Osun govt shuts down mining company for tax violations, others

The Osun State Government has sealed the business premises of Segilola Resources Operating Limited following a court order that allows the state to take action against the company for various tax violations and its failure to fully disclose all employees involved in its business activities.

According to a statement from Oluomo Kolapo Alimi, Hon. Commissioner for Information and Public Enlightenment, the company also obstructed tax processes by failing to provide timely tax information and necessary documents.

“Segilola Resources Operating Limited is one of the major companies engaged in mining activities and mineral exploration in the state, operating as a subsidiary of Thors Explorations Limited, which is listed on the London and Toronto Stock Exchanges,” the statement noted.

Despite a series of demands, meetings, and consultations, the company remained uncooperative and showed no remorse regarding its tax evasion and other violations. Consequently, the Attorney General of Osun State sought a court order to seal the company until it fully settles the owed amount, calculated from 2019 to 2023, into the Osun State Government Account.

The statement expressed regret that while some companies generate billions of naira in the state, particularly in the mining sector, they are unwilling to fulfil their financial obligations to the state.

“Although the issue of shareholding values due to the acquisition of Osun State’s interest in Tropical Mines is purely commercial, we will continue to hold the company accountable for all its actions,” the statement concluded.

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