Governor Ademola Adeleke has resuscitated the Osun shareholding in the largest gold mining operating firm in Nigeria, Segilola Resources Operating Limited.
The shareholding shrouded in secrecy and largely unvalidated until now was earned from the state investment in the firm from which Segilola emerged.
In a business meeting with the Managing Director, Segun Lawson, and his team on Monday, Governor Adeleke disclosed details of the agreement reached with the Segilola Resources Operating Limited, announcing Hon Kazeem Akinleye , the Chief of Staff to the governor, as the representative of Osun state on the board of Segilola firm.
In a groundbreaking achievement for the administration, Adeleke narrated how he set up a technical committee which included a Special Adviser (Mining and Mineral Matters), Head of Service, Attorney General, Engr. Emmanuel O. Alagada, and Commissioner for Special Duties, from where the company agreed that Osun State Government has shareholding in the firm.
Following the meeting, the State Governor said he will soon constitute the MIREMCO Committee with other representatives as stated in the 2007 Mining Act, soliciting the cooperation of the Segilola management.
He explained that the firm has agreed to reconstruct the Iperindo-Ilesha road and extend scholarships to youth within its operating communities.
While urging the company to always report its corporate social responsibility and community development agreement, the Governor said Segilola management has also agreed to review its compliance with requirements of Pay As You Earn (PAYE) for its employees.
On mining exploration generally, Governor Adeleke said Segilola is ready to collaborate with Osun state on further mineral exploration and operation of state mining titles.
Other agreements reached at the meeting include provision to the state government all paid royalties so far to the Federal Government, quarterly meeting with Office of Natural and Mineral Resources, to enhance synergy on environmental management and representation for osun along the mining value chain and operational stages.
Responding, Mr Lawson expressed appreciation to the state government for the negotiation and discussions leading to the reconfirmation of the state shareholding, ensuring the Governor of its commitment to abiding by the agreements reached at the meeting.
The Special Adviser to the Governor on Mining and Mineral Matters, Prof Lukman Jumoda, said the quarterly meeting will address emerging issues on corporate social responsibility (CSR) community development agreement (CDA), security and environment.