Levene Energy Development Limited has secured a $64 million acquisition finance facility from the African Export-Import Bank (Afreximbank) to support its purchase of a 30% equity stake in Axxela Limited, a leading gas and power infrastructure company in West Africa.
The deal, announced 9 January 2026, marks Levene Energy’s strategic entry into Nigeria’s regulated midstream and downstream gas sectors through its commitment to Bluecore Gas Infraco Limited, the acquirer in the broader transaction that saw the exit of previous owners Helios Investment Partners and Sojitz Corporation.
Strategic diversification for Levene Energy
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.
The move reflects Levene Energy’s objective to transition to a fully integrated energy company with recurring revenue streams anchored on infrastructure-backed assets. The company has expanded from commodity trading into renewables such as solar power manufacturing and exports, and now strengthens its position in gas infrastructure as a key pillar of Africa’s clean-energy transition.
The broader acquisition by Bluecore Gas Infraco Limited, a consortium including Levene Energy and other partners, positions the group to scale gas and power projects across West Africa, enhancing industrial access to cleaner energy sources.
Supporting Nigeria’s energy transition
Beyond its commercial significance, the investment supports regional energy transition goals by expanding access to natural gas as a bridge fuel to reduce reliance on high-emission alternatives like diesel.
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.
The company operates extensive pipeline networks serving industrial and commercial clients, promoting natural gas adoption for improved energy security and lower emissions.
Afreximbank’s strategic priorities
Commenting on the financing, Afreximbank’s Executive Vice President for Global Trade Bank, Mr. Haytham Elmaayergi, highlighted the transaction’s alignment with the bank’s 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,” he said. “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.”
Catalyst for growth and longstanding ties
Sam Aofolaju, Head of Corporate Development at Levene Energy, described the facility as a catalyst for the company’s strategic growth beyond commodity trading into renewables and now the backbone of West Africa’s gas and power infrastructure.
“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 noted.
The partnership between Afreximbank and Levene Energy dates to 2019, starting with trade finance facilities and evolving into deeper strategic collaboration that has supported the company’s transformation into a major pan-African trader and infrastructure investor.
