At a Glance
- Levene Energy secures $64 million Afreximbank funding to buy 30% stake in Axxela.
- The deal marks a strategic shift from oil trading into Nigeria’s gas infrastructure assets.
- Afreximbank backs move supporting energy security and Africa’s cleaner energy transition.
Levene Energy, a Nigerian-based global energy solutions provider, has secured $64 million in financing from Afreximbank to acquire a 30% equity stake in Axxela Limited, one of sub-Saharan Africa’s leading gas and power infrastructure companies.
The transaction gives Levene Energy a direct foothold in Nigeria’s regulated midstream and downstream natural gas market, marking a decisive shift from commodity trading into infrastructure-backed energy assets.
Strategic pivot into gas infrastructure
The acquisition represents a major diversification for Levene Energy, traditionally known for oil and refined petroleum products trading.
By investing in Axxela, the company is positioning itself for stable, long-term earnings tied to critical gas and power infrastructure, an increasingly attractive segment as Nigeria and West Africa prioritize energy security, cleaner fuels, and industrial gas supply.
The move aligns with Levene Energy’s broader strategy to become a fully integrated energy company, building recurring revenue streams anchored on infrastructure rather than price-volatile commodity flows.
Backing Africa’s energy transition
Beyond the balance-sheet impact, the investment underscores growing momentum behind Africa’s energy transition. Natural gas remains central to Nigeria’s push to replace diesel and fuel oil with lower-emission energy solutions.
Axxela’s portfolio, spanning gas distribution, gas processing, power generation, and energy infrastructure development, positions it as a key private-sector player in expanding access to cleaner energy for industrial and commercial users.
With a strong project pipeline and regional partnerships, Axxela is expected to scale gas supply across key industrial corridors, reinforcing West Africa’s transition toward reliable, affordable, and cleaner power.
Afreximbank deepens infrastructure focus
Afreximbank’s Executive Vice President for Global Trade Bank, Haytham Elmaayergi, said the transaction reflects the bank’s commitment to financing African champions and mobilizing private capital into strategic sectors.
By backing Levene Energy’s entry into gas infrastructure, Afreximbank is supporting critical energy infrastructure, regional value chains, and the shift to cleaner energy sources, he said, while strengthening Africa’s long-term energy resilience.
From trading to Pan-African energy platform
Levene Energy’s Head of Corporate Development, Sam Aofolaju, described the facility as a catalyst for the company’s next growth phase, expanding beyond trading into solar power, gas infrastructure, and power systems that underpin Africa’s clean-energy transition.
The partnership between Afreximbank and Levene Energy dates back to 2019, evolving from trade finance into a strategic relationship supporting Levene’s transformation into a pan-African energy investor.
Under the leadership of Nzan Ogbe, the founder and CEO of Levene Energy, the company now operates across oil, gas, and renewable energy, including solar mini-grids and hybrid power systems.
Axxela, co-owned by Helios Investment Partners and Sojitz Corporation, operates through subsidiaries such as Gaslink and Central Horizon Gas, supplying cleaner energy solutions that are reshaping Nigeria’s industrial energy landscape.
