By Ayomide Otitoju
The financing marks a major milestone for Levene Energy, providing direct entry into Nigeria’s regulated midstream and downstream gas sectors. The transaction represents a strategic diversification from the company’s core oil and refined petroleum products trading business into infrastructure-backed investments with stable, long-term earnings. It aligns with Levene Energy’s objective of evolving into a fully integrated energy company with recurring revenue streams anchored on critical infrastructure assets.
Beyond its commercial value, the investment is expected to support regional energy transition objectives by expanding access to natural gas. Axxela is positioned as a key player in Nigeria’s energy transition through its investments in gas infrastructure, power generation and cleaner energy solutions. With a strong project pipeline, regional partnerships and a restructured business model, the company is expected to drive sustainable growth and deepen its footprint across West Africa’s energy sector.
Commenting on the transaction, Afreximbank’s Executive Vice President for Global Trade Bank, Haytham Elmaayergi, said the deal aligns with the bank’s strategic priorities under its Leadership in Global Trade Banking, Intra-African Trade and Industrialisation pillars. He noted that the facility underscores Afreximbank’s commitment to promoting private sector investment in critical infrastructure, enhancing energy security and strengthening regional value chains in the oil and gas sector.
“Our core strength lies in the strategic partnerships we forge with African champions,” Elmaayergi said. “By backing Levene Energy’s entry into gas infrastructure, we are supporting the transition to cleaner energy sources, improving regional energy security and reinforcing intra-African value chains.”
Also speaking on the acquisition, Levene Energy’s Head of Corporate Development, Sam Aofolaju, described the Afreximbank facility as a catalyst for the company’s strategic expansion beyond commodity trading into renewable energy and gas and power infrastructure, which he described as a backbone of West Africa’s clean energy transition. He said the financing validates Levene Energy’s vision and highlights the importance of locally owned, resilient infrastructure in driving sustainable economic development across Africa.
The partnership between Afreximbank and Levene Energy dates back to 2019, when it began with trade finance facilities. Since then, the relationship has evolved into a strategic collaboration supporting Levene Energy’s transformation from a downstream operator into a pan-African energy trader and, most recently, a gas infrastructure investor.
