Geo-Fluids Plc is set to raise up to N22.87 billion in fresh capital, according to a notice sighted by Financial Edge, the new capital will come through various methods, including special placement, private placement, public offer, and rights issue, subject to shareholder approval at its Annual General Meeting (AGM) scheduled for December 29, 2025.
The company, which is also changing its name to The Geo-Fluids Group Plc, plans to utilize the funds for expansion and operational activities.
As part of the proposal, the company’s share capital will increase from N2.13 billion to N25 billion, with the creation of 45.74 billion new ordinary shares.
The AGM will also consider the allotment of 45.74 billion shares to CEO Jacob Babadiya Oyebola Esan as an extraordinary grant, in recognition of his efforts in resuscitating the company between 2018 and 2024.
Additionally, the company plans to list its shares on the Nigerian Exchange Ltd. (NGX) and other international stock exchanges.