Shareholders and board members of Geo-Fluids PLC charted a new strategic direction, prioritising its focus on bitumen exploration, solid minerals, and broader extractive opportunities in the mineral industry.
These resolutions were reached at its Annual General Meeting (AGM) held in Abuja recently, which aimed at reviving Geo- Fluids Plc, a company that has been dormant for over a decade.
Spark News reports that the AGM unveiled the company’s focus on bitumen exploration in Ondo State, which hosts some of the largest and most accessible bitumen deposits on the continent, with reliable geological data significantly reducing exploration risks.
The AGM was attended by Abubakar Bawa Bwari, former Minister of State for Solid Minerals; Murtala Aliyu, former Minister of Power and Steel; Suleiman Hassan, former Minister of Environment, among others.
Citing the pedigree and experience of Geo-Fluids PLC leadership, Bawa Bwari expressed optimism that the company was on the path to recovery.
The former Minister of State for Solid Minerals emphasized that the priority of the shareholders and board members is to bring the company back to life.
According to him, 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 the government appropriately to support the sector,” he said.
Re-emphazing the readiness to revive the company, Murtala Aliyu said the resolutions adopted at the AGM were deliberately designed to resuscitate the company and reposition it for growth after years of inactivity.
The ex-minister of Power and Steel explained that what the shareholders and board members have done now is to awaken the company and place it on the right pedestal after it has been down for more than a decade.
Aliyu said the company’s rebranding and restructuring, including the adoption of a new group identity, was driven by its expansion beyond oil servicing into bitumen refining, petroleum derivatives, and solid minerals such as lithium.
“We are no longer limiting ourselves to oil servicing,” he said, noting that the new structure allows the company to explore and exploit bitumen, refine it into usable products, and venture into other mining sectors under a unified group framework.
Aliyu also described illegal mining as a global challenge that requires country-specific solutions anchored on effective regulation and enforcement.
Meanwhile, board member and former Minister of Environment, Suleiman Hassan, said the reorganization would enable the company to actively participate in the exploration, exploitation, and marketing of bitumen and related products.
He stressed that environmental protection remains a top priority, adding that strict guidelines would be enforced to prevent pollution, safeguard host communities, and ensure effective emergency response mechanisms.