African Export-Import Bank (Afreximbank) has provided a $64 million acquisition finance facility to Levene Energy Development Limited, backing its equity commitment to Bluecore Gas Infraco Limited in the purchase of a 30% stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure companies.
The transaction gives Levene Energy direct entry into Nigeria’s regulated midstream and downstream gas sectors, marking a significant diversification from its core oil and refined petroleum trading business. The move reflects the company’s strategy to evolve into a fully integrated energy player with stable, infrastructure-backed earnings and recurring revenue streams.
Beyond commercial gains, the investment supports regional energy transition goals by expanding access to natural gas. Axxela is positioned to lead Nigeria’s shift toward cleaner energy through investments in gas infrastructure, power generation and sustainable solutions. With a robust pipeline, regional partnerships and a restructured business model, the company is set to deepen its impact across West Africa’s energy landscape.
Afreximbank’s Executive Vice President for Global Trade Bank, Haytham Elmaayergi, underscored the strategic importance of the deal. “Our core strength lies in the strategic partnerships we forge with African champions. This deal reflects the Bank’s commitment to promoting private sector investment into critical infrastructure, fostering energy security across Africa and strengthening regional value chains in oil and gas. By backing Levene Energy’s strategic move into gas infrastructure, we are supporting the critical transition to cleaner energy sources, enhancing regional energy security, and strengthening intra-African value chains.”
Levene Energy’s Head of Corporate Development, Sam Aofolaju, said the facility is a catalyst for the company’s growth strategy. “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 back 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 pan-African trader and now, a gas infrastructure investor.
