Helios Investment Partners has completed the sale of its 75% equity interest in Axxela Limited to BlueCore Gas InfraCo Limited, a consortium of Nigerian and international energy players.
This is according to a statement released by Helios confirming the conclusion of the transaction after all regulatory and contractual conditions were met.
The deal also saw Sojitz Corporation, which held the remaining 25%, exercise its tag-along rights to exit alongside Helios—marking a full ownership transition to BlueCore.
What they are saying
The transaction brings to a close Helios’ near-decade-long involvement in Axxela, which began with its 2016 acquisition of a majority stake from Oando Plc for $45 million.
Under Helios, Axxela has grown into a major gas and power distributor in Nigeria, with infrastructure connecting industrial and commercial customers across Lagos and Ogun states, and extending its influence regionally.
- According to Nitin Kaul, Partner at Helios, “We are proud of what Axxela has achieved under our ownership. Bluecore is the right partner to support the Company’s ambitions.”
- BlueCore’s Director, Dolu Olugbenjo, described Axxela as a “high-quality asset with strong fundamentals,” adding that the new owners plan to support operational expansion and contribute to the region’s energy transition.
- Axxela’s CEO, Timothy Ononiwu, noted the transition represents a “strong validation of the value and impact” built under Helios, expressing optimism about the company’s future under BlueCore’s stewardship.
More context
BlueCore is backed by a strategic alliance comprising Afrigaz Energie LLP (a portfolio company of Stanbic IBTC Infrastructure Fund), Levene Energy Development Limited, emPERSAND Limited, and Energy & LLP.
- The group has demonstrated serious intent in the gas infrastructure space, as evidenced by its recent $285 million financing deal arranged by Rand Merchant Bank (RMB), as previously reported by Nairametrics.
- With Helios and Sojitz’s complete exit, BlueCore now assumes full control of Axxela, placing it at the centre of Nigeria’s gas commercialization strategy.
- The acquisition is part of a broader investment trend in midstream gas infrastructure, which is critical to reducing Nigeria’s energy supply gaps.
Rand Merchant Bank acted as exclusive financial advisor to Helios, with Latham & Watkins and Banwo & Ighodalo providing legal counsel. BlueCore was advised by DLA Piper Africa and Asafo & Co.
Why this sale matters
This sale marks one of the most significant private equity exits in Nigeria’s energy space and reflects the growing investor interest in gas infrastructure as a strategic play in Africa’s energy transition.
Axxela’s track record of building pipeline networks and delivering gas to over 180 industrial and commercial clients gives BlueCore a strong platform to scale and deepen regional reach.
For Helios, the exit provides a notable close to its involvement in Axxela, showcasing a successful turnaround and value creation story.
What you should know
- In 2019, Helios acquired its stake in Axxela from Oando Plc in 2016 for $45 million, as covered in this Nairametrics article.
- BlueCore recently secured $285 million in financing to support gas infrastructure projects in Nigeria.
- Axxela operates Nigeria’s first privately-owned gas pipeline network and is licensed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) as a Gas Shipping and Distribution Company.
- This deal highlights a broader trend in Africa’s private equity space where infrastructure, particularly in energy, is attracting long-term capital with sustainability goals.
