By Obas Esiedesa, Abuja

Shareholders of Geo-Fluids Plc have approved a fresh capital raise of up to N22.87 billion as part of efforts to fast-track the company’s recovery from receivership and reposition it for growth.

They also ratified the appointment of directors to a reconstituted eight-member board led by Kabiyesi Jacob Esan, who serves as Chairman and Chief Executive Officer.

The approvals were granted at the company’s Annual General Meeting (AGM) held in Abuja and via teleconference.

According to Esan, the resolutions are aimed at strengthening governance, restoring regulatory compliance, and supporting business expansion.

At the AGM, shareholders reviewed the audited financial statements covering 2012 to 2024, authorised directors to fix the remuneration of external auditors, disclosed managers’ compensation in line with the Companies and Allied Matters Act (CAMA) 2020, and elected members of the statutory audit committee.

Shareholders also authorised the directors to raise capital through private placements, public offers, rights issues, special placements, or other approved methods, subject to regulatory requirements.

“That the Directors be and are hereby authorised to raise additional capital of up to N22,871,166,244 by any method they deem fit, either in Nigeria or internationally,” the AGM resolution stated.

The meeting further approved an increase in the company’s share capital from N2.13 billion to N25 billion through the creation of 45,742,332,488 new ordinary shares of 50 kobo each.

Addressing shareholders, Esan said the company has now cleared outstanding statutory and regulatory obligations. “We are fully restoring the Company to statutory and regulatory compliance. This is a significant step in rebuilding credibility,” he said.

The shareholders ratified the newly constituted board, comprising professionals with expertise in energy, finance, governance, law, and corporate strategy. Esan noted that the board’s collective experience has been critical to addressing legacy issues and driving the company’s turnaround.

The AGM also approved the issuance of 45,742,332.488 ordinary shares to Esan in recognition of his role in resuscitating the company between 2018 and 2024. Approval was further granted for Jacob Esan Plc to procure assets in the mining, oil and gas, and energy sectors for transfer to Geo-Fluids Plc after valuation.

Geo-Fluids disclosed plans to rebrand as “The Geo-Fluids Group Plc” and expand into bitumen production and processing, while participating across the oil and gas value chain.

Esan said the company’s progress followed years of deliberate restructuring. “When I assumed leadership in September 2018, Geo-Fluids Plc was in a prolonged receivership. I am pleased to report that the receivership was successfully vacated in 2023,” he said.

“Having rebuilt the foundation for stability, our next phase is forward-looking and transformational.”

Financial data over the past 13 years show improving performance, with operating cash flows turning positive from 2018 onward, peaking at N35.51 million in 2022 and remaining strong at N34.34 million in 2024. While end-of-period cash balances remain modest, the trend reflects improved working capital management and operational discipline.

Overall, Geo-Fluids Plc is implementing a rebound strategy focused on governance reform, business expansion, and operational restructuring, positioning the company for renewed growth after years of financial distress.