By Aduragbemi Omiyale

The board of Geo-Fluids Plc has been given approval to increase the company’s authorised share capital from N2.13 billion to N25.00 billion.

The authorisation for this was given by shareholders at the organisation’s Annual General Meeting (AGM) on Monday.

With this, Geo-Fluids can raise additional funds of up to N22.87 billion through “special placement, private placement, private placement, public offer, rights issue, extraordinary grant of shares and/or any other such methods as they deem fit either in Nigeria or internationally, on or at such dates and on such terms and conditions as shall be determined by the directors,” according to one of the resolutions passed at the gathering.

The raise in share capital would be done by creating additional 45.74 billion ordinary shares of 50 Kobo each, ranking equally with existing shares.

Geo-Fluids currently trades its stocks on the NASD OTC Securities Exchange at N6.00 per unit.

The oilfield services firm is seeking fresh funds as part of its major restructuring plan, with its eventual destination being on the Nigerian Exchange (NGX) Limited after delisting from the NASD.

Commenting on the latest development, the chairman of Geo-Fluids, Mr Jacob Esan, said, “When I assumed leadership of this company on September 1, 2018, Geo-Fluids Plc was going through a prolonged and challenging period of receivership. I am happy to report that the receivership was successfully vacated in 2023.”

“Geo-Fluids Plc stands at a new threshold in its history. The receivership is behind us, the governance structure has been restored, and the company is now repositioned to pursue new and complementary business opportunities with clarity and purpose,” he added.

Also at the meeting, shareholders approved the audited financial statements of the organisation from 2012 to 2024 fiscal years,

They also passed a resolution allotting some shares from the newly created ordinary shares to Mr Esan to appreciate him for resuscitating Geo-Fluids.

By Adedapo Adesanya

Former Vice-President, Mr Atiku Abubakar, has recommended that the National Assembly shelve plans to re-gazette the recently passed controversial tax reform laws, and instead carry out a fresh passage ahead of the implementation by January 1, 2026.

Mr Atiku, who came second in the 2023 presidential polls, in a statement described the discrepancy in the gazetted copy of the tax law as a “grave constitutional issue”.

He noted that any law published in a form different from what was approved by lawmakers is “a nullity”.

“The confirmation by the Senate that the gazetted version of the Tinubu Tax Act does not reflect what was duly passed by the National Assembly raises a grave constitutional issue,” he stated.

“A law that was never passed in the form in which it was published is not law. It is a nullity. Under Section 58 of the 1999 Constitution, the lawmaking process is clear: passage by both chambers, presidential assent, and only then gazetting.

“Gazetting is an administrative act; it does not create law, amend law, or cure illegality.”

He warned that post-passage insertions, deletions, or modifications without legislative approval amount to “forgery, not a clerical error”.

“No administrative directive by the Senate President, Godswill Akpabio, or the Speaker of the House, Tajudeen Abbas, can validate such a defect or justify a re-gazetting without re-passage and fresh presidential assent,” he added.

He also said attempts to rush a re-gazetting while delaying legislative investigations “undermine parliamentary oversight and set a dangerous precedent.

Recall that the National Assembly announced that it would work with relevant ministries, departments, and agencies to re-gazette the tax reform laws after a member of the House of Representatives, Mr Abdussamad Dasuki, on December 17 said there are discrepancies between the tax reform law passed by the national assembly and the gazetted copy available to the public.

Other quarters including the Nigerian Bar Association (NBA) have also called for the suspension of the implementation of the tax laws, pending a full investigation

The tax reform law, expected to take full effect in January 2026, faced resistance even before its passage into law.

However, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, has said the January 1, 2026 date for the implementation of the Nigerian Tax Act and the Nigerian Tax Administration Act is sacrosanct.

By Adedapo Adesanya

The Unlisted Security Index (NSI) of the NASD Over-the-Counter (OTC) Securities Exchange expanded by 0.32 per cent or 11.31 points on the first trading day after the Christmas break on Monday to 3,552.00 points from the 3,540.69 points it ended in the preceding trading session, which was last Wednesday.

Equally, the market capitalisation of the trading platform increased during the session by 0.32 per cent or N6.78 billion to N2.125 trillion from N2.118 trillion.

The growth recorded yesterday was spurred by four price gainers led by Central Securities Clearing System Plc (CSCS), which expanded by N3.25 Kobo to close at N35.80 per share against the previous trading value of N32.55 per share.

Further, Golden Capital Plc improved its value by 93 Kobo to sell at N10.22 per unit versus N9.29 per unit, Geo-Fluids Plc appreciated by 50 Kobo to trade at N6.00 per share compared with the preceding session’s N5.50 per share, and IPWA Plc added 8 Kobo to quote at 93 Kobo per unit versus 85 Kobo per unit.

Business Post reports that yesterday, there were three price losers led by MRS Oil Plc as it dropped N21.65 to sell at N194.94 per share versus N216.59 per share, FrieslandCampina Wamco Nigeria Plc depleted by N2.18 to N49.12 per unit from N51.30 per unit, and Industrial and General Insurance (IGI) Plc slid by 6 Kobo to 58 Kobo per share from 64 Kobo per share.

The volume of trades went up by 4,346.3 per cent on Monday to 29.6 million units from 665,419 units, the value of transactions skyrocketed by 9,832.8 per cent to N1.5 billion from N15.5 million, and the number of deals jumped by 371.4 per cent to 33 deals from 7 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most active stock by value with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc with 187.6 million units valued at N10.9 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, InfraCredit Plc also led on a year-to-date basis with 5.8 billion units traded for N16.4 billion, IGI Plc ranked second with 1.2 billion units worth N420.7 million, while Impresit Bakolori Plc ws third with 536.9 million units valued at N524.9 million.