Rand Merchant Bank (RMB), a subsidiary of the FirstRand Group and one of Africa’s leading corporate and investment banks, has played a pivotal role in the financing of BlueCore InfraCo Limited’s acquisition of Axxela Limited — a strategic transaction with a total enterprise value of approximately USD 510 million.
The transaction, one of the largest private energy infrastructure deals in Nigeria in recent years, was funded through a combination of debt and equity, with RMB acting as Global Debt Coordinator, Mandated Lead Arranger, Underwriter and Bookrunner for the debt component of the acquisition financing
“This milestone transaction showcases RMB’s ability to deliver integrated, high-impact solutions that unlock value for our clients while advancing Nigeria’s energy transition,” said Chidi Iwuchukwu, Head of Investment Banking, Africa. “By enabling indigenous ownership of strategic gas and power assets, we’re helping to drive the shift toward cleaner, more sustainable energy.”
Executed under a compressed timeline, RMB’s differentiated approach—leveraging its One Bank model and deep sector expertise—was instrumental in securing the deal amidst a competitive bid process involving over 15 interested parties.
Francis Oputeh, Lead Transactor and Head Leveraged Finance West Africa for RMB, added: “This transaction reflects our strong partnership with BlueCore InfraCo and underscores RMB’s leadership in structuring complex, multi-stakeholder deals across Africa. It’s a testament to our role as a trusted adviser, delivering impact beyond finance.”
Commenting on the deal, Eric Idiahi of BlueCorp InfraCo noted “This acquisition marks a defining step in BlueCorp’s mission to strengthen Nigeria’s energy infrastructure through indigenous ownership. Partnering with RMB enabled us to secure a tailored financing solution that positions Axxela to drive gas commercialisation, reliability, and sustainability across the country.”
The acquisition supports Nigeria’s gas commercialisation strategy, enhances energy reliability, and contributes to national decarbonisation goals by reducing gas flaring and displacing carbon-intensive fuels.
RMB is part of the FirstRand Group and delivers innovative advisory and financing solutions through its Investment Banking division—driving sustainable growth across Africa.
About RMB:
RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank. RMB Nigeria provides clients with innovative, value‑added solutions across advisory, funding, trading, corporate banking, and principal investing.
About BlueCore Gas InfraCo Limited
BlueCore Gas InfraCo Limited, is a strategic alliance of Afrigaz Energie LLP (a portfolio company of Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development Limited, emPERSAND Limited and energy& LLP, focused on accelerating gas and power infrastructure in Nigeria and West Africa.
The strategic partners within BlueCore have investment and operation experience in gas pipelines, power generation and distribution, and renewable energy.
