Bwari Expresses Confidence as Geo-Fluids Plc Charts New Course into Bitumen, Solid Minerals
Former Minister of State for Solid Minerals, Abubakar Bawa Bwari, has expressed strong optimism over the renewed drive to revive Geo-Fluids Plc, describing the resolutions adopted at the company’s Annual General Meeting (AGM) in Abuja recently as a decisive step toward restoring shareholder value and repositioning the company for long-term growth.
Bwari, who spoke at the company’s AGM said the overriding priority of the new board and shareholders is to bring the once-dormant energy company back to life and place it on a sustainable operational footing, with a strategic shift toward bitumen exploration, solid minerals, and broader extractive opportunities.
“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 clear: to revive this company, bring cheers to our shareholders, and offer sound advice to the government in support of the sector.”
Bwari identified the company’s renewed focus on bitumen exploration in Ondo State as a major pillar of its revival strategy, noting that the state hosts one of Africa’s most significant and accessible bitumen belts.
“Ondo State is exceptionally rich in bitumen—among the best deposits in Africa and indeed globally,” he said. “The availability of reliable geological data significantly reduces exploration risks. With the level of commitment now being shown, extensive exploration activities will take place.”
He encouraged Nigerians and institutional investors to take a long-term view of bitumen development, stressing that while the sector is capital-intensive and requires patience, its economic potential is immense.
“Bitumen production is not a quick-win venture, but it is strategic for Nigeria’s development,” Bwari noted. “It has the capacity to reduce import dependence, support infrastructure development, and create jobs across the value chain.”
According to him, the resolutions adopted at the AGM reflect a deliberate effort to diversify Geo-Fluids Plc beyond oil servicing into bitumen production, petroleum derivatives, and solid minerals, in line with Nigeria’s resource diversification agenda.
Bwari also underscored the importance of strong governance and effective regulation in the extractive sector, emphasizing that government support, investor confidence, and adherence to best practices will be critical to the company’s success.
The former minister expressed confidence that, with the new strategic direction and leadership commitment, Geo-Fluids Plc is well-positioned to re-emerge as a relevant player in Nigeria’s extractive industry and contribute meaningfully to national economic growth.
Other stakeholders who spoke at the AGM such as the former Minister of Power and Steel, Murtala Aliyu and Suleiman Hassan, a former Minister of Environment and board member were also satisfied with the current move to revive the once dormant company in the industry.
Hassan said the company’s reorganization would allow it to fully engage in the exploration, exploitation, and marketing of bitumen and related products. He noted that the firm is being revived and repositioned to play a stronger role in the extractive industry, while emphasizing that environmental protection remains a top priority.
While Murtala Aliyu, on his part, submitted that the AGM resolutions were aimed at reviving the company and positioning it for growth after more than a decade of inactivity. He opined that the rebranding and new group structure reflect the company’s expansion beyond oil servicing into bitumen refining, petroleum derivatives, and solid minerals such as lithium.
Core Reporters report that stakeholders left the meeting were fulfilled with resolutions taken at the AGM and assurances of a perfect restoration of the firm’s lost glory.
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