By: Proactive investors

Thor Explorations Ltd has dismissed ' inaccurate' press reports of tax evasion and unethical business practices at its  Nigerian subsidiary Segilola Resources Operating Limited (SROL).

In a statement, the gold miner said: “ Thor Explorations fully rejects all the allegations and has not been presented with any evidence by the Osun State Government to support its claims.

“As reported in the local media, the allegations were formally refuted by the Country Manager of Segilola Resources Operating Limited. “

Thor added that, in particular, it wants to highlight “the incorrect and unsubstantiated claim that SROL has engaged in tax evasion to the amount of ₦3,250,598,513 (approximately US$1.9 million).

“Despite the significant nature of this claim, Osun State Internal Revenue Service ("OSIRS") has not provided a detailed breakdown, computation, or justification explaining how this amount was determined.

“Upon receiving this claim, SROL formally objected to the tax findings through its tax consultants and presented detailed transaction records to substantiate its own calculations of withholding tax and PAYE remittances for which payments had already been duly made.”

On 23 September, SROL received a letter from the OSIRS revising the initial tax liability from ₦3,250,598,513 to ₦99,347,105 (approximately US$62,500) for the five years from 2019 to 2024.

SROL is reviewing this figure as part of its normal course of business, said Thor, which added it has written to the Federal Ministry of Mines to review the statements made and will seek dialogue with the State Governor regarding the inaccurate and unsubstantiated claims made by the State's Special Advisers.