African Export-Import Bank has extended a $64 million acquisition finance facility to Levene Energy Development Limited, backing its entry into Nigeria’s fast-growing gas infrastructure market in a deal that underscores rising investor confidence in Africa’s energy transition.
The funding will support Levene Energy’s equity commitment to Bluecore Gas Infraco Limited, enabling the acquisition of a 30 percent stake in one of West Africa’s leading gas and power infrastructure operators, Axxela Limited.
The transaction marks a strategic shift for Levene Energy, which is diversifying from oil and refined petroleum trading into regulated midstream and downstream gas assets in Nigeria. The move is aimed at building stable, long-term, infrastructure-backed revenues as the company transitions into a fully integrated energy group.
Beyond its commercial value, the investment aligns with regional clean-energy ambitions. Axxela plays a central role in Nigeria’s energy transition through its gas infrastructure, power generation projects and cleaner energy solutions, supported by a strong pipeline and regional partnerships.
Commenting on the deal, Afreximbank’s Executive Vice President for Global Trade Bank, Haytham Elmaayergi, said the financing reflects the bank’s commitment to private-sector-led infrastructure development, energy security and stronger intra-African value chains.
Meanwhile, Levene Energy’s Head of Corporate Development, Sam Aofolaju, described the facility as a catalyst for the company’s expansion beyond commodity trading into gas, power and renewable energy, calling locally owned infrastructure “the backbone of Africa’s clean-energy transition”.
The deal builds on a partnership between Afreximbank and Levene Energy that began in 2019 and has evolved from trade finance into long-term strategic investment.