting his report said the allegations against Thor Explorations Ltd and its subsidiaries mark a significant moment for Osun State, as the government seeks to reclaim its financial rights and ensure compliance with tax regulations.
Dr Bolorunduro highlighted the state’s concern over the company’s alleged tax evasion and failure to comply with legal requirements, which could have severe financial implications for Osun.
Dr. Bolorunduro’s detailed statement paints a picture of a company attempting to sidestep its fiscal responsibilities, with far-reaching consequences for the state’s revenue.
“The refusal to remit taxes from both direct employees and service providers, as well as the evasion of other financial obligations, highlights a deeper issue of corporate governance and transparency.
“Particularly troubling is the claim that Osun State’s interests in Tropical Mines Ltd were strategically diminished without due financial compensation, raising questions about the fairness of the company’s practices in Nigeria versus its compliance with international standards in the UK and Canada, where it is publicly listed”. Dr. Bolorunduro stated.
According to him, “The amiable Governor of Osun state, HE Senator, Ademola Jackson Nurudeen Adeleke has always said he is only interested in the collection of Osun monies for Osun developments and progress. He has also said he is not interested in the time wasting probe, required to determine the transaction that led to the stripping of Osun State’s interest in the ownership of the Tropical Mines Limited (TML) in 2016,but rather, the Governor is focusing on the amount due in two parts as (a) financial considerations on the commercial transaction and (b) the taxes due to the state under Personal Income Tax Act (PITA) as PAYE and levies payable to states under the extant laws of the Federation and the state.”
Responding to the allegations that the Adeleke Dynasty is involved in the management of the Segilola Gold Project, Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi denied the report, noting that those holding a stake or the other in the gold firm areas shortchanged the Osun state government.
He therefore assured members of the public that the administration of Senator Ademola Adeleke will not relent in efforts to ensure that the state gets its dues from all companies operating in Osun State.
Leave a Reply