In the News:
- Afreximbank provided a $64 million acquisition finance facility to Levene Energy.
- The facility supports the purchase of a 30% equity stake in Axxela in Nigeria.
- The acquisition is being executed through BlueCore Gas InfraCo Limited.
Afreximbank has provided a $64 million acquisition finance facility to Levene Energy Development Limited to support the purchase of a 30% equity stake in Axxela Limited, a Nigerian gas and power infrastructure company.
The financing enables Levene Energy to meet its equity commitment for the transaction, which is being executed through BlueCore Gas InfraCo Limited, the special purpose vehicle responsible for the acquisition.
The deal strengthens Afreximbank’s exposure to Africa’s energy infrastructure sector and reinforces its focus on supporting private sector led investments across the continent.
According to the bank, the facility aligns with its strategic priorities under its Leadership in Global Trade Banking, Intra African Trade, and Industrialisation pillars.
Afreximbank said the transaction supports cleaner energy development, improves regional energy security, and deepens intra African value chains within the gas and power sector.
In a statement, the bank confirmed that the financing supports Levene Energy’s entry into one of West Africa’s established gas infrastructure platforms through a minority equity position.
What executives are saying
Afreximbank said the transaction reflects its long standing strategy of partnering with African owned energy companies to scale critical infrastructure.
Haytham Elmaayergi, Executive Vice President of Global Trade Banking at Afreximbank, said the bank’s involvement is rooted in its focus on strategic partnerships that deliver regional impact.
He said backing Levene Energy’s investment in gas infrastructure supports cleaner energy sources while improving energy availability across West Africa.
Elmaayergi added that the transaction strengthens regional value chains and supports industrial growth through reliable gas supply to businesses.
“By backing Levene Energy’s move into gas infrastructure, we are supporting cleaner energy sources, enhancing regional energy security, and strengthening intra-African value chains”, he said.
On his part, Sam Aofolaju, Head of Corporate Development at Levene Energy, said the facility supports the company’s broader expansion strategy.
Aofolaju said the investment allows Levene Energy to scale its footprint in gas infrastructure while advancing its renewable energy ambitions.
He added that the partnership with Afreximbank provides long term capital support for energy assets critical to economic growth.
Axxela operations in Nigeria
Axxela Limited is a Nigerian gas and power infrastructure company incorporated in 2001.
The company was formerly known as Oando Gas and Power before rebranding as Axxela.
It operates gas transmission and distribution infrastructure supplying natural gas to industrial and commercial customers across Nigeria.
Axxela owns and manages pipelines that deliver gas to key industrial clusters, supporting manufacturing and power generation.
The company is registered as a gas shipper on the West African Gas Pipeline, allowing it to transport natural gas across regional networks.
Its asset base includes transmission pipelines, distribution networks, and gas processing facilities located in strategic parts of the country.
Through its infrastructure, Axxela plays a central role in Nigeria’s domestic gas utilisation and industrial energy supply.
Bottom line
The transaction deepens Afreximbank’s involvement in Africa’s energy infrastructure financing at a time of rising investment needs.
Beyond individual transactions, Afreximbank has been advancing initiatives aimed at closing the continent’s energy investment gap.
These efforts include support for the Africa Energy Bank, which is designed to mobilise targeted financing for energy projects across Africa.
The deal also reinforces the long standing relationship between Afreximbank and Levene Energy, which began in 2019 through trade finance facilities.
