In a major vote of confidence in Nigeria’s energy infrastructure and private-sector investment, Levene Energy Development Limited has secured a USD 64 million acquisition finance facility from the African Export-Import Bank (Afreximbank) to acquire a 30% strategic stake in Axxela Limited, one of West Africa’s foremost gas and power infrastructure companies.
Driving Private Investment into Critical Energy Infrastructure
Afreximbank’s financing marks a significant milestone in the Nigerian energy landscape, giving Levene Energy direct access to the country’s regulated midstream and downstream gas sectors. Structured as an Acquisition Finance Facility, this $64 million credit line supports Levene’s equity commitment through Bluecore Gas Infraco Limited, the acquisition vehicle used to complete the purchase. For Levene Energy, the deal represents a strategic diversification. Historically rooted in oil and refined petroleum product trading, the firm is now pivoting toward infrastructure-backed, sustainable and long-term revenue streams anchored in gas distribution and energy services. According to the press release from Afreximbank, this move aligns with Levene’s broader ambition to evolve into a fully integrated energy company with recurring earnings from infrastructure assets. The acquisition not only expands Levene’s footprint in the energy value chain but also positions the company as a key player in Nigeria’s energy transition. Natural gas is increasingly viewed as a bridge fuel that supports cleaner energy use while maintaining reliability for industrial, commercial, and power-generation customers across the country. By taking a strategic stake in Axxela, Levene Energy is reinforcing its commitment to this transition and strengthening its role in Africa’s growing energy market.
Strategic Partnership and Broader Economic Impact
From Afreximbank’s perspective, the transaction aligns with its core mission to facilitate private sector investment into critical infrastructure, promote intra-African trade, and support regional energy security. The Bank’s Executive Vice President for Global Trade Banking, Mr. Haytham Elmaayergi, emphasised that the facility underscores Afreximbank’s commitment to backing African champions and supporting investments that deepen value chains across the oil and gas sector.
This deal builds on a long-standing partnership between Afreximbank and Levene Energy, which dates back to 2019 when the Bank first supported Levene with trade finance facilities. Over the years, that collaboration has evolved, now helping Levene transition from downstream trading into strategic energy infrastructure investment. For Nigeria and the broader West African region, the acquisition could unlock significant energy sector potential. Axxela operates a network of critical gas infrastructure assets, including processing, transportation, and distribution systems that deliver reliable energy to industrial hubs, utilities, and commercial clients. As domestic energy demand grows and reliance on unreliable fuel sources like diesel generators persists, investments such as these could signal improved gas accessibility and lower energy costs for businesses and households alike.
Levene’s Chief of Corporate Development, Sam Aofolaju, highlighted that Afreximbank’s support not only validates Levene’s vision but also reinforces the belief that locally-owned, resilient infrastructure is essential to sustainable economic development in Africa. Underpinning this transaction is a broader commitment to Nigeria’s clean energy transformation and the expansion of reliable energy services that can drive industrial growth and competitiveness.
