By Gaffar Blessing Sulaiman
The Federal Government’s Inter-Ministerial Fact-Finding Committee has laid bare the baseless allegations peddled by the Osun government against Segilola Resources Operating Limited (SROL), exposing them as nothing more than a futile attempt to extort and manipulate facts for financial gain. The report not only debunked the Osun government’s exaggerated environmental claims but also dismissed its unfounded tax demands and bogus assertions of shareholding rights.
One of the most outrageous claims by the Osun government was its demand for a staggering ₦7.5 billion as an environmental levy from Segilola. The committee, after a thorough review, found no legal or factual basis for this claim. Instead, it confirmed that Segilola had already paid ₦32.5 million in environmental levies between 2022 and 2024, which was acknowledged in the state’s own records. Even more damning, there was no evidence of any environmental pollution caused by Segilola’s operations, effectively nullifying the Osun government’s attempts to extort money under the guise of environmental protection.
The report recommended that the Osun government revise its flawed Environmental Protection Law to include specific levy amounts instead of leaving them to the discretion of state agencies, which has now been exposed as a loophole for arbitrary and excessive taxation.
The Osun government’s claims of a 21.05% stake in Segilola’s parent company, Thor Explorations Ltd, were equally baseless. The committee found that the only shares the Osun government was entitled to were 5,192,869 bonus shares issued by Thor in goodwill after acquiring Segilola’s mining project in 2016. These shares carried no preferential rights and had remained in the custody of Tropical Mines Limited (TML) with the knowledge of the Osun government.
The most humiliating part of the Osun government’s claim was its attempt to rewrite history. It argued that it had invested in the exploration and development of Segilola and was therefore entitled to more shares and monetary compensation. However, evidence presented by TML’s legal representatives completely shattered this argument. The Osun government was never a registered shareholder in either TML or Thor. The bonus shares were a gesture of goodwill, not a legal entitlement. The government failed to claim and register the shares it was given.
To finally put this charade to rest, TML handed over the share certificate to Governor Ademola Adeleke during the Abuja meeting, confirming that the Osun government’s entire shareholding narrative was built on nothing but wishful thinking.
The Osun government’s desperation was further exposed in its tax dispute with Segilola. It had issued a ₦3.2 billion tax invoice against the company, a figure the committee found to be invalid. Instead, the report confirmed that the actual tax liability stood at ₦98.3 million, which is currently under reconciliation for a final settlement.
This revelation raises serious questions about the Osun government’s motivations: was this an administrative oversight or a deliberate attempt to strong-arm Segilola into paying an outrageous sum? Either way, the committee’s findings have effectively blocked the Osun government’s path to unjust enrichment.
The Osun government had also attempted to paint Segilola as an environmental violator, presumably to justify its excessive levies. However, the fact-finding committee found no evidence of environmental degradation linked to Segilola’s operations. This confirms what the company has maintained from the beginning—that it has consistently adhered to all environmental regulations.
In response to the report, Segilola Resources Operating Limited expressed gratitude to the Minister of Solid Minerals Development, Dr. Henry Dele Alake, and the Committee for conducting a fair and transparent assessment.
“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.
Despite the Osun government’s relentless attempts to distort facts and extract unjust payments, the report has comprehensively cleared Segilola of any wrongdoing. The company has, however, indicated its willingness to engage with the Osun government in good faith to resolve any genuine concerns.
This report is a brutal indictment of the Osun government’s reckless and opportunistic approach to governance. Instead of fostering a conducive business environment, the government has been caught red-handed attempting to weaponize taxation and environmental laws for financial gain.
With its fabricated allegations dismantled, the Osun government now faces a critical decision: continue down the path of baseless confrontations or accept the reality and move forward with genuine collaboration. The choice is clear, and the facts are undeniable.
On September 26, 2024, the Osun State Government, acting on the findings of a fact-finding committee led by a rabble-rousing former commissioner of finance in the state, Wale Bolorunduro, accused Segilola Gold Project—situated in the Atakumosa area of the state—of tax evasion, environmental violations, and unethical business practices. The state government demanded almost N100 billion in unpaid taxes and investment returns, dating back to the early 1990s when Tropical Mines Limited (now a part-owner of Segilola project) entered a business partnership with the Osun State Government, during the Administration of late Governor Isiaka Adeleke, blood brother of the dancing governor of Osun.
Tropical Mines Limited is owned by Folorunsho Adeoye and Kayode Aderinokun, close associates of Dr. Deji Adeleke, elder brother of Governor Adeleke. Deji Adeleke co-founded Pacific Merchant Bank in 1990 alongside these individuals, appointing Ademola Adeleke and other members of the Adeleke family as directors. The Adeleke dynasty has long been accused of managing Segilola Gold Project through proxies, Aderinokun and Adeoye ( who served as Special Adviser to Late Governor Isiaka Adeleke)
At the time the allegation was leveled against Segilola, the opposition All Progressives Congress (APC) indicted Governor Adeleke of attempting to hide the fraudulent business transaction perpetrated over 30 years ago when his elder brother, Osun governor at the time, invested state money in a private business the Adelekes had interest.
But with the denial of Tropical Mines Limited that Osun was part of the company as at the time of acquisition of Segilola by Thors Exploration, it is now left for the Ademola Adeleke-led government to disclose to the public the relationship that ever existed with the Tropical Mines and Osun State Government. This case should not be allowed to be swept under the carpet, hence it becomes a generational wreck for the state.
