Afreximbank approves $64m for Levene Energy Gas expansion

–Financing enables strategic acquisition of 30% stake in Nigeria’s Axxela Limited, diversifying investment into West Africa’s gas and power sector.

The African Export-Import Bank (Afreximbank) has provided a landmark $64 million Acquisition Finance Facility to Levene Energy Development Limited. This capital will support Levene Energy’s acquisition of a significant 30% equity stake in Axxela Limited, a foremost gas and power infrastructure company in West Africa.

This transaction marks a pivotal strategic shift for Levene Energy, providing direct entry into Nigeria’s regulated midstream and downstream gas markets. It represents a major diversification from the company’s core oil and refined products trading business towards stable, infrastructure-backed earnings. The move aligns with Levene Energy’s long-term objective to transform into a fully integrated energy company with recurring revenue streams anchored in critical physical assets.

Beyond commercial strategy, the investment is seen as a catalyst for regional energy transition. Axxela is a key player in expanding access to natural gas—a crucial transitional fuel—through its investments in infrastructure, power generation, and cleaner energy solutions. The company is well-positioned to drive sustainable growth across the region, supported by a robust project pipeline and strategic partnerships.

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Executive Commentary Highlights Strategic Alignment

In a statement, Mr. Haytham Elmaayergi, Afreximbank’s Executive Vice President for Global Trade Bank, emphasized the transaction’s broader significance. “Our core strength lies in the strategic partnerships we forge with African champions,” he stated. “This deal reflects the Bank’s commitment to promoting private sector investment into critical infrastructure, fostering energy security across Africa and strengthening regional value chains in oil and gas.”

Echoing this sentiment, Mr. Sam Aofolaju, Head of Corporate Development at Levene Energy, noted the transformative nature of the financing. “The Afreximbank facility is a catalyst for our strategic growth, moving us beyond commodity trading into the backbone of West Africa’s gas and power infrastructure—an essential pillar of the continent’s clean-energy transition,” he said. “This financing validates our vision and underscores our shared belief that resilient, locally-owned infrastructure is the foundation for lasting economic development.”

A Partnership Evolved

The $64 million facility marks the latest chapter in a deepening relationship between Afreximbank and Levene Energy, which began in 2019 with trade finance support. The collaboration has since evolved to underpin Levene’s strategic transformation from a downstream operator into a major pan-African trader and, now, a significant investor in gas infrastructure.