Levene Energy Secures US$64m Afreximbank Facility for Strategic Entry into Nigeria’s Gas Infrastructure

African Export-Import Bank (Afreximbank) has extended a US$64 million acquisition finance facility to Levene Energy Development Limited, enabling the company to acquire a strategic minority stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure platforms.

The facility supports Levene Energy’s equity commitment to Bluecore Gas Infraco Limited, the acquisition vehicle that has secured a 30% equity stake in Axxela. The transaction provides Levene Energy with direct exposure to Nigeria’s regulated midstream and downstream gas markets, marking a major strategic expansion beyond its traditional oil and refined petroleum trading business.

Strategic shift toward infrastructure-backed revenues

The acquisition represents a deliberate pivot by Levene Energy toward stable, long-term, infrastructure-backed earnings, aligning with its broader ambition to evolve into a fully integrated energy company. By entering the gas infrastructure space, the company is positioning itself to benefit from predictable cash flows while supporting the region’s transition toward cleaner energy sources.

Axxela plays a central role in Nigeria’s domestic gas value chain, with assets spanning gas distribution, power generation, and industrial energy supply. The company’s expanding project pipeline and regional footprint position it as a key enabler of West Africa’s energy transition, particularly as natural gas increasingly replaces more carbon-intensive fuels.

Afreximbank backs private-sector energy transition

Commenting on the transaction, Haytham Elmaayergi, Executive Vice President for Global Trade Banking at Afreximbank, said the financing aligns with the Bank’s strategic pillars focused on industrialisation, intra-African trade, and private-sector-led infrastructure development.

He noted that the facility reflects Afreximbank’s commitment to supporting African energy champions investing in critical infrastructure that enhances energy security, strengthens regional value chains, and accelerates the transition to cleaner energy systems across the continent.

Expanding beyond commodity trading

Levene Energy’s Head of Corporate Development, Sam Aofolaju, described the Afreximbank facility as a catalyst for the company’s long-term growth strategy. He said the transaction builds on Levene’s expansion into renewable energy, including solar power, and now anchors its entry into the backbone of West Africa’s gas and power infrastructure.

According to Aofolaju, the financing validates Levene Energy’s strategic direction and reinforces the role of locally owned, resilient infrastructure in driving sustainable economic development across Africa.

Long-standing partnership

The transaction builds on a relationship between Afreximbank and Levene Energy that dates back to 2019, initially centred on trade finance facilities. Over time, the partnership has evolved into a broader strategic collaboration supporting Levene’s transformation from a downstream operator into a pan-African energy trader and now an infrastructure investor.

Afreximbank, headquartered in Cairo, remains a key financier of Africa’s trade and industrialisation agenda, with total assets and contingencies exceeding US$40 billion as of December 2024. The bank is a major supporter of the African Continental Free Trade Area and plays a central role in financing energy, logistics, and industrial infrastructure across the continent.

The Levene–Axxela transaction highlights growing investor appetite for gas infrastructure as a transitional energy solution and underscores the increasing role of African financial institutions in mobilising capital for strategic energy assets.