Geo-Fluids Plc has unveiled an ambitious turnaround plan aimed at reviving the long-dormant energy company and repositioning it as a key player in Nigeria’s extractive sector, with renewed focus on bitumen, solid minerals and related resources.
The new direction was announced at the company’s Annual General Meeting (AGM) held in Abuja, where shareholders and board members adopted far-reaching resolutions designed to resuscitate the firm after more than a decade of inactivity.
Addressing shareholders, former Minister of State for Solid Minerals, Abubakar Bawa Bwari, expressed strong optimism about the company’s future, attributing his confidence to the experience and pedigree of the board and its leadership.
According to him, the immediate priority is to restore operations and rebuild shareholder value.
“With the calibre of people on the board and the pedigree of our chairman, expectations are understandably high,
“To whom much is given, much is expected. Our responsibility is to bring cheers to our shareholders and advise government appropriately to support the sector” Bwuri stated.
A major plank of Geo-Fluids’ revival strategy is bitumen exploration in Ondo State, which Bwari described as home to some of Africa’s most significant and accessible bitumen deposits.
He noted that the availability of reliable geological data reduces exploration risks and makes the venture commercially attractive.
“Ondo is very rich in bitumen, among the best deposits in Africa and indeed globally,
“With the commitment being shown by the chairman, extensive exploration will take place. I encourage Nigerians to invest in bitumen production, though it requires patience and substantial capital” he added.
Former Minister of Power and Steel, Murtala Aliyu, said the resolutions adopted at the AGM were intentionally structured to revive the company and place it on a sustainable growth path.
“The company has been down for over a decade. What we have done today is to wake it up and place it on the right pedestal,” Aliyu said.
He explained that Geo-Fluids’ rebranding and restructuring, including the adoption of a new group identity, reflects its transition from a narrow oil servicing focus to a diversified extractive business. The new structure, he said, allows the company to operate across bitumen refining, petroleum derivatives and solid minerals such as lithium.
“We are no longer limiting ourselves to oil servicing,
“We want to explore and exploit bitumen, refine it into usable products, and also venture into other mining sectors. That is why we now have different groups under one umbrella” Aliyu noted.
He also highlighted illegal mining as a major challenge facing the sector, describing it as a global problem that must be tackled through effective regulation and country-specific enforcement strategies.
Also speaking, former Minister of Environment and board member, Suleiman Hassan, emphasized that the company’s reorganization would enable it to participate fully in the exploration, exploitation and marketing of bitumen and related products.
“We are resuscitating the company and repositioning it to play a more active role in the extractive industry,” Hassan said.
He emphasized that environmental protection would remain central to Geo-Fluids’ operations, especially amid climate change concerns and heightened scrutiny of mining activities.
“That is why people with environmental expertise are on the board,
“Before any activity begins, strict guidelines will be followed to prevent pollution, protect host communities and ensure emergency response mechanisms are in place.”
The AGM closed on a note of cautious optimism, with shareholders expressing hope that the new leadership drive, strategic resolutions and focus on bitumen and solid minerals will mark a turning point for Geo-Fluids Plc and support Nigeria’s broader push to diversify its resource base beyond crude oil.