Geo-Fluids Plc to fund operations with N22.871bn in capital raise
Omeiza Bilal
Geo-Fluids Plc says it plans to raise the sum of N22,871,166,244.00 through special placement, private placement, public offer, rights issue, extraordinary grant of shares to enable it fully run its operations.
This formed part of the resolution by the shareholders at its Annual General Meeting (AGM), which was held Monday in Abuja.
According to its 2013 – 2024 Audited Statement of Affairs,
“That the Directors be and are hereby authorized to raise additional capital of up to (Twenty-Two Billion, Eight Hundred and Seventy-One Million, One Hundred and Sixty-Six Thousand, Two Hundred and Forty-Four Naira Only) for the Company by way of special placement, private placement, public offer, rights issue, extraordinary grant of shares and/or any other such methods as they deem fit either in Nigeria or internationally, on or at such dates and on such terms and conditions as shall be determined by the Directors, subject to the applicable regulatory requirements in the relevant jurisdictions as may be applicable for the Capital raise.”
Also, the board of directors got approval to increase its share capital from 042,128,833,756 to N25 billion. This, the Company said would be done by creating an additional 45,742,332,488 ordinary shares of 50 kobo each
According to Geo-Fluids, each share will rank parri passu in all respects with the existing ordinary shares of the Company.
“That all outstanding sums in consideration of the Directors under the Directors’ Current Account in the sum of N2,586,019,000 (Two Billion, Five Hundred and Eighty-Six Million and Nineteen Thousand Naira) and ultimately to the benefit of Jacob Babadiya Oyebola Esan as contained in the Company’s accounts for the year ended December 31 2024 be converted into fully paid up ordinary shares in the capital of the Company, subject to obtaining relevant regulatory approvals,” the statement read.
In addition, the Company agreed to the conversion of debts/loans owed the Chairman, Board of Directors/Chief Executive Officer to shares
“That in consideration of the time, effort, skills and expertise expended by Jacob Babadiya Oyebola Esan (the “CEO”) on the resuscitation of the Company between 2018 and 2024, the Company be and is hereby authorized to issue 45,742,332,488 ordinary shares being the newly created shares of the Company to the CEO as an extraordinary grant of Shares,” the statement added.
Addressing Directors and Shareholders, Chairman, Board of Directors of the Company, Kabiyesi Jacob Esan, said the AGM is a testimony that the Company is on the path of recovery after very turbulent times.
He said, “When I assumed leadership of this Company on 1st September 2018, Geo-Fluids Plc was going through a prolonged and challenging period of receivership. I am happy to report the receivership was successfully vacated in 2023. However, the mandate was clear: exit receivership, restructure the business, rebuild governance, ensure compliance, and chart a new path toward sustainable growth. Today’s meeting stands as a testament to how far we have come since the discharge of the receivership and the beginning of our recovery.”
While noting the delay in the release of the Company’s financial statement, Esan the financial report signifies a deliberate effort of “rebuilding credibility and preparing Geo-Fluids Plc for a new phase of orderly growth.
“Having rebuilt the foundation for stability, our next phase is forward looking and transformational. Geo-Fluids Pic is now repositioning itself beyond its traditional mud engineering roots and exploring new business lines that complement our historical strengths while aligning with emerging opportunities in the broader energy and industrial services sector. This transition has not been easy. It has been a tough journey marked by difficult decisions, resource constraints, and the need for deep operational restructuring. But we are now firmly on the right track.
“Geo-Fluids Pic stands at a new threshold in its history. The receivership is behind us, the governance structure has been restored, and the Company is now repositioned to pursue new and complementary business opportunities with clarity and purpose. The journey has been difficult, but the foundation for sustainable growth is now firmly in place.”
