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Tag: SEGILOLA

  • Segilola commissions infrastructure, recognises varsity competition winners in Osun

    Segilola commissions infrastructure, recognises varsity competition winners in Osun

    Segilola Resources Operating Limited (SROL), operator of Nigeria’s first commercial gold mine and a subsidiary of Thor Explorations Ltd., has reaffirmed its commitment to youth empowerment and sustainable community development.

    In a statement, the company said it had recognised winners of its 2025 University Competition and commissioned key infrastructure upgrades in Odo‑Ijesha, Osun State.

    The 2025 University Competition, launched earlier this year, invited students from Tertiary Institutions across Osun State to propose innovative, practical solutions to the growing challenge of illegal mining. Independently judged by the Kimpact Development Initiative (KDI), the competition attracted exceptional entries and spotlighted the intellectual potential of young Nigerians to shape the future of the mining sector.

    The top three winners were Ibrahim Sulaiman – Adeleke University, Osun State – N800,000 (winner- N500,000, including an additional N300,000 presented personally by CEO Mr. Segun Lawson); Beulah Chimaobi Ude – Obafemi Awolowo University – N500,000 (Second Prize-N300,000, including an additional N200,000) and Abisola Faith Adegboyega – Osun State University, Osogbo Campus – N300,000 (Third Prize-N200,000, including an additional N100,000)

    Speaking on the competition, Mr. Segun Lawson, Chief Executive Officer of Thor Explorations Ltd., stated, “This competition is not a token gesture. It reflects our firm belief that young Nigerians are not just the future of the mining industry; they are already shaping its present. The entries were bold, thoughtful, and solution-driven, offering real strategies for tackling illegal mining and promoting responsible, sustainable practices.”

    Read Also: Segilola partners Nigerian Air Force to deliver free medical care to host community

    Building on this momentum, SROL officially commissioned two major infrastructure projects in Odo‑Ijesha on July 31st, 2025: the renovated Community High School and an upgraded block of market stalls. These projects were undertaken in close partnership with community leaders to ensure they aligned with local needs and priorities.

    The refurbished high school now offers a more conducive learning environment, while the improved market stalls provide traders with safer, more organised, and hygienic spaces to conduct business, enhancing both educational outcomes and economic activity in the area.

    Speaking at the commissioning, Madhurii Sarkar Amoda, Community Development and Stakeholder Manager at SROL, remarked, “It is always a privilege to work closely with host communities on projects that reflect their true priorities. These are more than just physical structures; they are symbols of progress, inclusion, and our long-term commitment to building with, not just for, the people of Odo‑Ijesha.”

    Through strategic initiatives like the University Competition and collaborative infrastructure projects, Segilola Resources Operating Limited continues to demonstrate a strong, sustained commitment to inclusive development, transparency, and shared prosperity within its host communities and across Nigeria’s broader mining industry.

  • Segilola partners Nigerian Air Force to deliver free medical care to host community

    Segilola partners Nigerian Air Force to deliver free medical care to host community

    As part of activities marking the 61st anniversary of the Nigerian Air Force (NAF), Segilola Resources and Operations Limited (SROL) has reaffirmed the commitment to national development and social responsibility by supporting the Force’s medical outreach initiative with a donation of ₦500,000 in cash and medical supplies and relief materials of over ₦2,000,000.

    The medical outreach, one of the highlights of the NAF anniversary celebrations, provided free medical services to hundreds of civilians and military families. Segilola’s generous donation reflects its commitment to improving the community’s wellbeing.

    Group Captain Abdulkadir Bello, Commandant, Nigerian Air Force (NAF) Institute of Safety, Ipetu-Ijesha, commenting on SROL’s generosity, shared, “Segilola was the first organisation we reached out to, and without hesitation, they responded swiftly with support valued at over ₦2 million—the highest we have ever received from any external organisation in this institution. We sincerely thank the management of Segilola for their continued goodwill, and we assure them that in any way they may require our support, we are always ready to oblige.”

    Speaking on the gesture, Dr. Prince Osuchukwu, Manager Medical Services at SROL, stated, “As a socially responsible company, we felt it was necessary to identify with the Nigerian Air Force during this significant milestone, especially as it concerns the provision of essential healthcare to communities. At Segilola, we will always step forward to support anything that impacts our host community positively, ensuring that essential services reach the people who need them most.”

    This partnership with the Nigerian Air Force reflects SROL’s broader mission to foster stronger, healthier communities across Osun State and Nigeria at large, through sustained and impactful community development initiatives.

  • Segilola, other non-oil exporters critical for economic growth – FG

    Segilola, other non-oil exporters critical for economic growth – FG

    The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole has explained the importance of non-oil exports in the drive to grow the nation’s economy, saying that this explains why the President Bola Ahmed Tinubu administration is prioritising the solid minerals sector.

    She said this during a Stakeholder Reception hosted by Segilola Resources Operating Limited (SROL) on the sidelines of Nigeria Mining Week in Abuja at the weekend.

    The minister said the sector was what was needed for the Nigerian economy.

    The minister said: “Non-oil exports are crucial for this economy. It’s a priority of Mr. President; it’s a priority of the Federal Ministry of Industry, Trade and Investment. It is what we need for the Nigerian economy.

    “We need the productivity in the sector and the competitiveness, and we need to encourage firms.”

    She also acknowledged SROL as a Presidential Enabling Business Environment Council (PEBEC) export champion.

    Oduwole, while commending SROL for its resilience and significant contributions to Nigeria’s economic diversification, said: “I know when Mr. Chris Omo-Osagie, kept on repeating that it has not been easy—I know. I know, and we’re proud of you for the work that you do, for the perseverance, for the indefatigable spirit of the Nigerian entrepreneurs. Keep serving your nation and building the economy.”

    In his speech, the Chief Financial Officer of Thor Explorations Limited, owners of SROL, Mr. Chris Omo-Osagie, highlighted Thor/SROL’s remarkable achievements in 2024.

    Omo-Osagie noted the company’s recognition as one of Nigeria’s Top 10 Non-Oil Exporters and celebrated its Human Resource accolades, including the 2024 Responsible Resourcing Award for Labour at Mining Indaba and the 2024 CIPM Oscar Award for HR Best Practice in the Mining Industry.

    The SROL Country Manager who doubled as the Keynote Speaker, Austin Menegbo, emphasised the company’s dedication to environmental, social, and governance (ESG) principles and its commitment to responsible mining.

    Read Also: Segilola honoured as Nigeria’s top 10 non-oil exporters by NEPC

    The reception also featured an engaging ESG panel discussion and video that showcased SROL’s transformative social initiatives.

    One of such impactful social initiatives is the annual community medical outreach. The second edition was held on November 8th and 9th. This initiative provided critical healthcare services to nearly 2,000 individuals, including residents of Imogbara, Odo-Ijesha, and Iperindo, as well as inmates from the local prison system. Services ranged from consultations and advanced diagnostics to medication distribution, surgical bookings, and health awareness campaigns designed to promote long-term wellness.

    Other dignitaries at the event included: Engr. Obadiah Simon Nkom, Director General of the Mining Cadastre Office; a Deputy Director of the Nigerian Investment Promotion Commission (NIPC); and representatives from VUKA, PWC and other notable organisations.

  • Segilola Resources Gets Interim Injunction Against Osun State Government

    Segilola Resources Gets Interim Injunction Against Osun State Government

    The Federal High Court in Abuja has granted an Interim Injunction in favor of Segilola Resources Operating Limited (SROL), restraining the Osun State Government and its officials from interfering with the company’s mining operations. The order was issued by Justice Emeka Nwite on October 3, 2024, following an ex parte motion filed by the company.

    The injunction prevents the Osun State Government from disrupting the gold mining operations of Segilola Resources or denying the company access to its mining site. This comes amidst ongoing allegations against the company regarding tax liabilities and environmental concerns, accusations that SROL has strongly denied.

    The injunction is set to remain in effect pending the hearing of a Motion on Notice for an Interlocutory Injunction scheduled for October 17, 2024.

    Legal experts suggest that the court’s ruling reinforces the importance of respecting judicial processes in settling disputes, particularly in sensitive mining sectors where operational disruptions can have far-reaching economic implications.

    With the matter now before the court, stakeholders are looking for an interpretation of the relevant provisions of the law as both parties maintain the status quo.

    Meanwhile, the Federal Government through the Ministry of Solid Minerals Development has initiated an investigation into the matter between Segilola Resources and the Osun State Government to restore operational and industrial harmony in the State.

    In a recent statement, the Minister for Solid Minerals, Dr. Dele Alake emphasized the importance of protecting investments in the Nigerian mining sector, stressing that mining falls under the exclusive legislative list, and the Ministry of Solid Minerals should be consulted before any disruptive actions are taken.

    Read Also: Nigeria begins sale of crude oil, refined petroleum products in Naira

    “I want to emphasize that the Federal Government has been actively promoting investment opportunities in the solid minerals sector around the world. It is crucial to recognize that closing down mining operations by subnational governments could jeopardize our efforts to attract Foreign Direct Investments (FDI) and may even lead to divestment by existing companies” Alake cautioned.

    Alake urged both parties “to cooperate with the fact-finding team and allow production to continue while we work through these issues. It is essential that both parties pursue peace and industrial harmony for the benefit of the workers and their families who could be negatively affected by the closure of operations at the factory”.

    Segilola Resources, which operates Nigeria’s first commercial gold mine, is regarded as one of the country’s most successful mining ventures. The company has consistently maintained that it complies with all relevant regulations and remains committed to upholding its responsibilities as a law-abiding corporate entity. Industry observers believe that the resolution of this case could have broader implications for Nigeria’s mining sector and investor confidence.

  • RESPONSE TO ALLEGATIONS AGAINST SEGILOLA RESOURCES OPERATING LIMITED BY OSUN STATE GOVERNMENT

    RESPONSE TO ALLEGATIONS AGAINST SEGILOLA RESOURCES OPERATING LIMITED BY OSUN STATE GOVERNMENT

    Our attention has been drawn to an online press release issued by the Osun State Government containing a number of inaccuracies and misleading allegations about Segilola Resources Operating Limited (“the Company” or “SROL”) in relation to tax evasion and unethical business practices.

    We wish to address each of the issues raised in the press release to clarify our position and defend our reputation

    as a responsible corporate entity and a leading best practice operator in Nigeria’s mining sector.

    1.  Alleged Unethical Business Practices and Use of proxy Companies

    • We categorically deny any unethical business practices or use of any proxy companies. Like every global mining operation, we rely on the support services of specialized service providers. The companies listed by the State Government are independent, legally registered entities that provide specialized services to SROL. Each of these companies – SINIC Engineering Limited, ATF Consulting Limited, Monurent Nigeria Limited, Rabaa Cleaning Limited, Deep Rock Drilling Services, and CEFO Security Limited – operates in full compliance with Nigerian laws and have their records readily available in the public domain. None of these companies are proxies; they are legitimate service providers engaged in their respective fields, each having undergone appropriate due diligence and contracting procedures. SROL has always complied with the necessary environmental and security documentation requirements as per applicable laws. We remain transparent about all our operations and the entities we engage for services.

    2. Allegations of Tax Evasion and the Company’s Operational Timeline

    • The claim that SROL has engaged in tax evasion is incorrect and unsubstantiated. SROL has consistently cooperated with the relevant authorities, granting full access to its financial records for audits and assessments. Our company operates in full transparency, adhering to both federal and state tax obligations.
    • In April 2024, SROL allowed consultants engaged by the Osun State Government unrestricted access to review its records, including those related to employment, Withholding Tax (WHT), and Pay-As- You-Earn (PAYE) remittances. This review was conducted in good faith, as part of the company’s commitment to regulatory compliance.
    • However, following the audit, the Osun State Government unexpectedly issued a claim of

    ₦3,250,598,513 (Three Billion, Two Hundred and Fifty Million, Five Hundred and Ninety-Eight Thousand, Five Hundred and Thirteen Naira) in outstanding tax liabilities. Despite this significant

    sum, the state did not provide any clear breakdown, computation, or justification for how this amount was determined.

    • Upon receiving the claim, SROL formally objected to the tax findings, presenting detailed transaction records and employee schedules to support its own tax remittance calculations for reconciliation.
    • In an effort to resolve the matter amicably, two meetings were held in June and July 2024 between representatives of the State Government and SROL. These meetings were productive and demonstrated both parties’ willingness to reconcile differences. A third meeting, scheduled for September 2, 2024, was regrettably cancelled by the State Government. Both parties agreed to reschedule the meeting to a convenient date, which had not been confirmed at the time of the State’s press release.
    • As a responsible corporate citizen, SROL has consistently remitted royalties and other applicable taxes from its gold production in compliance with federal and state regulations. The Company has comprehensive evidence and receipts of all payments made to the various authorities and never sought to avoid or defraud the state government of its due revenue. We fully acknowledge our tax obligations and are committed to fulfilling them.

    Segilola’s Operational Timeline

    • It is important to note that the claim that Segilola Resources Operating Limited (SROL) commenced production in 2019 is factually incorrect. Construction of the Segilola Project commenced in March 2020 after years of significant high-risk investment in exploration and carrying out feasibility studies. The Company poured its first bar of gold in July 2021 and declared commercial production on 1st January 2022. These milestones have been publicly announced and widely covered across various media platforms, demonstrating our commitment to transparency in our operations.
    • Prior to this, the project was in the construction and development phase, during which we completed all necessary infrastructure, regulatory approvals, and environmental assessments. The commencement of gold production was the culmination of years of careful planning, investment, and compliance with both federal and state laws.
    • The Company’s operational timeline has been fully documented and available in the public domain,

    further refuting any suggestion of hidden or premature production activities prior to 2022.

    3. Issues Relating to Osun State’s Interest in Tropical Mines Ltd

    The allegation that SROL has failed to pay accrued considerations for Osun State’s interest in Tropical Mines Ltd is incorrect. As a subsidiary of Thor Explorations Ltd, SROL has no outstanding financial obligations related to any agreements with the State regarding Tropical Mines Ltd. If there are any disputes regarding historical arrangements, we are open to dialogue to clarify and resolve these concerns.

    4. Environmental Concerns

    • SROL takes its environmental responsibilities very seriously. We have put in place a robust environmental management plan that complies with both federal and state regulations. The Environmental Impact Assessment (EIA) for the Segilola Gold Project was conducted and approved in accordance with Nigerian environmental laws. Allegations of environmental pollution, including particulate matter in the air and potential acid drainage from waste rocks, are unsubstantiated.
    • We have sufficient evidence to prove that we have followed all necessary protocols for environmental assessments and regulatory filings, including environmental compliance monitoring and mitigation of potential environmental impacts.
    • In addition, we are regularly audited by the Federal Ministry of Environment and the Ministry of Solid Minerals Development and to date, there has been no claim of pollution or environmental violations against the company. The most recent joint environmental compliance monitoring inspection by the Federal Ministry of Environment was held on the 6th of September 2024 and included State Government Environmental representatives, following which a report was produced showing full compliance with the regulatory environmental standards.

    As one of Nigeria’s leading mining companies, we remain committed to contributing to the economic growth of the state and the country while adhering to the highest ethical and operational standards.

    Signed,

    Austin Menegbo

    Country Manager