The acquisition was facilitated through a $64 million Acquisition Finance Facility provided by the African Export-Import Bank (Afreximbank) to Bluecore Gas Infraco Limited, the consortium that completed the purchase. Afreximbank confirmed the development in a statement on Friday.
The transaction represents a significant diversification for Levene Energy, which has historically focused on oil and refined petroleum trading. By entering Nigeria’s regulated midstream and downstream gas sectors, the company is positioning itself to generate 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,” the statement said.
Beyond commercial interests, the investment is also seen as supporting regional energy transition goals by expanding access to natural gas. Axxela, with its established presence in gas infrastructure, power generation, and cleaner energy solutions, is regarded as a key player in Nigeria’s shift toward a more sustainable energy mix.
“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 added.
Afreximbank’s Role in Financing
Haytham Elmaayergi, Afreximbank’s Executive Vice President for Global Trade Bank, highlighted the strategic importance of the financing. He noted that the bank’s support aligns with its broader mandate to promote private sector investment in critical infrastructure and strengthen 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,” Elmaayergi said.
Levene Energy’s Strategic Growth
Levene Energy views the Afreximbank facility as a catalyst for its wider transformation from a commodity trader into an integrated energy company with interests in renewable energy and gas infrastructure.
Sam Aofolaju, Head of Corporate Development at Levene Energy, emphasized the strategic significance of the partnership. “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,” he said.
The relationship between Levene Energy and Afreximbank dates back to 2019, beginning with trade finance facilities and evolving into a broader strategic collaboration supporting the company’s expansion across Africa.
Completion of Full Ownership Transition at Axxela
The acquisition follows the recent exit of Helios Investment Partners, which sold its 75% stake in Axxela Limited to BlueCore Gas InfraCo Limited. Sojitz Corporation, which held the remaining 25%, also exercised its tag-along rights to sell its stake, completing the full transition of ownership to BlueCore. Helios’ near-decade involvement in Axxela began in 2016 when it acquired a majority stake from Oando Plc for $45 million.
The deal positions Levene Energy and its partners to leverage Axxela’s infrastructure to meet growing energy demand in Nigeria and across West Africa, while also advancing regional clean energy objectives.