Business
Savannah Energy Reports Strong FY 2024 Unaudited Annual Results
Savannah Energy PLC, has announced its unaudited results for the year ended 31 December 2024.
The FY 2024 Unaudited Results show a Total Income of US$393.8 million, compared to US$289.8 million in FY 2023. This comprises of Total Revenues of US$258.9, compared to US$260.9 million in FY 2023, and other operating income of US$134.9 million, compared to US$28.9 million in FY 2023.
On the results, Andrew Knott, CEO of Savannah Energy, said, “I am pleased to announce our FY 2024 results today, in line with our trading statement released in January 2025, and to announce a 21% increase in 2P Reserves at our flagship Uquo field in Nigeria, bringing the total Reserves increase on the field since acquisition to 81%. This follows our announcement of a 29% increase in 2P Reserves on the Stubb Creek field in May 2025.
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“2025 continues to be an exciting year for the business and we continue to work towards “ticking-off” the delivery of the nine focus area projects that we outlined at the beginning of the year, being: (1) securing a further increase in our rate of cash collections in Nigeria1; (2) completion of the refinancing of our principal Nigerian debt facilities; (3) completion of the planned acquisition of 100% of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (the “SIPEC Acquisition”) which was achieved during Q1 2025; (4) commencement of the Stubb Creek expansion project; (5) the advancement of our Chad/Cameroon arbitration processes2; (6) the commencement of the safe and successful drilling of our planned Uquo development well and potential Uquo exploration well; (7) the potential advancement of our R3 East development in Niger3; (8) the refinement of our power sector business model; and (9) the delivery of further transformational acquisitions. I would also highlight that we anticipate achieving a strong increase in cash collections in 2025 (even when set against our long-term 13% CAGR4), with significant production capacity growth expected in 2026 once our heavy Uquo field investment programme is completed.”
The results also show that Savannah Energy achieved or exceeded its previously issued financial guidance for the year, with its total revenues as of December 31 2024 standing at US$ 258.9 million, 6% ahead of previously issued guidance of greater than US$245 million.
Likewise, its operating and administrative expenses for the year came to US$71.0 million, 5% below previous guidance of up to US$75.0 million, with its capital expenditure at US$23.1 million, well below the previously issued guidance of up to US$50 million due to the phasing of spend.
The company also reported a record cash collection of US$248.5 million in FY 2024, an over 21% increase on its FY 2023 cash collections of US$206 million. Its cash balances as of 31 December 2024 stood at US$32.6 million, compared to US$107.0 million as of 31 December 2023, and a net debt of US$636.9 million, compared to US$473.7 million by the end of December 2023. In the same vein, its gross debt as of 31 December 2024 was US$669.5 million, of which US$630.6 million (94%) was non-recourse to PLC.
Savannah’s FY 2024 Adjusted EBITDA stood at US$181.2 million, broadly in line with prior year’s US$184.1 million, while maintaining its Adjusted EBITDA margin at 70% which was 71% in FY 2023.
In terms of assets, its Total Group assets increased to US$1.6 billion as of 31 December 2024, compared to US$1.5 billion in 2023.
In terms of operations, the results show that its average gross daily production was 23.1 Kboepd, broadly in line with FY 2023’s 23.6 Kboepd, of which 88% was gas which was 91% in FY 2023.
The highlighted a 21% increase in 2P Reserves at its flagship Uquo field in Nigeria, bringing the total Reserves increase on the field since acquisition to 81%. This follows its announcement of a 29% increase in 2P Reserves on the Stubb Creek field in May 2025.
The report further showed that Savannah agreed and extended three gas contracts with customers in FY 2024 for a total of up to 105 MMscfpd (17.5 Kboepd), and realized an average sales price of US$4.68/Mscfe, an over 4% increase on the prior year average realised price of US$4.51/Mscfe.
Savannah reported that as of 31 December 2024, ₦332 billion of then ₦340 billion term facility signed by Accugas in January 2024 with a consortium of five Nigerian banks had been drawn down, with the resulting funds converted to US$, which, along with cash held, was used to partially prepay the existing Accugas US$ Facility, leaving a balance as at 31 December 2024 of approximately US$212.3 million.
It also reported that it signed a US$60 million debt facility in October 2024 with The Standard Bank of South Africa Limited and Stanbic IBTC Bank Limited to fund the SIPEC Acquisition.
Business
Airlines Threaten Shutdown over Skyrocketing Fuel Price
Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.
According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.
The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.
Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.
In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.
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At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.
On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.
Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.
“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”
At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.
“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”
Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.
“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.
According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.
Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).
Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.
In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.
The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.
They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.
As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.
Business
Dangote Leads East Africa’s Industrial Revolution
The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.
To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.
The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.
The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.
Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.
The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.
Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.
The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.
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In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.
The facility has also positioned the Dangote Group as a central player in regional energy markets.
The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.
Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.
He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.
According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.
Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.
Business
NNPC Ltd Denies Selling Refinery Scrap
The NNPC Limited has raised alarm over what it described as a growing wave of fraudulent claims suggesting that the company is selling refinery scrap materials and equipment to individuals and private entities.
In a public notice by its Chief Corporate Communications Officer, Andy Odeh, the company categorically dismissed the claims as false, clarifying that it has not initiated or approved any process for the sale of scrap metals, refinery components, or equipment from any of its facilities.
According to the company, it has neither issued requests for bids, tenders, nor expressions of interest relating to such transactions, contrary to information being circulated in some quarters.
More troubling, the company revealed that certain individuals have been impersonating NNPC officials, falsely presenting themselves as authorised agents to facilitate the sale of so-called refinery scrap.
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“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public,” the statement noted, highlighting the sophistication of the fraudulent scheme.
The development raises concerns about the exploitation of public trust and the potential financial risks to unsuspecting individuals and businesses.
NNPC therefore urged stakeholders, corporate organisations, and the general public to exercise vigilance and avoid engaging in any transaction linked to such claims.
“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of refinery scrap or equipment,” the company reiterated.
It further emphasised that any legitimate disposal of assets would be carried out through transparent, regulated processes and communicated through its official platforms.
The company also encouraged the public to report suspected fraudsters to law enforcement agencies, as part of efforts to curb the spread of such criminal activities.
NNPC reaffirmed its commitment to transparency, accountability, and the responsible stewardship of Nigeria’s energy assets.






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