NIPCO PLC: BUILDING A SUSTAINABLE ENERGY FUTURE
An Address by NIPCO Plc Chairman, Chief Bestman Anekwe, at the 22nd Annual General Meeting held at Abuja Continental Hotel, FCT, Abuja.
Distinguished shareholders, esteemed guests, members of the Board of Directors, representatives of regulatory bodies, members of the press, Ladies and Gentlemen, I am honoured to welcome you to the 22nd Annual General Meeting of NIPCO Plc. This meeting presents an auspicious opportunity to review our performance over the past year, discuss the evolving operating environment, and outline our roadmap for 2026 and beyond.
Your Company remains a major player in the nation’s energy sector. Our recent acquisition of stakes in other entities, alongside our commitment to diversification and innovation, demonstrates that our expansion strategies are yielding results and that a bright future lies ahead for the company and its shareholders.
We are conscious of our rapid growth and remain dedicated to leading the industry in profitability, market share, and investor confidence.
Business Environment
Nigeria’s energy sector is central to the government’s “Renewed Hope Agenda.” In 2025, the Federal Government introduced significant reforms to attract investment and align the sector with the country’s industrialization goals. The hydrocarbons industry has undergone significant changes, particularly with the full deregulation of the downstream sector. While this shift has brought about challenges, it also presents opportunities for growth, innovation, and investment.
As stakeholders, we must work together to create an agile regulatory framework that supports vertical integration, technology adoption, and efficient operations. The consensus among industry players is that Nigeria’s oil and gas sector has immense potentials waiting to be tapped. With the right policies in place, we can attract significant investments, boost local content, create jobs, and generate bounteous revenue.
The increasing demand for energy, coupled with the country’s vast reserves, positions Nigeria as a key player in the global energy landscape. However, we must address pressing issues such as infrastructure deficits, operational inefficiency, and environmental concerns. The industry must prioritize sustainable practices, invest in technology, and develop local talent to drive growth.
We must also foster collaboration between government, regulators, and industry players to create a conducive environment for investment and innovation. I believe that with collaborative efforts, Nigeria’s oil and gas sector is poised for a bright future, capable of driving economic growth, job creation, and sustainable development.
Key developments included the launch of the 2025 Licensing Round, offering 50 blocks under flexible frameworks, and the approval of 43 new Field Development Plans (FDPs). In 2025, oil output reached 1.71 million barrels per day, and gas-to-power supply reached its strongest levels in months.
While the industry faced challenges due to insecurity and the divestment of multinationals from onshore assets, these shifts have nonetheless provided indigenous firms with unique opportunities to grow. The Gas Master Plan, recently unveiled, is expected to accelerate infrastructure development and monetize reserves, aligning with the “Decade of Gas” initiative.
As the market transitions through deregulation, I applaud the regulators for continually seeking to ensure a level playing field and protecting the interests of all stakeholders in line with the Petroleum Industry Act (PIA).
With the right policies and collaborative approach, Nigeria’s Oil and Gas industry is poised to bring about a future where the industry becomes a major driver of economic growth, job creation, and sustainable development.
Our Strategy
Our company remains committed to augmenting its investment portfolio across all business lines, while evolving and implementing more pragmatic marketing strategies to maintain a competitive edge and stay ahead of industry peers.
Landmarks in 2025
A significant milestone for the year was NIPCO Plc’s acquisition of approximately 21% of Savannah Energy’s share capital. As the largest shareholder, this strategic investment reinforces our confidence in the gas sector and strengthens our position in the upstream operations.
Operating Results
Our efforts remain focused on enhancing operational efficiency and driving sustainable growth. We are committed to strengthening the foundation of NIPCO Plc to ensure improved shareholder value and consistent returns on your investment.
Acknowledgment
I would like to extend my sincere appreciation to the Board of Directors of the Company for their visionary leadership. I also thank the management and staff for their tireless dedication. To our esteemed shareholders, I express my deepest gratitude for your continued trust and support while looking forward to your continued support as we strive to position our company as a leading player in Nigeria’s downstream sector.
Conclusion
Your Company remains committed to delivering value to our stakeholders, and we will continue to navigate market dynamics and capitalize on emerging opportunities to reinforce our position as a leading player in Nigeria’s downstream sector.
Best regards,
Chief Bestman Anekwe
Chairman, NIPCO Plc
