Levene Energy Secures US$64 Million Afreximbank Facility to Acquire Stake in Axxela
Levene Energy Development Limited has secured a US$64 million acquisition finance facility from the African Export-Import Bank (Afreximbank) to support its investment in Nigeria’s gas infrastructure sector.
The financing enables Levene Energy to meet its equity commitment to Bluecore Gas Infraco Limited, facilitating the acquisition of a 30 per cent equity stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure companies.
The transaction marks Levene Energy’s entry into Nigeria’s regulated midstream and downstream gas markets, representing a strategic shift from its traditional oil and refined petroleum products trading business into long-term, infrastructure-backed energy assets. The move aligns with the company’s ambition to become a fully integrated energy firm with stable, recurring revenue streams.
Beyond its commercial value, the investment supports regional energy transition efforts by expanding access to natural gas, widely regarded as a cleaner transition fuel. Axxela is well positioned within Nigeria’s energy landscape, with investments spanning gas infrastructure, power generation and cleaner energy solutions across West Africa.
Commenting on the deal, Afreximbank’s Executive Vice President for Global Trade Bank, Mr Haytham Elmaayergi, said the transaction aligns with the Bank’s strategic pillars of global trade banking, intra-African trade and industrialisation.
He noted that the facility demonstrates Afreximbank’s commitment to mobilising private sector capital for critical infrastructure while strengthening regional energy security and value chains.
Levene Energy’s Head of Corporate Development, Mr Sam Aofolaju, described the facility as a catalyst for the company’s long-term growth strategy. He said the financing supports Levene’s transition beyond commodity trading into renewable energy and gas infrastructure, which he described as central to Africa’s clean energy and industrial development agenda.
Afreximbank and Levene Energy have partnered since 2019, initially through trade finance arrangements. The relationship has since evolved into a broader strategic collaboration supporting Levene’s expansion into pan-African energy trading and infrastructure investment.
Afreximbank is a pan-African multilateral financial institution mandated to promote intra- and extra-African trade, while Levene Energy Group is an African-founded global energy company operating across oil, gas and renewable energy value chains.
