Geo-Fluids Plc, one of the players in the nation’s oil and gas industry, is set to implement a rebound strategy aimed at significantly turning around the fortunes of the organisation within the near future.

The firm is also advancing its recovery from receivership with shareholders ratifying a fresh capital raise of up to N22.87 billion and the appointment of directors to a new eight-member board, led by the Chairman/CEO, Kabiyesi Jacob Esan.

These approvals, passed at the company’s Annual General Meeting (AGM) on Monday in Abuja, support governance strengthening and business expansion.

The shareholders reviewed audited financial statements from 2012 to 2024, authorised directors to set auditor remuneration, disclosed manager compensation under the Companies and Allied Matters Act (CAMA) 2020, and elected the statutory audit committee. They also authorised the directors to raise capital through private placements, public offers, rights issues, or other methods.

“That the Directors be and are hereby authorised to raise additional capital of up to N22,871,166,244, by way of special placement, private placement, public offer, rights issue, extraordinary grant of shares or any other method as they deem fit either in Nigeria or internationally,” the resolution read subject to regulatory requirements.

The shareholders also approved the increase in Geo-Fluids Plc Share capital N2.13 billion to N25 billion via the creation of 45,742,332,488 new ordinary shares of 50 kobo each.

The Chairman/CEO, while highlighting the strategic context said, “In line with our commitment to transparency, we are presenting for your consideration the audited financial statements for the years 2012 to 2024… Today, however, we are clearing all outstanding obligations and fully restoring the Company to statutory and regulatory compliance. This is a significant step in rebuilding credibility.”

The shareholders also ratified the new board, comprising eight directors with expertise in technical services, finance, governance, legal matters and strategy.

“A major milestone in this effort was the constitution of a strengthened Board now comprising eight (8) Directors with diverse expertise spanning technical services, finance, governance, legal, and corporate strategy. Their commitment has been central to addressing historical gaps and driving the Company’s turnaround,” Esan added.

He said the reconstituted board is made up of professionals with longstanding experience in various fields. Speaking on the pedigree of the new board, Esan stated the new board member composition brings the needed experience across energy, finance, law, governance and strategic investments.

A review of the board shows regional spread, diverse expertise, and relevant experience. It includes the following members: Kabiyesi Jacob Esan, a capital markets professional; Dr Abu Mohammed Sani; a former Minister of State for Mines and Steel, Abubakar Bawa Bwari; a former Permanent Representative of Nigeria to the United Nations, Professor Tijjani Bande, a former Permanent Representative of Nigeria to the United Nations; a legal expert, Tobechi Egboh; a Senior Advocate of Nigeria (SAN), Olumide Aju and a seasoned surveyor, Suleiman Hassan.

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