The African Export-Import Bank (Afreximbank) has approved a $64 million acquisition finance facility for Levene Energy Development Limited to back its equity investment in Bluecore Gas Infraco Limited. The funding will help Bluecore Gas Infraco acquire a 30 percent equity stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure companies.
This transaction gives Levene Energy a strong foothold in Nigeria’s regulated midstream and downstream gas sectors. It also marks a major shift from its main focus on oil and refined petroleum products trading to more stable, infrastructure-based income streams. The move aligns with Levene Energy’s long-term goal of becoming a fully integrated energy company with consistent, infrastructure-backed revenues.
The investment goes beyond business growth, as it also supports Africa’s energy transition agenda by improving access to natural gas. Axxela is known for its investments in gas infrastructure, power generation, and cleaner energy solutions, and is positioned to play a major role in driving Nigeria’s shift to cleaner energy. The company’s strong project pipeline, regional partnerships, and improved business model place it in a good position to expand sustainable growth across West Africa.
Speaking about the financing, Haytham Elmaayergi, Afreximbank’s Executive Vice President for Global Trade Bank, said the deal aligns with the bank’s goals 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.”
On his part, Sam Aofolaju, Head of Corporate Development at Levene Energy, said the support from Afreximbank will accelerate the company’s expansion beyond commodity trading into renewable energy and gas infrastructure. “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,” he said.
The partnership between Afreximbank and Levene Energy began in 2019 with trade finance support and has since developed into a broader collaboration, backing Levene’s transition from a downstream operator to a leading pan-African energy and gas infrastructure investor.
