BlueCore Gas InfraCo Limited has completed the acquisition of 100 percent of Axxela Limited, marking a major ownership transition for one of Nigeria’s leading private-sector gas distribution and infrastructure companies.
The transaction, completed on December 31, 2025, saw BlueCore acquire the 75 percent stake previously held by Africa-focused private investment firm Helios Investment Partners, while Japan’s Sojitz Corporation exercised its tag-along rights to sell its remaining 25 percent interest. The transaction resulted in the full transfer of Axxela’s ownership to BlueCore.
BlueCore is a strategic alliance comprising Afrigaz Energie LLP, Levene Energy Development Limited, emPERSAND Limited and energy& LLP, with the consortium focused on accelerating gas and power infrastructure development across Nigeria and the wider West African region.
The acquisition was backed by a $285 million financing package arranged by Standard Bank, which acted as mandated lead arranger and financier. Separately, Afreximbank provided a $64 million acquisition finance facility to Levene Energy to support its equity commitment to BlueCore and its acquisition of a strategic stake in Axxela.
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The ownership transition represents a significant shift in Axxela’s shareholder structure, moving the company from majority private-equity ownership under Helios to ownership by a consortium of regional energy investors with interests across gas, power and energy infrastructure.
The transaction has also been followed by changes to Axxela’s board and executive leadership as the company enters its post-divestment phase.
Nzan Ogbe, founder and pioneer Chief Executive Officer of Levene Energies, was appointed Chairman of Axxela’s Board. The company’s new board includes Eric Idiahi, Dolu Olugbenjo, Olufemi Okin, Moshood Olajide, Kaat Van Hecke and Jeremy Bending.
In May 2026, Axxela appointed Moshood Olajide as Group Chief Executive Officer, succeeding Timothy Ononiwu, who retired after nearly a decade in senior leadership roles at the company. Yetunde Demuren was also appointed Chief Financial Officer, having previously served as Head of Corporate Finance and Treasury Management.
Axxela’s current leadership structure places Olajide at the helm of the company as it seeks to expand its natural gas infrastructure, strengthen its regional footprint and advance integrated energy solutions.
The company operates more than 400 kilometres of natural gas pipeline infrastructure and serves about 200 industrial and commercial customers, according to company information. Its operations span gas distribution, infrastructure and power solutions.
The acquisition comes at a significant point for Nigeria’s gas industry, where investment in midstream and downstream infrastructure is increasingly important to expanding domestic gas utilisation and supporting industrial and power-sector demand.
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For BlueCore, the acquisition provides control of an established gas infrastructure platform with an existing customer base and operating network. For Axxela, the new ownership brings a consortium with experience across energy infrastructure and access to significant financing capacity.
The broader implication is the potential for increased investment in gas infrastructure and gas-to-power development, particularly as Nigeria seeks to deepen domestic energy supply, strengthen industrial competitiveness and improve the reliability of cleaner energy solutions.
With the ownership transition now complete and a new board and executive team in place, attention is turning to how BlueCore and the new Axxela leadership will deploy capital, expand infrastructure and position the company for its next phase of growth.
