Nigeria’s energy sector has witnessed an early-year shift in 2026 after BlueCore InfraCo Limited closed a $285m debt financing deal with South Africa’s Rand Merchant Bank (RMB) to acquire Glover Gas & Power B.V, the parent company of Axxela Limited.
RMB, acting as mandated lead arranger, structured the bespoke funding solution that enabled BlueCore to complete the transaction within a compressed timeline. The financing process was highly competitive, attracting interest from more than 15 bidders.
Axxela—formerly Oando Gas & Power Limited—is one of Nigeria’s leading private gas and power distribution platforms. Its subsidiaries, including Gaslink Nigeria Limited, Gas Network Services Limited, Transit Gas Nigeria Limited and Central Horizon Gas Company, operate a network of more than 360km of pipelines, supplying up to 70 million cubic feet of gas per day to around 200 industrial customers in Lagos, Port Harcourt and Sagamu.
The deal marks the end of an era for Helios Investment Partners, which acquired Oando’s residual 25% stake in 2019 for $41.5m, having already purchased a 75% stake in 2016 for $115.8m. Helios later sold 25% of its holding to Japan’s Sojitz Corporation, but both investors have now fully divested, paving the way for BlueCore’s entry and ensuring a seamless transition to indigenous ownership. RMB also acted as exclusive sell‑side adviser to Helios.
“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,” said Chidi Iwuchukwu, Head of Investment Banking at RMB Africa. Francis Oputeh, Lead Transactor and Head of Leveraged Finance West Africa, added: “It’s a testament to our role as a trusted adviser delivering impact beyond finance.”
BlueCore says the acquisition will strengthen its gas operations and accelerate Nigeria’s energy transition. “This marks a defining step in our mission to reinforce Nigeria’s energy infrastructure through indigenous ownership,” said Eric Idiahi of BlueCore. He added that the partnership with RMB has provided Axxela with a tailored financing solution to drive gas commercialisation across the country.
The funds will support projects aimed at expanding Nigeria’s gas infrastructure, improving domestic supply and aligning with government energy transition goals. Following the deal, Axxela will now be jointly owned by Afrigaz Energie, Levene Energy Development, emPERSAND and energy&, all part of the BlueCore consortium.