Financing accelerates Levene Energy’s entry into Nigerian gas infrastructure, marking a shift toward integrated energy assets and regional energy transition goals.
Landmark Financing from Afreximbank
The African Export-Import Bank (Afreximbank) has provided a $64 million Acquisition Finance Facility to Levene Energy Development Limited to support its equity investment in a 30% stake in Axxela Limited, a leading gas and power infrastructure company in West Africa. This financing marks a significant debut for Levene Energy into Nigeria’s regulated midstream and downstream natural gas market.
According to Afreximbank, the facility underpins a broader strategic vision to diversify Levene Energy’s portfolio beyond its traditional oil and refined petroleum trading business and into stable, infrastructure-backed revenue streams.
Strategic Shift Toward Gas and Infrastructure
Levene Energy’s move into Nigeria’s gas infrastructure is part of a calculated shift from commodity trading to long-term, recurring earnings linked to critical energy assets. By acquiring equity in Axxela, an established provider with extensive gas distribution and power infrastructure, Levene Energy aims to participate directly in the region’s energy transition.
Axxela’s platform includes investments in natural gas infrastructure, power generation, and cleaner energy solutions, positioning it as a central player in expanding access to lower-carbon energy in Nigeria and across West Africa.
Supporting Africa’s Energy Transition
Commenting on the deal’s significance, Haytham Elmaayergi, Executive Vice President of Afreximbank for Global Trade Bank, said: “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.”
Levene Energy’s Head of Corporate Development, Sam Aofolaju, said the Afreximbank-backed facility serves as a catalyst for the company’s strategic shift beyond commodity trading into renewables, including solar power, and into core gas and power infrastructure across West Africa. He added that the financing both validates Levene Energy’s long-term vision and reflects a shared conviction that resilient, locally owned infrastructure underpins sustainable economic development across Africa.
Deal Execution and Broader Impact
The equity acquisition was executed through the BlueCore Gas InfraCo consortium, which includes Levene Energy, Afrigaz Energie, emPERSAND, and energy& LLP. Through the consortium, the partners completed a transaction valued at approximately $285 million for full ownership of Axxela, acquiring interests previously held by Helios Investment Partners and Sojitz Corporation.
This transaction not only provides Levene Energy with direct exposure to Nigeria’s gas value chain but also reflects increasing investor confidence in Africa’s energy infrastructure as a foundation for industrial growth, improved energy security, and cleaner energy adoption.
Regional Energy Market Context
Axxela, formerly known as Oando Gas & Power, is one of Nigeria’s foremost private sector natural gas value chain companies, offering transmission, distribution, and power generation services.
By securing a minority equity position, Levene Energy is positioned to contribute to expanding natural gas access, seen as a transitional fuel that can reduce reliance on high-emission energy sources while supporting industrial and economic development across West Africa.
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