Standard Bank has announced the successful delivery of a comprehensive $285 million debt and equity financing package to support Bluecore Gas InfraCo in acquiring 100% ownership of Glover Gas & Power, the sole shareholder of Axxela, one of Nigeria’s leading natural gas distribution and energy infrastructure companies.
This milestone transaction follows Helios Investment Partners’ sale of its 75% stake in Axxela to Bluecore. As part of the deal, Sojitz Corporation, the Tokyo‑listed diversified conglomerate, exercised its tag‑along rights to divest its remaining 25% equity stake, enabling Bluecore to consolidate full ownership of Axxela.
Acting as Mandated Lead Arranger and Financier, Standard Bank structured a tailored solution that enabled Bluecore to secure Axxela in a competitive bidding environment featuring more than 15 interested parties. The financing package was designed to navigate the complex regulatory, structural, and multi‑jurisdictional challenges associated with one of West Africa’s most significant recent energy‑infrastructure transactions.
Established in 2001, Axxela has grown into one of West Africa’s largest natural gas distributors, playing a critical role in Nigeria’s evolving energy landscape. The company has been instrumental in developing the country’s private sector‑led gas distribution network, serving industrial and commercial customers across key sectors.
Axxela operates across the full natural gas value chain, and its regional footprint includes its designation as a shipper on the West African Gas Pipeline and membership in the West African Power Pool, reinforcing its strategic importance in regional energy distribution and cross‑border electricity and gas trade.
Bluecore Gas InfraCo focuses on developing and advancing gas and power infrastructure across Nigeria and West Africa. The platform is backed by a consortium with deep sector experience, including:
- Afrigaz Energie LLP, a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, managed by Stanbic IBTC Asset Management
- Levene Energy Development
- emPERSAND
- Energy& LLP
Together, these partners bring extensive operational and investment expertise across gas pipelines, power generation and distribution, and renewable energy.
Leveraging its deep understanding of Nigeria’s energy sector, regulatory landscape, and financing requirements, Standard Bank crafted a sustainable, fit‑for‑purpose funding structure tailored to Bluecore’s acquisition strategy. The bank’s multidisciplinary approach enabled efficient navigation of tight timelines, complex transaction dynamics, and cross‑border regulatory obligations.
In his remarks, Kagiso Rantloane, Deal Lead in Standard Bank’s Structured Capital Business, stated:
This transaction underscores Standard Bank’s connectivity and expertise across Africa. By combining our deep local sector knowledge with global structuring expertise, we successfully navigated complex, multi‑jurisdictional challenges to deliver a robust solution for all stakeholders.
He added that the deal deepens Standard Bank’s partnership with Axxela, Bluecore, and its shareholders while reinforcing the bank’s intention to remain a long‑term strategic adviser on West African infrastructure projects. The transaction represents a key milestone in Standard Bank’s collaboration with Bluecore’s shareholders, aligning closely with the bank’s mission to support capital allocators driving transformative investment across the continent.
Nzan Ogbe, CEO of Levene Energy Holdings and Director at Bluecore InfraCo, commented:
Standard Bank brought deep sector insight, disciplined execution, and a clear understanding of the strategic importance of the Axxela platform. Their team remained fully engaged throughout the transaction, working constructively with the consortium to deliver a financing solution that supports long‑term value creation.
The acquisition also contributes directly to Nigeria’s goals of expanding access to cleaner, more reliable energy, while enabling industrial growth, boosting infrastructure development, and enhancing regional integration through increased cross‑border gas trade.
Commenting on the transaction, Tyson Sithole, Executive Head of Equity Finance, Structured Capital at Standard Bank, said:
This landmark transaction exemplifies our deep and unwavering commitment to the continent’s energy transition as a lever for sustainable growth. We leveraged our multidisciplinary structuring capabilities to provide a comprehensive financing solution, and we believe Bluecore is well positioned to drive Axxela’s next phase of growth.
For Standard Bank, the transaction is more than a financing milestone, it reflects the institution’s core purpose of driving Africa’s growth. The bank emphasized that its collaboration with Bluecore reflects its wider commitment to enabling transformative, long‑term investments that unlock economic potential, accelerate industrialization, and expand energy access across the continent.
Africa is our home, we drive her growth.
