Levene Energy Development Limited has secured a USD 64 million Acquisition Finance Facility from the African Export-Import Bank (Afreximbank) to acquire a 30% equity stake in Axxela Limited, one of West Africa’s leading gas and power infrastructure companies.
The transaction provides Levene Energy with direct entry into Nigeria’s regulated midstream and downstream gas sectors, marking a strategic shift from its traditional oil and petroleum trading operations to infrastructure-backed energy assets with recurring revenue streams. This move aligns with Levene Energy’s broader vision to transition into a fully integrated energy company that supports regional energy security and the continent’s clean energy transition.
Axxela is a key player in Nigeria’s energy landscape, with investments in gas infrastructure, power generation, and cleaner energy solutions. The acquisition positions Levene Energy to contribute to expanding natural gas access, which is critical for reducing reliance on high-emission fuels and supporting the region’s shift toward cleaner energy sources.
Commenting on the deal, Haytham Elmaayergi, Executive Vice President of Afreximbank, said: “This transaction underscores Afreximbank’s commitment to promoting private sector investment in critical energy infrastructure, enhancing regional energy security, and supporting Africa’s transition to cleaner energy.”
Sam Aofolaju, Head of Corporate Development at Levene Energy, noted that the Afreximbank facility is a catalyst for the company’s growth into renewable and cleaner energy sectors, complementing its existing solar power initiatives and now strengthening its footprint in gas and power infrastructure.
The partnership between Afreximbank and Levene Energy, established in 2019, has evolved from trade finance support to strategic collaboration, enabling the company to expand from commodity trading into sustainable energy infrastructure investment across West Africa.
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