The African Export-Import Bank (Afreximbank) has provided a $64 million acquisition finance facility to Levene Energy Development Limited to support its equity commitment to Bluecore Gas Infraco Limited. The funding will enable Bluecore Gas Infraco, the acquisition vehicle, to acquire a 30 percent equity stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure companies.
The 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 acquisition, Sam Aofolaju, head of Corporate Development, Levene Energy, 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.
Source: Businessday