In recent time, the Osun State Government has come hard on Segilola Resources Operating Limited ( SROL or Segilola), a mining company in Iperindo, Atakumosa-East Local Government Council Area of the state, over what the government describes as unpaid taxes and benefits due to the state running to about N60 billion.
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A financial consultant to the government of Senator Ademola Adeleke, who was also a technical adviser to Ogbeni Rauf Aregbesola in 2016 when the mining company completed the "Transformational Acquisition" of Segilola Gold Projects, had in his newest publication accused Segilola of "non -remittances of taxes deducted as PAYE taxes from its employees and that of the employees of its service providers/operators, under the Personal Income Tax" amounting to N3.2billion.
The consultant, who previously was a commissioner in the Aregbesola administration, equally accused Segilola of "annihilating Osun State's interest in the ownership of the Tropical Mines Limited (TML) in 2016 and the eventual acquisition of TML by Thor Explorations Limited, UK ( parent company of Segilola) without due financial considerations to Osun State."
The government's Financial Consultant in the same breath claimed that "while other legacy co-shareholders of Tropical Mines Ltd got financial considerations for the Commercial Transaction, which includes Shares in Thor Explorations Ltd and other financial considerations, Osun State got nothing..." this is just as he maintained that the mining company owes the state over N60 billion in monetary value and redeemable shares as financial considerations for acquiring Osun State's interest in Tropical Mines Ltd.
In reaction to the government's claims, the management of Segilola Ltd denied the allegations of unpaid tax to the tune of N3.2 billion and financial claim of over N60 billion, describing it as spurious, unsubstantiated, and a calculated attempt to hurt and stunt their business operation and damage their brand, adding that the only unpaid taxes amounting to N98.3m (approximately US$61,900) had since been paid after due payment notice from officials of the state government.
While we salute the efforts of the state government aimed at recovering all unpaid levies due to the state, we equally maintain that decorum must be applied so as not to send wrong signals to investors as well as project the state as one stifling businesses.
Specifically, we want the state government to clear the grey area regarding the Osun State Government partnership with and investment in the Tropical Mines Limited.
We are aware that Tropical Mines was founded by Mr Folorunso Adeoye and Mr Kayode Aderinokun, two family friends of the Adelekes.
We also learnt that the two businessmen were co-founders of Pacific Merchant Bank in 1990 alongside Dr Deji Adeleke, Governor Adeleke's elder brother. We again learnt that the trio of Adeoye, Aderinokun and Deji Adeleke as well as Senator Isiaka Adeleke and Senator Ademola Adeleke were once Directors in Pacific Merchant Bank, thereby establishing the bond and friendship of the mentioned persons.
However, it is troubling to note that Gov. Adeleke and members of his family are at the centre stage of this secret and controversial transaction running to millions of US dollars.
Given the foregoing concern, we in the Osun All Progressives Congress ( APC) would want the state government to clear the air about the genesis of the transaction and involvement of the state government of Osun in a business entity linked to the Adeleke family. The government must dispel the rumour that the Osun State Government under the governorship of the late Senator Isiaka Adeleke secretly invested the commonwealth of Osun people in a family business, Tropical Mines Limited, around 1992 when Folorunso Adeoye was a Special Adviser to Governor Isiaka Adeleke.
Our party is concerned about the rumour that the 40 per cent stake of the state government in Tropical Mines Limited was later reduced to 20 per cent or lower in a shrouded transaction during the acquisition of Tropical Mines by Thor Explorations Ltd ( Segilola).
We are also troubled by the revelation of the state government that while Tropical Mines and other legacy stakeholders were handsomely rewarded financially and through shares, only the Osun State Government received no compensation.
Is it that some people received the state's compensation without due return to the state? Or some stakeholders in the legacy company, Tropical Mines, or in the government, short-changed the people of Osun? The government must disclose to the public.
Finally, we are advising Governor Adeleke to disband his nine-member Mineral Resources and Environmental Committee (MIREMCO) in view of the allegation that members of the committee were working at cross purposes and against the interest of the state government.
The Chairman of MIREMCO, Professor Lukman Jimoda, had last weekend during a live radio interview in Osogbo, shocked the world that there were saboteurs and corrupt entities in the committee inaugurated by the state governor in August, whose actions suggested that they were allegedly bribed to compromise and defeat the effort of the state government to recover N3.2bn unpaid taxes from Segilola.
There is no better time than now for the government of Osun to address the lingering rumours and set the records straight for the benefits of our corporate existence.
e-SIGNED:
Chief KOLA OLABISI,
Director of Media and Information,
Osun State APC
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