Rand Merchant Bank has announced that it acted as the Exclusive Financial Adviser to Helios Investment Partners on the completed sale of its 75 per cent equity interest in Axxela Limited to BlueCore Gas InfraCo Limited.
In a statement on Sunday, RMB, which is a division of FirstRand Bank Limited, also indicated that as part of the transaction, Sojitz Corporation exercised its tag-along rights to sell its 25 per cent stake, resulting in a full transfer of ownership to BlueCore.
The PUNCH reports that in early January, Helios Investment Partners announced that the stake held through Glover Gas & Power B.V. was sold to BlueCore, 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.
This transaction is described as transformative on many fronts, as it accelerates gas-to-power development across Nigeria and the broader West African region, signals deep investor confidence in the Nigerian energy sector and sets a precedent for multi-stakeholder, cross-border, private equity exits in the country’s energy landscape.
RMB stated that it provided end‑to‑end transaction management, from strategic positioning and valuation work to competitive process design, bidder outreach, diligence coordination, and final negotiations, asserting that the process attracted significant interest from strategic investors and infrastructure funds alike and ranks among the largest African private equity transactions completed in 2025.
Speaking on the successful completion of the transaction, Executive Director & Head of Investment Banking at Rand Merchant Bank Nigeria Limited, Chidi Iwuchukwu, said, “We are proud to have advised Helios on this landmark transaction. Axxela has become a pivotal platform in Nigeria’s gas value chain, and this outcome underscores the growing depth of investor interest in energy transition infrastructure across West Africa. Our role reflects RMB’s commitment to delivering high‑calibre advisory across complex, cross‑border transactions.”
Team Lead, Energy Corporate Finance at Rand Merchant Bank, Siji Adesemowo, added, “We continue to observe a strong appetite for high-quality energy infrastructure assets across Nigeria and the broader region. This transaction both affirms that trend and establishes a significant benchmark for the sector. Axxela has made significant strides under Helios’ leadership. I have no doubt BlueCore will build on this foundation and take the company to even greater heights.”
