Geo-Fluids Approved to Raise N22.87 Billion for Restructuring and Potential Listing

Geo-Fluids, a Nigerian oilfield service firm, has obtained shareholders' approval to raise N22.87 billion by increasing its authorized share capital from N2.13 billion to N25 billion. The company, currently trading on the NASD OTC Securities Exchange at N6 per unit, seeks fresh funds as part of its major restructuring plan, aiming to eventually list on the Nigerian Exchange.

Jacob Esan, the Chairman of Geo-Fluids, highlighted the company's successful emergence from receivership in 2023 and its readiness to pursue new business opportunities. Iheanyi Nwachukwu, a seasoned journalist, provided insights into the company's recent developments.