Savannah Energy Plc has announced that NIPCO Plc, a diversified Nigerian energy conglomerate, is set to acquire a 19.4 percent equity stake in the company, representing 249,053,629 ordinary shares valued at £17.4 million.
In its operational and financial update for the nine months ended September 30, 2025, Savannah disclosed that NIPCO’s acquisition will be executed through two transactions.
According to the statement, the new investor plans to acquire, for £7.9 million, 113,378,685 ordinary shares issued during Savannah’s March 2025 fundraising, and a further £9.5 million worth of 135,674,944 shares through a series of secondary market trades.
This represents a total investment of approximately £28.7 million and a pro forma holding of around 19.4 percent of the company’s enlarged share capital.Savannah also announced plans to sell ordinary shares from its Employee Benefit Trust (EBT) and issue new ordinary shares to the same trust.
Commenting on the development, Andrew Knott, Chief Executive Officer of Savannah Energy, said: “We are pleased to welcome NIPCO Plc, a diversified Nigerian energy conglomerate, as a potential new investor in the company. We expect NIPCO to own approximately 19.4 percent of Savannah following completion of their primary investment and certain secondary share transactions.”
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Knott added that proceeds from the new investor’s primary investment would support the advancement of several business development opportunities currently under consideration.
“Coupled with the imminent completion of the primary investment I committed to in March 2025, a series of secondary transactions expected to occur today will increase my shareholding in the company to approximately 12.6 percent, demonstrating my continued strong faith in the company’s future potential,” he said.
Savannah reported continued growth during the review period, with total revenue rising by 9 percent to US$185.2 million compared to US$169.3 million recorded in the same period of 2024. Cash collections also increased by 5 percent to US$241.6 million from US$229.3 million in the corresponding period last year.The company’s cash balance stood at US$101.8 million as of September 30, 2025, up from US$32.6 million as of December 31, 2024.
