Levene Energy Secures $64m Facility from Afreximbank for Axxela Stake
By Naija Enquirer Staff
The African Export-Import Bank (Afreximbank) has provided a $64 million Acquisition Finance Facility to Levene Energy Development Limited, supporting the company’s equity commitment to Bluecore Gas Infraco Limited for the acquisition of a 30 per cent stake in Axxela Limited.
The transaction gives Levene Energy direct exposure to Nigeria’s regulated midstream and downstream gas sectors, marking a strategic diversification from its core oil and refined petroleum products trading business into infrastructure-backed assets with long-term, recurring revenue streams.
The investment aligns with Levene Energy’s objective of becoming a fully integrated energy company while contributing to regional energy transition goals by expanding access to natural gas. Axxela is a leading gas and power infrastructure company in West Africa, with investments spanning gas distribution, power generation, and cleaner energy solutions.
With a strong project pipeline, regional partnerships, and a restructured business model, Axxela is positioned to play a critical role in Nigeria’s energy transition and the broader West African energy landscape.
Commenting on the financing, Afreximbank’s Executive Vice President for Global Trade Bank, Haytham Elmaayergi, said the deal aligns with the bank’s strategic priorities under its Global Trade Banking, Intra-African Trade, and Industrialisation pillars.
“This transaction reflects our commitment to promoting private sector investment in critical infrastructure, fostering energy security across Africa, and strengthening regional oil and gas value chains. By backing Levene Energy’s move into gas infrastructure, we are supporting the transition to cleaner energy sources and enhancing regional energy security,” he said.
Also commenting, Levene Energy’s Head of Corporate Development, Sam Aofolaju, described the Afreximbank facility as a catalyst for the company’s strategic growth beyond commodity trading into renewable energy and gas infrastructure.
He noted that the financing validates Levene Energy’s vision of building resilient, locally owned infrastructure as a foundation for sustainable economic development and Africa’s clean energy transition.
The partnership between Afreximbank and Levene Energy began in 2019 with trade finance facilities and has since evolved into a strategic collaboration supporting Levene Energy’s transformation into a pan-African energy infrastructure investor.
