African Export-Import Bank (Afreximbank) has provided a $64 million acquisition finance facility to Levene Energy Development Limited, enabling the company to take a strategic equity position in Nigeria’s gas and power sector.
The funding supports Levene Energy’s equity commitment to Bluecore Gas Infraco Limited, the acquisition vehicle that has completed the purchase of a 30 per cent equity stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure companies.
The transaction marks a major milestone for Levene Energy, providing direct entry into Nigeria’s regulated midstream and downstream gas markets. It represents a strategic shift from the company’s traditional oil and refined petroleum products trading business into infrastructure-backed assets that offer stable, long-term earnings. The move aligns with Levene Energy’s ambition to evolve into a fully integrated energy company with recurring revenues anchored on critical infrastructure.
Beyond its commercial impact, the investment supports regional energy transition objectives by expanding access to natural gas across Nigeria and West Africa. Axxela is widely regarded as a key player in Nigeria’s energy transition, with investments spanning gas infrastructure, power generation and cleaner energy solutions. Supported by a strong project pipeline, regional partnerships and a restructured business model, the company is positioned to drive sustainable growth and deepen its footprint across the West African energy landscape.
Commenting on the financing, Afreximbank’s Executive Vice President for Global Trade Bank, Mr Haytham Elmaayergi, said the transaction aligns with the bank’s strategic priorities under its Leadership in Global Trade Banking, Intra-African Trade and Industrialisation pillars. “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.”
Also commenting on the acquisition, Levene Energy’s Head of Corporate Development, Mr Sam Aofolaju, said the Afreximbank facility would accelerate the company’s long-term growth strategy. He noted that the support enables Levene Energy to move beyond commodity trading into renewable energy, including solar power, and now into the core gas and power infrastructure that underpins West Africa’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 began in 2019 with trade finance facilities and has since evolved into a broader strategic collaboration. Over the years, the relationship has supported Levene Energy’s transformation from a downstream operator into a major pan-African energy trader and, most recently, a gas infrastructure investor.
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