Osun State Revives Investment Deal With Segilola Mining Company

Posted on January 23, 2024

Osun State Governor, Senator Ademola Adeleke, has recently announced the revival of Osun State’s stake in Segilola Resources Operating Limited, the largest gold mining operating firm in Nigeria.

The shareholding was acquired through the state’s investment in the Thor firm, from which Segilola emerged.

In a business meeting with the Managing Director, Segun Lawson, and his team, Governor Adeleke disclosed the details of the agreement reached with Segilola Resources Operating Limited.

Additionally, he appointed Hon Kazeem Akinleye, the Chief of Staff to the Governor, as the representative of Osun state on the board of Segilola firm.

The Governor emphasised the formation of a technical committee, which includes a Special Adviser (Mining and Mineral Matters), Head of Service, Attorney General, Emmanuel O. Alagada, and Commissioner for Special Duties, to validate Osun State Government’s shareholding in the firm.

Subsequent to the meeting, Governor Adeleke announced intentions to constitute the MIREMCO Committee with other representatives as stipulated in the 2007 Mining Act.

He also sought the cooperation of the Segilola management while the firm agreed to refurbish the Iperindo-Ilesha road and expand scholarship opportunities for youth within its operating communities.

Governor Adeleke underscored the importance of corporate social responsibility and community development agreements, urging Segilola management to comply with the requirements of Pay as you Earn for its employees.

In regards to mining exploration, he expressed readiness to collaborate with Osun State on further mineral exploration and operation of state mining titles.

The agreements reached at the meeting included the provision of all paid royalties to the Federal Government to the state government.

There will also be quarterly meetings with the Office of Natural and Mineral Resources to enhance synergy on environmental management and representation for Osun along the mining value chain and operational stages.

In response, Lawson expressed appreciation to the state government for the negotiation and discussions leading to the reconfirmation of the state shareholding.

The Special Adviser to the Governor on Mining and Mineral Matters, Prof Lukman Jumoda, highlighted that the quarterly meeting will address emerging issues on corporate social responsibility, community development agreement, security, and environment.

This development is a significant achievement for the Osun State Government, with the revival of its stake in Segilola Resources Operating Limited, signifying its continued commitment to fostering partnerships and investments in the mining sector.

With the agreements reached at the meeting, there is optimism for positive developments in the mining industry within the state.

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