Osun State Secures Segilola Shareholding – Details

News Update

THE Osun State Government has secured its shareholding in Segilola Mining Company following a high-level conflict resolution meeting in Abuja involving Governor Ademola Adeleke, the Minister of Solid Minerals, Dele Alake, and the management of Thors Explorations Limited.

The resolution brings an end to a protracted dispute between the state and the company over key issues, including Osun’s stake in the firm, tax payments, environmental concerns, and contested mining fields.

The meeting, convened by the Federal Ministry of Solid Minerals Development, saw both parties agree to address the concerns raised by the Osun State Government.

Speaking during the session, Governor Adeleke commended the minister and the federal ministry for their intervention, describing the move as a responsible step in regulating the solid minerals sector. “As a responsible regulator of the solid mineral sector, I commend your prompt action which has brought us to this stage,” he stated.

He went further to praise President Bola Ahmed Tinubu for ongoing reforms in the nation’s mining industry, noting that Osun had taken cues from these reforms in shaping its own policies. “We took hints from the presidential reform initiatives in the mining sector to launch our own reforms at the state level. I am happy to state that this is one of the fruits of those reforms,” Adeleke added.

Addressing concerns about the state’s initial confrontation with Thors Explorations, the governor clarified that Osun’s actions were not arbitrary but guided by the need to protect its interests. “The state government did not just wake up one day to challenge Thors Explorations Limited,” he explained, expressing satisfaction that the intervention had yielded a positive outcome.

He also reiterated Osun’s commitment to maintaining an investor-friendly environment. “As a Governor, I am personally interested in fostering cordial relations with investors. Hence, we have several investors across the sectors. Osun is open for investors,” he assured.

Minister Alake, in response, reaffirmed his commitment to ensuring an amicable resolution to the matter and emphasized the importance of fostering a business-friendly climate in the mining sector.

He urged both Osun and the mining firm to cooperate for the overall development of the state and sector. “The Federal Government is working to attract big mining investors into the country, and it is crucial that states and firms work together to sustain these investments,” Alake stated.

Following a closed-door session, the meeting produced key resolutions, including the official handover of Osun State’s shareholding in Segilola Mining Company, an agreement to exchange data on tax obligations, environmental impact assessments, and contested mining fields.

The highlight of the meeting was the formal presentation of the Osun shareholding certificate to Governor Adeleke, marking a significant milestone in the resolution process.

With this agreement, Osun is poised to benefit from its mineral resources while maintaining a conducive environment for investors, further reinforcing the state’s commitment to economic development and responsible resource management.