After more than a decade of inactivity, Geo-Fluids Plc has unveiled a new strategic direction aimed at reviving the company, with a renewed focus on bitumen exploration, solid minerals and broader extractive activities.
The new resolve emerged at the company’s Annual General Meeting (AGM) held in Abuja, where shareholders and board members agreed on far-reaching resolutions designed to resuscitate the ailing energy firm and reposition it for sustainable growth.
Speaking at the meeting, a former Minister of State for Solid Minerals, Abubakar Bawa Bwari, expressed optimism that Geo-Fluids was on a recovery path, attributing the renewed momentum to the calibre and experience of the company’s leadership.
According to him, the immediate priority is to restore the company to full operations and deliver value to shareholders after years of dormancy.
“With the calibre of people on the board and the pedigree of our chairman, expectations are understandably high,” Bwari said. “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.”
A key plank of the new strategy is the company’s renewed interest in bitumen exploration in Ondo State, which Bwari described as one of Africa’s richest bitumen belts. He noted that the state hosts some of the largest and most accessible bitumen deposits on the continent, with credible geological data significantly reducing exploration risks.
“Ondo is very rich in bitumen, among the best deposits in Africa and indeed globally,” he said, adding that the commitment shown by the company’s leadership would translate into extensive exploration activities.
He urged Nigerians to consider investing in bitumen production, while cautioning that the sector requires patience and substantial capital outlay.
Also speaking, a former Minister of Power and Steel, Murtala Aliyu, said the resolutions adopted at the AGM were deliberately structured to awaken the company from over a decade-long lull and place it on a sound footing for growth.
“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, were informed by its expansion beyond oil servicing into diversified extractive operations.
According to him, the new structure allows the company to engage in bitumen refining, petroleum derivatives and solid minerals such as lithium.
“We are no longer limiting ourselves to oil servicing,” Aliyu said. “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 also addressed the challenge of illegal mining in Nigeria, describing it as a global problem that requires country-specific solutions anchored on effective regulation and enforcement.
On his part, a former Minister of Environment and board member, Suleiman Hassan, said the company’s reorganisation 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 stressed that environmental sustainability would remain central to the company’s operations, especially in the context of climate change and heightened concerns about environmental degradation.
“That is why people with environmental expertise are on the board,” Hassan said. “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 ended on an optimistic note, with shareholders expressing confidence that the new leadership drive, strategic resolutions and focus on bitumen and solid minerals could mark a turning point for Geo-Fluids Plc and contribute to Nigeria’s broader resource diversification agenda.
