- Immediate payment to the State Treasury of the full amount due to the state from her interest in the gold project
Osun State Governor Ademola Adeleke revealed on Monday that Thor Explorations Limited had produced a written certificate for the state’s shares in the Segilola Gold Project.
In a statement released by his spokesperson, Mallam Olawale Rasheed, the governor praised the progress made in the dispute with Thor Limited.
Adeleke stated that mediation has thus far confirmed the reality of the majority of the state government’s demands.
Responding after receiving a preliminary report from the state team led by the Special Adviser to the Governor on Mining and Mineral Matters, Prof. Lukuman Adekilekun Jimoda, the State Governor said it is great news that Segilola, the operator of Thor Explorations, had also accepted the responsibility of opening all its accounting records for examination on the 3.25 billion naira tax assessment by Osun State, in line with Personal Income Tax Act Section 58 (2).
The statement quoted the governor as saying, “We finally have an open and direct confirmation of Osun shareholding at five per cent of what Tropical Mines Limited got.
“I look forward to hosting the federal mediation team for the formal presentation of the share certificate to the state government, although our demand is five (5) per cent of the value of the gold asset when it was acquired by Thor Explorations from its interest holders.
“We also have an additional economic interest, coming from Thor’s partnership offering when it took 88 cadastral units out of Osun’s exploration licence.
“Our decision not to do an under-the-table deal with Thors Explorations has paid off. From the beginning, I said I didn’t want gold bars for myself or my family. I want Osun shares as an asset of the state and the taxes to be paid into her treasury.
“We know other interest holders got cash and smelter fees during the acquisition by Thor; we are also insistent on immediate payment to the State Treasury of the full amount due to the state from her interest in the gold project. The financial implications of our holding must be redeemed without further delay.”
Giving an update on the payment of tax indebtedness to the state by Thors Exploration Limited, which required further documentation from the state, the statement said the governor directed his team to submit all required data and records, insisting that “Osun has legitimate PAYE tax demands which Thors firm must fulfil.
“I commend the federal mediation team for acting to enforce compliance with local tax and environmental laws. We are opposed to companies operating with impunity by neglecting observance of state laws. We are only asking Thors to comply with state laws as much as the federal laws.
“There are other asset classes in Nigeria that are registered with the Corporate Affairs Commission. MTN and Airtel are telecom asset classes, and they are registered in Nigeria; let Segilola Gold Project be registered in Nigeria.
“We will submit our environmental inspection report. We will show the world that even a billion dollars cannot achieve the remediation and rehabilitation of our damaged environment. It is actually worrisome that an internationally quoted mining company will neglect and attempt to evade the care for the environment it violated,” the governor lamented.