A major Nigerian gas infrastructure firm has shifted to local institutional ownership in a deal strengthening investor confidence in the country’s strategic energy assets.
BlueCore Gas InfraCo Limited has completed the acquisition of Axxela Limited, a leading gas and power infrastructure company, from international owners Helios Investment Partners and Sojitz Corporation.
The buyer is a consortium anchored by domestic capital, including the Stanbic IBTC Infrastructure Growth Fund, Levene Energy Holdings, Energy& LLP, and emPERSAND Limited. The move transitions Axxela from foreign private equity hands to a locally backed infrastructure platform.
The transaction highlighted the growing bankability of Nigeria’s midstream gas assets, which are critical for power generation, industrial activity, and national energy security. Market participants view gas as a key transition fuel, enabling reliable power, reducing diesel use, and cutting gas flaring.
“This transaction reflects a broader shift in Nigeria’s infrastructure investment landscape, where well-run operating assets are increasingly able to attract domestic long-term institutional capital,” said Dolu Olugbenjo, Executive Director, Investments and Chief Investment Officer, Infrastructure Fund at Stanbic IBTC Asset Management.
He noted that from an investment perspective, platforms such as Axxela provide qualified investors with exposure to a leading midstream gas asset, a clear path to scale, a strong management team, and a robust governance culture that together form a solid foundation for delivering sustainable and impactful outcomes.
The deal highlighted the maturation of Nigeria’s infrastructure investment landscape, demonstrating that established operating companies with solid governance can mobilise local institutional funding.
Busola Jejelowo, Chief Executive of Stanbic IBTC Asset Management, emphasised that infrastructure investment requires “more than capital,” including strong governance and platforms built for scale and resilience.
She said: “For long-term investors, infrastructure requires more than capital – it requires the ability to identify and curate investable opportunities, embed strong governance frameworks, and build platforms that can scale responsibly over time.
“Our focus is on stewarding infrastructure platforms that offer sustainable cash flows, resilience across economic cycles, and the capacity to deploy capital consistently into assets that are essential to economic growth and energy security.”
