NIPCO Plans to Buy 19.4% Stake in Savannah Energy
Savannah Energy Plc, the Africa-focused British independent energy company, has announced the planned introduction of a new strategic shareholder, NIPCO, a diversified Nigerian energy conglomerate, onto the company’s register.
The company said on Thursday that NIPCO “intends to acquire, for £7.9 million, 113,378,685 ordinary shares issued” as part of Savannah’s March 2025 fundraising “and expects to acquire a further £9.5 million, 135,674,944 ordinary shares through a series of secondary market trades, representing a total investment of approximately £28.7 million”.
NIPCO is expected to own about 19.4% of Savannah following the completion of its primary investment and certain secondary share transactions.
“The proceeds of the new investor’s primary investment are expected to enable, among other things, the advancement of certain business development opportunities currently under consideration,” Andrew Knott, CEO of Savannah Energy, said.
