Rand Merchant Bank (RMB) has acted as the exclusive financial adviser to Helios Investment Partners in the sale of its 75% stake in Axxela Limited to BlueCore Gas InfraCo Limited. Sojitz Corporation, which held the remaining 25%, also sold its stake through tag-along rights, giving BlueCore full ownership of Axxela.

The deal involves a consortium including Afrigaz Energie LLP (part of the Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development Limited, emPERSAND Limited, and Energy & LLP. Experts say this is a significant move for Nigeria’s gas-to-power sector, showing strong investor confidence and setting a benchmark for private equity exits in the country’s energy market.

RMB oversaw the entire transaction, from valuation and strategic planning to managing the bidding process, coordinating due diligence, and leading final negotiations. The bank noted that the sale attracted strong interest from both strategic investors and infrastructure funds, making it one of the largest African private equity deals completed in 2025.

Chidi Iwuchukwu, Executive Director and Head of Investment Banking at RMB Nigeria, said the transaction highlights Axxela’s pivotal role in Nigeria’s gas value chain and the growing appeal of energy infrastructure investments in West Africa.

Siji Adesemowo, Team Lead for Energy Corporate Finance at RMB, added that the deal reflects a strong appetite for high-quality energy assets in the region. He expressed confidence that BlueCore would continue to expand Axxela’s operations and take the company to new heights.