- Afreximbank provided $64m to Levene Energy to acquire a 30% stake in Axxela, shifting the company into Nigeria’s gas infrastructure business.
- The investment advances Nigeria’s gas-led transition and boosts regional access to cleaner energy and industrial growth.
The African Export-Import Bank (Afreximbank) has provided a $64 million acquisition finance facility to Levene Energy Development Limited to support its entry into Nigeria’s regulated midstream and downstream gas sectors through the acquisition of a strategic stake in Axxela Limited.
The facility will finance Levene Energy’s equity commitment to Bluecore Gas Infraco Limited, the special purpose vehicle that will acquire a 30 per cent stake in Axxela. The transaction represents a major strategic shift for Levene Energy, moving from oil and refined products trading to infrastructure-backed assets with stable, long-term earnings.
The investment provides Levene Energy with direct exposure to Nigeria’s gas infrastructure value chain, aligning its growth strategy with the country’s gas-led energy transition agenda. The move also advances regional efforts to expand access to cleaner energy, strengthen energy security and deepen industrial development across West Africa.
Meanwhile, Axxela operates an integrated portfolio spanning gas processing, distribution, power generation and cleaner energy solutions. The company holds a key position in Nigeria’s energy transition, supported by a robust project pipeline and strategic partnerships across the region.
Afreximbank Executive Vice President for Global Trade Bank, Haytham Elmaayergi, said the transaction aligns with the bank’s priorities in industrialisation, trade, and intra-African value chain development. He noted that the facility mobilises private capital for critical infrastructure and strengthens regional energy security while supporting cleaner energy solutions.
Furthermore, Levene Energy’s Head of Corporate Development, Sam Aofolaju, described the facility as a catalyst for the company’s long-term transformation. He stated that the investment reflects Levene Energy’s evolution from commodity trading into renewable energy and now core gas and power infrastructure, which he described as central to Africa’s clean energy transition.
Afreximbank and Levene Energy have maintained a strategic relationship since 2019. The partnership has progressed from trade finance to supporting Levene Energy’s expansion into a pan-African energy player and now a gas infrastructure investor.