Board revives ailing company, focus on bitumen exploration, solid minerals

Geo-Fluids PLC, an energy company which has been dormant for more than a decade is to be revived to chat a new strategic direction to focus on exploration of bitumen, solid minerals and broader extractive opportunities.

This was disclosed by the Chairman of the Board and ex-Minister of State for Solid Minerals, Abubakar Bawa Bwari at the Annual General Meeting (AGM) which include board members and shareholders on Monday in Abuja.

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Bwari said, the Geo-Fluids has what it takes to come alive and engage in a new vision considering the pedigree and experience of its leadership.

He said the priority going forward is to “bring the company back to life,” ensure seamless operations, and ultimately restore value to shareholders.

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“With the calibre of people on the board and the pedigree of our chairman, expectations are understandably high,” Buhari 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 major highlight of the AGM was the company’s renewed focus on bitumen exploration in Ondo State, which Buhari described as one of Africa’s richest bitumen belts. According to him, Ondo hosts some of the largest and most accessible bitumen deposits on the continent, with reliable geological data significantly reducing exploration risks.

“Ondo is very rich in bitumen, among the best deposits in Africa and indeed globally,” he said. “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.”

Former Minister of Power and Steel, 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 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 the company’s rebranding and restructuring, including the adoption of a new group identity, was informed by its expansion beyond oil servicing. According to him, the new structure allows for diversified operations in bitumen refining, other petroleum derivatives, and solid minerals such as lithium.

“We are no longer limiting ourselves to oil servicing,” he 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, noting that it is a global issue that requires country-specific solutions based on effective regulation and enforcement.

On his part, Suleiman Hassan, a former Minister of Environment and board member, said 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 stressed that environmental protection remains a core priority, particularly in the context of climate change and growing global 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 with optimism among shareholders that the new resolutions, leadership drive, and strategic focus on bitumen and solid minerals could mark a turning point for the company and contribute meaningfully to Nigeria’s resource diversification agenda.

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