The Osun State Government has initiated a comprehensive investigation into the Segilola Gold Mining Project, operated by Thor Explorations Ltd, following serious allegations of tax evasion, environmental degradation, and unethical business practices. This action comes just five months after the Tinubu administration publicly praised the company for its contributions to the local economy.
The investigation was announced by the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, who emphasized the government's commitment to ensuring compliance with both national and state laws.
The state alleges that Segilola Gold has failed to comply with key tax regulations, including the Personal Income Tax Act (PITA) and the Company Income Tax Act (CITA). Despite substantial production since 2019, the company has reportedly not remitted any taxes to the state for over three years.
Concerns have been raised regarding the project's adherence to environmental standards. The investigation highlighted potential risks such as particulate emissions and acid drainage from waste rock that could severely impact local ecosystems.
The government has accused Segilola of employing proxy arrangements and outsourcing operations to undisclosed third parties without proper documentation, raising questions about transparency and corporate governance.
Prof. Jimoda stated, “The government is prepared to take necessary actions to ensure compliance and safeguard the state’s environmental and economic interests.” He reiterated that environmental oversight is a shared responsibility under Nigerian law, allowing both federal and state authorities to address corporate activities' impacts.
Dr. Wale Bolorunduro, Financial Consultant to the Office of Mining and Mineral Resources, further stressed that the allegations extend beyond environmental concerns. He pointed out that the company's failure to meet its financial obligations poses a significant threat to Osun State's economic stability.
Governor Ademola Adeleke's administration remains committed to fostering a conducive environment for investment while ensuring that companies operating within Osun adhere strictly to their financial and legal responsibilities. Alimi also addressed public concerns regarding potential conflicts of interest within the Adeleke family, asserting that there is no involvement in the management or operations of Segilola Gold.
The Osun State Government is demanding immediate compliance from Segilola Gold Mining Company regarding tax remittances and environmental levies while seeking full disclosure of all third-party contractors involved in its operations.