Geo-Fluids Plc has announced plans to significantly increase its share capital and broaden its business scope to include hydrocarbons, mining, and natural resource development, according to a Notice of Annual General Meeting published in The PUNCH.
In the notice, shareholders are being asked to consider and approve a substantial increase in the company’s issued share capital. The AGM is scheduled to be held next Monday in Abuja.
The PUNCH reports that Geo-Fluids Plc is listed on the NASD OTC Securities Exchange.
The resolution on the proposed share capital increase states, “That the share capital of the Company be and is hereby increased from N2,128,833,756 (Two Billion, One Hundred and Twenty-Eight Million, Eight Hundred and Thirty-Three Thousand, Seven Hundred and Fifty-Six Naira) to N25,000,000,000.00 (Twenty-Five Billion Naira Only) by the creation of an additional 45,742,332,488 (Forty-Five Billion, Seven Hundred and Forty-Two Million, Three Hundred and Thirty-Two Thousand, Four Hundred and Eighty-Eight) ordinary shares of 50 kobo each, each ranking pari passu in all respects with the existing ordinary shares of the Company.”
The notice further seeks shareholder approval to empower the board to issue the newly created shares, subject to regulatory consent. It reads, “That the Board of Directors be and is hereby authorised to allot the newly created shares, subject to obtaining relevant regulatory approvals.”
Beyond capital restructuring, the company is proposing an amendment to its objects clause, signalling a strategic expansion into the bitumen, hydrocarbon, oil and gas, and mining sectors. Under the proposed changes, the notice states that the objects of the company are to be altered to include, among others, the following, “To undertake the business of bitumen production and processing in all its forms, including but not limited to the exploration, prospecting, drilling, extraction, refining, treatment, blending, storage, packaging, distribution, marketing, importation, exportation, shipping, transportation, trading, and general supply of bitumen, its derivatives, by-products, and ancillary materials; and to carry on all other related or incidental undertakings, services, or operations that may be considered advantageous, beneficial, or necessary for the advancement, expansion, or diversification of the bitumen industry.
“To engage in the acquisition, development, and management of mining assets and concessions for the purpose of exploring, extracting, processing, and producing hydrocarbons, oil and gas, minerals, and other natural resources; and to develop, mine, and process coal, industrial minerals, and other raw materials required for industrial, commercial, energy, or infrastructural purposes, together with all related activities necessary to ensure the effective exploitation, utilisation, and commercialisation of such resources.”
Geo-Fluids Plc is also seeking shareholders’ approval to operate across the full oil and gas value chain with the notice saying, “To operate and participate in all segments of the oil and gas value chain, including but not limited to the exploration, prospecting, drilling, extraction, refining, processing, storage, blending, supply, marketing, distribution, importation, exportation, transportation, shipping, and trading of crude oil, refined petroleum products, petrochemicals, liquefied natural gas, compressed natural gas, and other related hydrocarbons and derivatives; and to establish, own, operate, or participate in facilities, ventures, or partnerships that advance the energy and petroleum sector.”
In addition, the company intends to formalise its involvement in broader mining and natural resource activities.
The Notice of Annual General Meeting also included a proposal to change the company’s name, reflecting its intended diversification. The resolution reads, “That the name of the Company be and is hereby changed from ‘Geo-Fluids Plc’ to ‘The Geo-Fluids Group Plc.’” The proposed resolutions, if approved by shareholders, would mark a significant transformation of the company’s capital structure, corporate identity, and operational focus, positioning Geo-Fluids Plc for expanded participation in Nigeria’s energy, hydrocarbon, and natural resource sectors.
