Savannah Energy PLC has attracted a substantial £11.3 million investment from Nigeria’s NIPCO Plc, marking NIPCO’s first-time entry as a shareholder in the UK-based independent energy firm. This funding forms a key part of Savannah’s broader capital raising initiative, which also includes the final £9.7 million tranche from its March 2025 equity issuance. Combined, these efforts inject over £21 million in fresh capital to fuel Savannah Energy’s expansion ambitions.
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According to Savannah’s recent financial update, NIPCO purchased 161,061,510 new ordinary shares at 7 pence each, totaling £11.3 million before costs. Beyond this new share issuance, NIPCO also acquired 113,378,685 shares from the March 2025 fundraising round for £7.9 million and secured an additional 135,674,944 shares through secondary market transactions valued at £9.5 million.
In total, NIPCO’s investment in Savannah Energy amounts to roughly £28.7 million, granting it an approximate 19.4% ownership stake in the company’s expanded share capital.
Andrew Knott, CEO of Savannah Energy, hailed NIPCO’s involvement as a pivotal development that will support the company’s forthcoming growth strategies. “We are excited to welcome NIPCO Plc, a diversified Nigerian energy powerhouse, as a strategic investor. Their commitment reflects strong belief in our vision and will accelerate several critical projects currently underway,” Knott stated.
Demonstrating his own confidence in the company’s future, Knott increased his personal shareholding to about 12.6%. He acquired 25.6 million new shares during the March 2025 fundraising for £1.8 million, purchased 32.2 million existing shares in a secondary deal for £2.3 million, and bought 63.7 million shares from the company’s employee benefit trust (EBT) for £4.5 million.
Additionally, Savannah unveiled a conditional share buyback scheme to repurchase up to 143,565,582 existing shares at 7 pence each by March 2026, pending shareholder approval. The company also intends to cancel warrants over 101,113,992 ordinary shares to prevent dilution, which is projected to reduce the fully diluted share capital by around 4.5%.
The funds raised will be allocated to strengthening Savannah’s financial position, fast-tracking near-term growth projects, and covering general corporate expenses.
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The board emphasized that NIPCO’s involvement brings not only capital but also valuable industry expertise as Savannah advances its “Projects that Matter” across Africa. Furthermore, the EBT will subscribe for 210 million new shares at a nominal value of £0.001 to motivate employees and align their interests with shareholders. This subscription will be financed through cash generated from the warrant cancellations.
Shareholders representing nearly half of the enlarged issued share capital have already provided written consent for the financing, buyback, and EBT transactions.
Once all share issuances are finalized, Savannah Energy’s total ordinary shares outstanding will increase to 2.12 billion, with the new shares expected to commence trading on the London Stock Exchange’s AIM market on October 28, 2025.