Savannah Energy has confirmed the completion of a deal that allows NIPCO to raise its ownership stake in the company to 26.5 per cent.
This follows the conclusion of regulatory consultations and the entry into a relationship agreement between the two firms.
The British independent energy firm disclosed this in a statement issued on Tuesday, noting that the agreement has now been formalised.
It said, “The relationship agreement has, therefore, been entered into with NIPCO Plc on the terms described in the 30 December 2025 announcement.”
As previously reported by Pinnacle Daily on December 30, 2025, NIPCO, a Nigerian independent petroleum company, proposed a transaction to increase its stake in Savannah Energy to 26.5 per cent.
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The transaction brings an end to the off-market share buyback agreement announced in October.
Under the arrangement, NIPCO proposed to acquire 118,083,927 out of the 143,565,582 ordinary shares covered by the buyback, lifting its holding to about 25 per cent of Savannah Energy’s current issued share capital.
NIPCO also expressed interest in purchasing up to an additional 1.5 per cent of the company’s issued share capital through secondary market transactions with selected existing shareholders.
Upon completion of these transactions, NIPCO’s ownership interest in Savannah Energy would rise to 26.5 per cent.
What the agreement entails
Savannah Energy said the relationship agreement is expected to include commitments by NIPCO to exercise its voting rights in support of board-recommended governance-related shareholder resolutions.
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The agreement also requires NIPCO to confirm that it has no entitlement to board representation and will not seek to undertake a hostile takeover of the company, subject to certain exceptions.
According to Savannah Energy, the relationship agreement is expected to remain in force for so long as NIPCO and its affiliates hold, in aggregate, 12.5 per cent or more of the Company’s issued share capital.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
