Levene Energy Development Limited has acquired a 30% equity stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure companies.
The acquisition was enabled through a $64 million Acquisition Finance Facility provided by the African Export-Import Bank (Afreximbank) to Bluecore Gas Infraco Limited, the acquirer.
This is contained in a statement by Afreximbank on Friday and seen by Naijaonpoint.
According to the statement, the transaction marks Levene Energy’s direct entry into Nigeria’s regulated midstream and downstream gas sectors, representing a significant diversification from its core oil and refined petroleum trading business into long-term, infrastructure-backed earnings.
“The acquisition reflects Levene Energy’s broader objective to transition into a fully integrated energy company with recurring revenue streams anchored on infrastructure-backed assets.”
It says beyond commercial gains, the investment supports regional energy transition goals by expanding access to natural gas, adding that Axxela is strategically positioned to lead Nigeria’s energy transition through investments in gas infrastructure, power generation, and cleaner energy solutions.
“With a robust project pipeline, strong regional partnerships, and a restructured business model, Axxela is well placed to deliver sustainable growth and deepen its impact across West Africa’s energy landscape,” the statement says.
Afreximbank’s Executive Vice President for Global Trade Bank, Haytham Elmaayergi, underscored the significance of the financing, noting its alignment with the bank’s strategic priorities.
“Our core strength lies in the strategic partnerships we forge with African champions. This deal reflects the Bank’s commitment to promoting private sector investment into critical infrastructure, fostering energy security across Africa and strengthening regional value chains in oil and gas.
“By backing Levene Energy’s strategic move into gas infrastructure, we are supporting the critical transition to cleaner energy sources, enhancing regional energy security, and strengthening intra-African value chains,” he said.
Levene Energy described the Afreximbank facility as a catalyst for its strategic growth, moving beyond commodity trading into renewable energy and now gas infrastructure.
Sam Aofolaju, Head of Corporate Development at Levene Energy, stated:
“The financing from Afreximbank not only validates our vision but underscores our shared belief that resilient, locally‑owned infrastructure is the foundation for lasting economic development across Africa.”
The partnership between Afreximbank and Levene Energy dates back to 2019, beginning with trade finance facilities. Over time, it has evolved into a strategic collaboration supporting Levene’s transformation from a downstream operator into a major pan-African trader and now, a gas infrastructure investor.