Rand Merchant Bank (RMB) has successfully closed a landmark US$285 million acquisition financing that is set to play a transformative role in Nigeria’s gas and power infrastructure landscape. The financing supported BlueCore InfraCo Limited’s acquisition of Glover Gas & Power B.V., the holding company that owns Axxela Limited, one of Nigeria’s leading private gas and power distribution platforms. The deal represents a major step toward indigenous ownership of strategic energy assets while reinforcing Nigeria’s long-term gas commercialisation and decarbonisation agenda.
In the transaction, Rand Merchant Bank, a subsidiary of FirstRand Group, acted as Global Debt Coordinator, Mandated Lead Arranger, Underwriter, and Bookrunner. RMB not only structured and part-funded the US$285 million debt package but also delivered a bespoke financing solution that enabled the transaction to be completed within a compressed timeline. In addition, RMB served as exclusive sell-side adviser to Helios Investment Partners, the outgoing shareholder, ensuring a smooth and efficient transition of ownership.
The financing paved the way for BlueCore InfraCo Limited to acquire Glover Gas & Power B.V., the 100% owner of Axxela Limited. Axxela is widely regarded as Nigeria’s foremost private gas and power distribution platform, with extensive infrastructure supporting industrial and commercial customers across multiple states. By facilitating the acquisition, the transaction strengthens local participation in critical energy infrastructure and enhances Nigeria’s capacity to deliver reliable, cleaner energy to homes and industries.
According to RMB, the transaction highlights the bank’s ability to deploy its “One Bank” model and deep sector expertise to deliver integrated, high-impact financing solutions. The deal was executed amid a highly competitive bidding process involving more than 15 interested parties, underscoring both the attractiveness of the asset and RMB’s capability to deliver under demanding conditions.
Commenting on the transaction, Chidi Iwuchukwu, Head of Investment Banking, Africa at RMB, described it as a milestone that demonstrates how tailored financial solutions can unlock value while supporting national development goals. He noted that enabling indigenous ownership of gas and power assets is critical to accelerating Nigeria’s transition toward cleaner, more sustainable energy sources and reducing dependence on carbon-intensive fuels.
Francis Oputeh, Lead Transactor and Head of Leveraged Finance West Africa at RMB, added that the transaction reflects a strong partnership with BlueCore InfraCo and reinforces RMB’s leadership in structuring complex, multi-stakeholder transactions across Africa. According to him, the deal illustrates RMB’s role not just as a financier, but as a trusted adviser capable of delivering impact beyond capital provision.
From BlueCore’s perspective, the acquisition represents a defining moment in its mission to strengthen Nigeria’s energy infrastructure through local ownership and long-term investment. Eric Idiahi of BlueCore InfraCo stated that partnering with RMB made it possible to secure a financing structure aligned with the group’s strategic objectives. With Axxela now under BlueCore’s ownership, the platform is expected to scale gas commercialisation efforts, improve energy reliability, and support sustainable industrial growth across Nigeria.
Beyond corporate strategy, the transaction aligns closely with Nigeria’s broader energy policy objectives. Gas is widely recognised as a transition fuel that can support economic growth while lowering emissions compared to diesel and other high-carbon alternatives. By expanding gas distribution infrastructure and reducing gas flaring, the acquisition supports national decarbonisation goals and contributes to energy security at a time when reliable power remains a critical constraint to industrial development.
RMB noted that the deal also demonstrates Africa’s growing capacity to finance large, sophisticated energy transactions locally, reinforcing confidence in indigenous capital and expertise. As Nigeria continues to reposition gas as a cornerstone of its energy mix, transactions of this scale are expected to play an increasingly important role in unlocking infrastructure investment and driving sustainable growth.
Overall, the US$285 million financing arranged by RMB for BlueCore InfraCo stands as a significant milestone in Nigeria’s energy transition. It strengthens local ownership of strategic assets, accelerates gas infrastructure development, and underscores the role of innovative African financial institutions in shaping the continent’s energy future.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
