– To acquire strategic stake in Axxela Limited
Abuja, Nigeria — African Export-Import Bank (Afreximbank) has provided a USD 64 million Acquisition Finance Facility to Levene Energy Development Limited. The facility supports Levene Energy’s equity commitment to Bluecore Gas Infraco Limited (the “Acquirer”) enabling the acquisition of a 30% equity stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure companies.
This landmark transaction provides Levene Energy with direct entry into Nigeria’s regulated midstream and downstream gas sectors. It marks a significant diversification from its core oil and refined petroleum products trading business into stable, long-term infrastructure-backed earnings, reflecting Levene Energy’s objective to transition to a fully integrated energy company with recurring revenue streams anchored on infrastructure-backed assets.
Beyond its commercial significance, the investment supports regional energy transition goals by expanding access to natural gas. Axxela is strategically positioned to lead Nigeria’s energy transition through its 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 equipped to deliver sustainable growth and deepen its impact across West Africa’s energy landscape.
Commenting on the financing, Afreximbank’s Executive Vice President for Global Trade Bank, Mr. Haytham Elmaayergi, highlighted the transaction’s significance, that it is aligned to Afreximbank’s strategic financing priorities under its Leadership in Global Trade Banking, Intra-African Trade, and Industrialisation Pillars. “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.”
Commenting on the acquisition, the Head of Corporate Development, Levene Energy, Mr. Sam Aofolaju noted that the Afreximbank facility support is a catalyst for Levene Energy’s strategic growth focus moving beyond commodity trading to renewable (solar power) and now into the backbone of West Africa’s gas and power infrastructure—an essential pillar of the continent’s clean‑energy transition. 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 to 2019, beginning with trade finance facilities. It has since 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.
