Levene Energy Development Limited has secured a US$64 million financing facility from the African Export-Import Bank (Afreximbank) to acquire a strategic stake in Axxela Limited, underscoring a shift by private energy firms toward deeper engagement in West Africa’s critical gas infrastructure sector.
The facility marks a significant step for Afreximbank financing for Axxela stake, positioning Levene Energy, traditionally a petroleum and commodity trading firm, to invest directly in regulated midstream and downstream gas operations in Nigeria, which is central to the region’s energy transition strategy.
Under the terms of the arrangement, Afreximbank has extended an acquisition finance facility that enables Levene Energy to purchase a 30 per cent equity share in Axxela Limited.
Axxela is recognized as one of West Africa’s leading energy infrastructure platforms, with extensive natural gas distribution networks and growing interests in power generation and cleaner fuels.
The transaction reflects a broader trend of capital flows from multilateral institutions into African energy infrastructure.
As global markets pivot toward cleaner energy, natural gas is increasingly viewed as a transition fuel that can support industrial growth while reducing reliance on high-emission energy sources.
“Afrieximbank’s backing strengthens the private sector’s role in driving energy access and infrastructure development that is both scalable and aligned with climate imperatives,” said Haytham Elmaayergi, Executive Vice President of Afreximbank, highlighting the bank’s commitment to unlocking private investment in critical energy assets.
Axxela Limited has long been a foundational player in Nigeria’s natural gas distribution ecosystem, operating what has become one of the largest private pipeline networks in the region.
Over the past decade, the company has built and managed infrastructure that supplies gas to industrial and commercial customers across key states, significantly contributing to local industrial energy supply.
The acquisition of a strategic stake by Levene Energy, enabled by the Afreximbank financing for Axxela stake, will expand investor participation in this vital sector at a time when Nigeria’s energy demand continues to grow and the state seeks to diversify its energy mix.
The financing package from Afreximbank represents a tailored acquisition structure that allows Levene Energy to transition from its traditional commodity trading model into a capital-intensive infrastructure investment.
Levene Energy’s broadened portfolio now mirrors a growing industry trend that emphasizes energy transition strategies.
While remaining active in traditional energy markets, companies like Levene are increasingly diversifying into asset classes that contribute to regional energy security and support incremental decarbonization.
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade.
For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.
Afreximbank has been active in supporting energy projects across Africa, including large-scale financing deals aimed at expanding capacity in the oil, gas, and renewable sectors.
The institution’s approach is consistent with its mandate to foster intra-African trade and infrastructure development while aligning with the continent’s sustainable growth agendas.
At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion.
Recent high-value financing deals, such as a US$750 million facility with Heirs Energies to boost Nigeria’s domestic energy capacity, reflect the bank’s strategic emphasis on energy infrastructure investment.
In addition to energy, Afreximbank’s portfolio includes industrial development, transport, and financial inclusion initiatives across the continent, reflecting a broad development mandate positioned to harness private sector capital for regional impact.
As Africa’s energy landscape evolves, the convergence of private capital, multilateral financing, and strategic infrastructure assets is likely to shape the trajectory of regional markets.
Deals like the Afreximbank financing for Axxela stake not only reflect investor confidence but also signify a maturation of the continent’s energy investment ecosystem, one that could attract further global participation in the years ahead.
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