Geo-Fluids Unveils Turnaround Strategy, Targets Bitumen and Solid Minerals for Growth

By Iyojo Ameh

Geo-Fluids Plc has outlined a fresh turnaround strategy aimed at reviving the ailing energy company after more than a decade of dormancy, with shareholders and board members approving a renewed focus on bitumen exploration, solid minerals, and other extractive opportunities.

The resolutions were adopted at the company’s Annual General Meeting (AGM) held in Abuja, where stakeholders expressed optimism that the new direction would restore operations and shareholder value.

Speaking at the meeting, former Minister of State for Solid Minerals, Abubakar Bawa Bwari, said the immediate priority was to resuscitate the company and return it to active operations, leveraging the experience and pedigree of its leadership.

According to him, expectations are high given the composition of the board and the background of the chairman, noting that the responsibility now lies in delivering tangible results for shareholders and supporting government efforts in the sector.

“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 highlight of the AGM was Geo-Fluids’ renewed emphasis on bitumen exploration, particularly in Ondo State, which Bwari described as one of Africa’s richest bitumen belts. He said the availability of reliable geological data in the area significantly reduces exploration risks and positions the company for success.

“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 were deliberately crafted to revive 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, reflects its expansion beyond oil servicing. According to him, the new structure allows for diversified operations in bitumen refining, 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 spoke on the challenge of illegal mining in Nigeria, describing it as a global problem that requires country-specific solutions anchored on effective regulation and enforcement.

Also speaking, former Minister of Environment and board member, Suleiman Hassan, said the company’s reorganisation would enable it to participate more actively 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 emphasised that environmental protection remains central to the company’s plans, especially amid climate change concerns and increasing scrutiny of extractive activities.

“That is why people with environmental expertise are on the board,” he 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 resolutions, leadership drive, and strategic shift towards bitumen and solid minerals could mark a turning point for Geo-Fluids Plc and support Nigeria’s broader resource diversification agenda.