Kansagra family’s NIPCO to acquire 19% of Savannah Energy

NIPCO Plc, the Nigerian downstream group controlled by the wealthy Kansagra family, is set to acquire about 19% of London-listed Savannah Energy Plc, adding a strategic foothold in a key domestic gas supplier and deepening the family’s energy footprint across West Africa.

Savannah said the investment combines a primary subscription and secondary market purchases totaling ~£28.7 million, leaving NIPCO with ~19.4% of the enlarged share capital once completed. The move follows Savannah’s recent funding and operational updates as it prioritizes Nigerian gas projects through its Accugas midstream business.

Savannah supplies gas to a significant share of Nigeria’s thermal power capacity via its Accugas network (200 MMscf/d plant; ~260 km pipelines). A strategic stake offers NIPCO and the Kansagra family exposure to upstream-to-midstream gas cash flows as Nigeria pushes domestic gas utilization.

NIPCO is controlled by Purebond Ltd, an investment company overseen by Ramesh Shantilal Kansagra and family members, who are also directors of Purebond and long-time board figures at NIPCO and its affiliate 11 Plc (formerly Mobil Oil Nigeria). UK filings and investor documents show Purebond is wholly owned by Solai Holdings, a Kansagra family vehicle.

The family has recently pushed beyond fuel retail and gas into hospitality. In 2022, a special purpose vehicle controlled by the family, 22 Hospitality Ltd, acquired a 66.13% controlling interest in Capital Hotels Plc, the parent of the former Sheraton Abuja (now Abuja Continental Hotel). Following the transaction, Ramesh Kansagra became Capital Hotels’ chairman and instituted a new board—featuring Kansagra family members. The family also controls Kavango Resources plc, a Southern Africa focused metals exploration and gold production company.