The African Export-Import Bank (Afreximbank) has provided a $64m 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, one of West Africa’s leading gas and power infrastructure companies.
The facility will fund Levene Energy’s equity commitment to Bluecore Gas Infraco Limited, the special purpose vehicle acquiring a 30 per cent equity stake in Axxela.
The transaction marks a major strategic shift for Levene Energy from its traditional oil and refined petroleum products trading business into infrastructure-backed assets that generate stable, long-term earnings.
With the investment, Levene Energy gains 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 supports broader regional efforts to expand access to cleaner energy sources, improve energy security, and deepen industrial development across West Africa.
Axxela operates an extensive portfolio spanning gas processing and distribution, power generation, and cleaner energy solutions.
The company is positioned as a key player in Nigeria’s energy transition, supported by a strong project pipeline, regional partnerships, and a restructured business model aimed at sustainable growth.
Commenting on the transaction, Afreximbank’s Executive Vice President for Global Trade Bank, Haytham Elmaayergi, said the financing aligns with the bank’s strategic priorities under its trade, industrialisation, and intra-African value chain development pillars.
He noted that the deal underscores Afreximbank’s commitment to mobilising private capital for critical infrastructure, enhancing regional energy security, and supporting the transition to cleaner energy sources.
According to him, backing Levene Energy’s expansion into gas infrastructure strengthens locally owned energy assets while promoting resilience across Africa’s oil and gas value chains.
Also commenting, Levene Energy’s Head of Corporate Development, Sam Aofolaju, described the Afreximbank facility as a catalyst for the company’s long-term transformation.
He said 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 and economic development.
The partnership between Afreximbank and Levene Energy dates back to 2019, initially through trade finance facilities.
Over the years, it has evolved into a strategic relationship supporting Levene Energy’s growth into a pan-African energy player and, most recently, a gas infrastructure investor.
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