Afreximbank has extended a 64 million dollar acquisition finance facility to Levene Energy Development Limited, enabling the company to enter Nigeria’s regulated midstream and downstream gas market through the purchase of a strategic stake in Axxela Limited, a major gas and power infrastructure firm in West Africa.
The financing will cover Levene Energy’s equity contribution to Bluecore Gas Infraco Limited, the special purpose vehicle set up to acquire a 30 percent stake in Axxela.
This deal signals a clear shift in Levene Energy’s strategy as it moves away from its core oil and refined products trading business and into infrastructure assets designed to deliver steady long-term returns.
Through this investment, Levene Energy secures a foothold across Nigeria’s gas infrastructure value chain and aligns its expansion plans with the country’s push to position gas at the centre of its energy transition.
The transaction also contributes to wider regional goals by supporting cleaner energy access, strengthening energy security, and advancing industrial growth across West Africa.
Axxela manages a broad portfolio that includes gas processing, gas distribution, power generation, and cleaner energy solutions.
The company plays an important role in Nigeria’s energy transition, backed by a solid project pipeline, regional partnerships, and a reorganised business structure focused on long-term sustainability.
Afreximbank’s Executive Vice President for Global Trade Bank, Haytham Elmaayergi, said the transaction fits squarely within the bank’s priorities around trade, industrial development, and building African value chains.
He added that the deal reflects Afreximbank’s focus on attracting private capital to essential infrastructure projects, strengthening regional energy security, and supporting the shift toward cleaner energy.
He also noted that supporting Levene Energy’s move into gas infrastructure helps build strong locally owned energy assets and improves resilience across Africa’s oil and gas sector.
Levene Energy’s Head of Corporate Development, Sam Aofolaju, described the facility as a key driver of the company’s long-term repositioning.
He said the investment highlights Levene Energy’s progression from commodity trading to renewable energy and now to gas and power infrastructure, which he sees as critical to Africa’s energy transition and economic growth.
Afreximbank and Levene Energy first began working together in 2019 through trade finance arrangements.
Since then, the relationship has grown into a strategic partnership that has supported Levene Energy’s expansion across Africa and its latest step into gas infrastructure investment.
source: thewhistler.ng
African Energy Council