Energy services firm Levene Energy has acquired a 30% stake in natural gas company Axxela Limited, signaling its entry into Nigeria’s mid- and downstream gas sectors. Completed through the BlueCore Gas InfraCo consortium – comprising Levene Energy, Afrigaz Energie, Energy & LLP and emPERSAND – the deal marks a decisive step in Nigeria’s gas-driven energy transition as well as Levene’s evolution from oil and refined products trading into infrastructure-backed, long-term earnings. The acquisition is backed by a $64 million Acquisition Finance Facility by multilateral financial institution the African Export-Import Bank, underscoring growing confidence in gas infrastructure as a cornerstone of Nigeria’s energy security, industrialization and lower-emissions growth strategy.
The African Energy Chamber (AEC) – representing the voice of the African energy sector – welcomes and supports the acquisition, commending Afreximbank for deploying catalytic capital into transactions that expand African-owned energy infrastructure. The deal exemplifies how development finance can crowd in private investment, deepen local participation and accelerate bankable projects that deliver reliable power, industrial growth and lower-emissions energy solutions across the continent. As Nigeria advances efforts to diversify its industry through natural gas development, this strategic transaction is expected to serve as a strong benchmark for future gas-focused investments that align commercial returns with national development and energy transition objectives.
For Levene Energy, the investment aligns with its strategic diversification strategy. By anchoring growth in long-life gas infrastructure, the company reduces exposure to commodity price volatility while aligning its portfolio with Africa’s transition priorities. The move advances Levene Energy’s objective to become a fully integrated energy company, leveraging trading expertise alongside ownership in assets that deliver predictable cash flows and measurable development impact.
The deal comes at pivotal time for Nigeria. With over 200 trillion cubic feet (tcf) of proven natural gas reserves – and estimated reserves of 600 tcf -, the country is positioning gas as the cornerstone of its industrialization agenda. Through policies such as the Petroleum Industry Act (2021) and Decade of Gas Initiative – a long-term strategy to turn the country into a gas-powered economy by 2030 – the government is incentivizing investments across the entire gas value chain. The Decade of Gas Initiative alone is expected to generate $12 billion in revenue and create two million jobs by 2030, targeting the delivery of ten strategic projects. Furthermore, in 2025, the government allocated Permits to Access Flare Gas to 28 companies, enabling the conversion of previously-flared gas into revenue-generating assets. These efforts are laying the regulatory and commercial foundation for private capital to scale gas infrastructure, deepen domestic utilization and accelerate Nigeria’s transition toward a more diversified, resilient economy.
“Natural gas is Africa’s most realistic pathway to energy security, industrialization and emissions reduction. This Afreximbank-backed acquisition strengthens Nigeria’s gas infrastructure, empowers African companies to own and operate strategic assets and demonstrates how pragmatic financing can drive a just, African-led energy transition that delivers power, jobs and growth,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.
Against this backdrop, the Levene Energy–Axxela transaction represents a timely and strategic alignment of Nigeria’s gas ambitions. By strengthening ownership and investment in regulated mid- and downstream gas infrastructure, the deal directly supports the monetization of domestic gas resources, the reduction of flaring and the expansion of reliable gas supply to power industry and electricity generation. As one of West Africa’s leading gas and power infrastructure companies, Axxela’s footprint across gas processing, distribution and captive power positions it to unlock demand from manufacturing, commercial and industrial users. Now under the BlueCore Gas InfraCo consortium’s ownership, the company is expected to accelerate project delivery and capital deployment, reinforcing Nigeria’s gas value chain while advancing national objectives around industrial growth, energy security and lower-emissions development.
