January 03, (THEWILL) — Rand Merchant Bank (RMB), a subsidiary of the FirstRand Group, has successfully closed a landmark $285 million acquisition financing for BlueCore InfraCo Limited, marking a pivotal moment in Nigeria’s energy infrastructure evolution, RMB said in a statement on Friday.
Acting as Global Debt co-ordinator, Mandated Lead Arranger (MLA), Underwriter and Bookrunner, RMB structured and part-funded a total $285 million debt financing solution to support BlueCore InfraCo’s acquisition of Glover Gas & Power B.V., the 100 per cent owner of Axxela Limited one of Nigeria’s leading private gas and power distribution platforms.
RMB also delivered a bespoke funding solution that enabled BlueCore Infraco to finalise the transaction within short timelines and served as the exclusive sell-side adviser to Helios Investment Partners, the outgoing shareholder, ensuring a seamless transition to local Nigerian ownership.
Head of Investment Banking, Africa, RMB, Chidi Iwuchukwu stated: “This milestone transaction showcases RMB’s ability to deliver integrated, high-impact solutions that unlock value for our clients while advancing Nigeria’s energy transition. By enabling indigenous ownership of strategic gas and power assets, we’re helping to drive the shift toward cleaner, more sustainable energy.”
Executed under a compressed timeline, RMB’s differentiated approach leveraging its One Bank model and deep sector expertise, was instrumental in securing the deal amidst a competitive bid process involving over 15 interested parties.
Lead Transactor and Head Leveraged Finance West Africa for RMB, Francis Oputeh, added: “This transaction reflects our strong partnership with BlueCore InfraCo and underscores RMB’s leadership in structuring complex, multi-stakeholder deals across Africa. It’s a testament to our role as a trusted adviser delivering impact beyond finance.”
Commenting on the deal, CEO of BlueCorp InfraCo, Eric Idiahi said: “This acquisition marks a defining step in BlueCorp’s mission to strengthen Nigeria’s energy infrastructure through indigenous ownership. Partnering with RMB enabled us to secure a tailored financing solution that positions Axxela to drive gas commercialisation, reliability, and sustainability across the country.”
The acquisition supports Nigeria’s gas commercialisation strategy, enhances energy reliability, and contributes to national decarbonisation goals by reducing gas flaring and displacing carbon-intensive fuels.
“We are pleased to announce the completion of the sale of our 75 percent equity interest in Axxla Limited to BlueCore Gas InfraCo Limited, a strategic alliance of Afrigaz Energie LLP, Levene Energy Development Limited, emPERSAND Limited, and energy& LLP, united in accelerating gas-and-power development across Nigeria and the broader West African region,” Axxla said.
It noted that Sojitz Corporation (“Sojitz”), a leading Japanese conglomerate listed on the Tokyo Stock Exchange, exercised its Tag-along right to sell its 25 percent interest alongside Helios.
Commenting on the transaction, Nitin Kaul, Partner at Helios, said, “We are proud of what Axxela has achieved under our ownership. Together with the management team, we have built a resilient platform well-positioned for long-term growth. Bluecore is the right partner to support the Company’s ambitions, and we remain confident Axxela will continue to play a critical role in advancing energy infrastructure in its core Nigerian market and beyond.”
“Thank you everyone for your kind comments. It’s been a journey but through it all we give God the glory for making this possible,” Nzan Ogbe, CEO, Levene Energy Holdings, said in a note to associates and industry stakeholders.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
