Rand Merchant Bank (RMB) has confirmed its role as Exclusive Financial Adviser to Helios Investment Partners in the completed Axxela sale Nigeria. Specifically, the deal involved Helios selling its 75% stake in Axxela Limited to BlueCore Gas InfraCo Limited. At the same time, Sojitz Corporation exercised its tag-along rights and sold its 25% stake. As a result, BlueCore now holds 100% ownership of Axxela.
RMB is a division of FirstRand Bank Limited. Notably, it described the transaction as one of the largest African private equity exits of 2025. Moreover, the deal is widely seen as transformative for Nigeria and West Africa. For instance, it will accelerate gas-to-power development. Additionally, it signals strong investor confidence in Nigeria’s energy transition. Equally important, it sets a new benchmark for cross-border private equity exits in the region.
The buyer, BlueCore Gas InfraCo, is a strategic alliance. Its members include Afrigaz Energie LLP (backed by Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development Limited, emPERSAND Limited, and Energy & LLP. Together, this group brings deep regional expertise. Furthermore, it has committed significant capital to scale Axxela’s integrated operations.
Throughout the process, RMB provided end-to-end advisory services. These included strategic positioning and valuation analysis. It also designed a competitive bidding process. Then, RMB reached out to qualified investors. After that, it coordinated due diligence and led final negotiations. Consequently, the transaction attracted strong interest from both strategic buyers and global infrastructure funds.
Chidi Iwuchukwu is Executive Director and Head of Investment Banking at RMB Nigeria. He stated, “We are proud to have advised Helios on this landmark transaction. Axxela has become a pivotal platform in Nigeria’s gas value chain. This outcome clearly shows growing investor interest in energy transition infrastructure across West Africa. Our involvement reflects RMB’s commitment to delivering high-calibre advice on complex, cross-border deals.”
Siji Adesemowo leads Energy Corporate Finance at RMB. She added, “We continue to see strong demand for quality energy infrastructure assets in Nigeria and the wider region. This deal not only confirms that trend—it also establishes a major benchmark for the sector. Axxela made great progress under Helios. I am confident that BlueCore will build on this foundation and take the company even further.”
In summary, the Axxela sale Nigeria represents more than just a change in ownership. Indeed, it signals a maturing investment climate for critical energy infrastructure. It also proves that large-scale private equity exits can succeed in Nigeria. Moreover, it underscores gas’s role as a bridge fuel in Africa’s clean energy transition. With RMB’s expert guidance, the deal offers a clear model for future infrastructure transactions across the continent.
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