It was discovered by the British National Antarctic Expedition (1901–04) and named for Sir George Taubman Goldie, a member of the committee which made the final draft of the instructions for the expedition.
Until the arrival of Sir George Goldie's National Africa Company (later renamed the Royal Niger Company) in 1879, Itsekiri chieftains monopolized trade with Europeans in the Western Niger region.
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In 1885, British claims to a West African sphere of influence received international recognition, and in the following year the Royal Niger Company was chartered under the leadership of Sir George Taubman Goldie.