Levene Energy To Acquire Stake In Axxela Limited With $64M Afreximbank Facility

Levene Energy Development Limited is pushing to acquire a 30 per cent stake in Axxela Limited.

The deal is being finalised with USD 64 million financing facility by African Export–Import Bank (Afreximbank), to back its equity commitment to Bluecore Gas Infraco Limited, the acquiring entity.

Axxela is one of West Africa’s leading gas and power infrastructure companies, and the transaction gives Levene Energy direct exposure to Nigeria’s regulated midstream and downstream gas sectors.

The investment marks a major strategic milestone for Levene Energy, marking a diversification away from its traditional focus on oil and refined petroleum products trading into long-term, infrastructure-backed earnings.

The move aligns with Levene Energy’s objective of becoming a fully integrated energy company with recurring revenue streams anchored in critical energy infrastructure.

In addition to its commercial importance, the transaction supports regional energy transition goals by expanding access to natural gas across West Africa. Axxela is positioned as a key enabler of Nigeria’s energy transition through its investments in gas infrastructure, power generation and cleaner energy solutions.

With a strong project pipeline, established regional partnerships and a restructured business model, Axxela is expected to drive sustainable growth and deepen its impact across the region’s energy landscape.

Afreximbank described the financing as aligned with its strategic priorities under its Leadership in Global Trade Banking, Intra-African Trade and Industrialisation pillars.

The Bank highlighted that the transaction reflects its commitment to mobilising private sector investment into critical infrastructure, strengthening energy security across Africa and reinforcing regional value chains in the oil and gas sector, while also supporting the transition to cleaner energy sources.

Levene Energy noted that the facility is a catalyst for its strategic expansion beyond commodity trading into renewable energy, such as solar power, and now into the core of West Africa’s gas and power infrastructure.

The company said the financing validates its long-term vision and underscores the importance of resilient, locally owned infrastructure as a foundation for sustainable economic development across the continent.

The partnership between Afreximbank and Levene Energy began in 2019 with trade finance facilities and has since evolved into a broader strategic collaboration.

This latest transaction reflects Levene Energy’s transformation from a downstream operator into a pan-African energy trader and, most recently, a gas infrastructure investor