Osun Govt clarifies new deal with Segilola Resources Operating Limited

By Deborah Oladejo, Osogbo

The Osun State Government has clarified its new agreement with Thor Explorations Limited, stating that the deal resulted from an African dispute resolution mechanism facilitated by the Minister of Solid Minerals Development, Dele Alake.

According to a statement issued on Thursday by Mallam Olawale Rasheed, spokesperson to Governor Ademola Adeleke, the agreement was reached during a ministerial meeting where the Osun State team presented its concerns. These included the payment of undisputed PAYE taxes, the appointment of an independent tax consultant, and addressing environmental concerns.

The agreement resolves key issues, including the immediate payment of undisputed PAYE taxes amounting to ₦1.2 billion and the submission of a comprehensive environmental audit report by Osun State.

The government urged the public to disregard misinformation from those opposing the state’s development, emphasizing that Osun State has officially become a shareholder in Thor Explorations Limited.

“Our attention has been drawn to a misguided report that published the findings of an investigative committee on the business and legal disputes between Thor Explorations Limited and the Osun State Government,” the statement read in part.

“However, those against Osun’s progress will be disappointed to learn that the new agreement was reached through an African dispute resolution mechanism, which some may term a ‘political intervention,’ pioneered by the Honourable Minister for this critical economic sector.”

“Whether critics like it or not, a new paradigm has been established. Osun is now an official shareholder in Thor Explorations Limited, and the company will operate in a positive business environment. We have secured the shares, and unlike others who might have sold them off, we intend to maximize the benefits.”

“Osun secured a better deal—not just shares in Tropical Mines Ltd but in Thor Explorations itself—while also having the opportunity to present its Environmental Audit Report. As a shareholder in Thor Explorations, the state is now positioned for greater economic benefits, and we intend to sustain the goodwill between both parties.”