Management of NASD OTC Plc has expressed strong interest in supporting the expansion and restructuring plans of Geo-Fluids Group Plc through its OTC Securities platform following a management visit to the company’s Lagos office.
Eguarekhide Longe, managing director and Oludare Fajumolu, head of research visited Geo-Fluids’ management, where discussions highlighted the energy firm’s ambitious transition into a diversified hydrocarbon exploration, mining and energy company.
According to NASD management, the visit revealed significant development initiatives already underway at Geo-Fluids, including strategic restructuring aimed at positioning the company for broader participation across the hydrocarbon value chain.
Geo-Fluids, historically known for providing drilling mud, barite, bentonite, calcium carbonate and other engineering and project management services in the oil and gas industry, is undergoing a major transformation following a comprehensive corporate restructuring.
The company is shifting from a single-service oilfield support model into a diversified enterprise focused on hydrocarbon exploration, mining, production and distribution.
Central to the company’s new direction is the strategic acquisition, exploration and mining of hydrocarbons, particularly bitumen and heavy oils found in abundance within Nigeria’s subsurface.
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As part of its repositioning, Geo-Fluids has adopted a holding company structure that will enable participation in the conversion of bitumen into hydrocarbon products while sustaining its presence in oilfield services and allied operations.
The restructuring was reinforced at the company’s Annual General Meeting held at Gurara Hall, Hawthorn Suites in Abuja, where shareholders approved several resolutions, including a significant increase in share capital.
The company’s share capital was raised from N2.13 billion to N25 billion through the creation of an additional 45.74 billion ordinary shares of 50 kobo each.
Shareholders also approved the extraordinary allotment of the newly created shares to the company’s promoter, Jacob Esan, in recognition of his role in reviving the company between 2018 and 2024.
The company said the share grant reflects the time, effort, skills and expertise deployed by Esan in resuscitating and repositioning the firm.
Geo-Fluids’ promoters say the company’s long-term vision is to harness Nigeria’s natural resource endowments and contribute to Africa’s energy development through strategic investments in hydrocarbons and resource-based industries.
During the visit, NASD management said it was impressed by the scale of ambition and strategic direction being pursued by the Geo-Fluids team and indicated that the NASD OTC Securities platform could serve as a vehicle for collaboration to help realise the company’s growth aspirations.