Helios Investment Partners has successfully completed the divestment of its 75% equity stake in Axxela Limited, a leading Nigerian natural gas distribution and infrastructure company, to BlueCore, a newly formed strategic alliance focused on accelerating gas and power development across Nigeria and the broader West African region.
As part of the transaction, Sojitz Corporation, a Tokyo-listed global conglomerate and long-standing minority shareholder in Axxela, exercised its tag-along rights to sell its remaining 25% interest in the company. This marks a full exit for both Helios and Sojitz from Axxela.
BlueCore represents a collaborative platform designed to drive energy infrastructure growth and support the region’s energy transition. The consortium comprises four key entities:
- Afrigaz Energie, a portfolio company of the Stanbic IBTC Infrastructure Growth Fund
- Levene Energy Development
- emPERSAND
- energy&
Together, these partners bring deep industry expertise and financial strength to advance Axxela’s strategic objectives.
Nitin Kaul, Partner at Helios Investment Partners, stated:
We are proud of the progress Axxela has made under our stewardship. Over the years, we have worked closely with the management team to build a resilient and scalable platform that is well-positioned for long-term growth. BlueCore is the ideal partner to support Axxela’s next phase of expansion, and we are confident the company will continue to play a pivotal role in strengthening energy infrastructure in Nigeria and across West Africa.
Dolu Olugbenjo, Director at BlueCore, commented:
We are delighted to finalize this acquisition. Axxela is a high-quality asset with robust fundamentals and an exceptional management team. Our goal is to collaborate closely with Axxela to enhance its operational footprint, accelerate growth initiatives, and contribute meaningfully to the region’s energy transition.
Timothy Ononiwu, Group Chief Executive Officer of Axxela, added:
This transaction marks a significant milestone in Axxela’s journey. The successful completion reflects the confidence our shareholders have in the strength and value of our business. Under Helios’ ownership, we achieved substantial growth and fortified our operational foundation. As we move forward with BlueCore, we are excited about the opportunities ahead. Their industry reach and strategic vision will enable us to deepen our impact, expand capabilities, and continue delivering sustainable energy solutions across Nigeria and the wider region.
