Financial services provider Standard Bank has reported that it has delivered a comprehensive $285-million debt and equity financing solution, which it says will “alter the landscape” of Nigerian energy.

The company, in a media release, explains that the recently completed transaction enables BlueCore Gas InfraCo to acquire 100% shareholding in Glover Gas & Power, the owner of Axxela, a player in Nigeria’s natural gas sector.

Standard Bank acted as the mandated lead arranger and financier to provide an innovative funding solution that empowered BlueCore InfraCo to acquire Axxela in a highly competitive bid process involving over 15 interested parties.

Standard Bank says Axxela has become one of West Africa’s largest regional gas distributors, since its inception in 2001.

Pioneering the development of Nigeria’s private sector-led natural gas distribution network, Standard Bank explains that the company operates across the full spectrum of the natural gas value chain, delivering energy solutions to industrial and commercial clients.

BlueCore InfraCo drives the advancement of gas and power infrastructure development across Nigeria and West Africa.

Built on a strategic alliance, it draws on the combined expertise of Afrigaz Energie – a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, managed by Stanbic IBTC Asset Management; Levene Energy Development; emPERSAND; and Energy & LLP.

Together, Standard Bank says the partners offer deep investment and operational experience in gas pipelines, power generation and distribution and renewable energy.

“This transaction underscores Standard Bank’s connectivity and expertise across Africa. By combining our deep local sector knowledge with global structuring expertise, we successfully navigated complex, multi-jurisdictional challenges to deliver a robust solution for all stakeholders.

“We are proud to strengthen our partnership with Axxela, a key player in West African infrastructure, and to collaborate alongside strong sponsors in BlueCore InfraCo, and its shareholders who share our ambitions for the continent,” explains Standard Bank Corporate and Investment Banking deal lead for structured capital business Kagiso Rantloane.

Standard Bank says this transaction, which was completed within a tight timeline, marks a significant milestone in Standard Bank’s partnership with Bluecore shareholders, highlighting the bank’s long-held commitment to supporting capital allocators across Africa.

“Standard Bank brought deep sector insight, disciplined execution, and a clear understanding of the strategic importance of the Axxela platform.

“Their team remained fully engaged throughout the transaction, working constructively with the consortium to deliver a financing solution that supports long-term value creation,” says Levene Energy Holdings CEO and BlueCore InfraCo director Nzan Ogbe.

Standard Bank says this transaction directly advances Nigeria’s objectives for cleaner and more reliable energy, while also fostering industrial growth, infrastructure development, and broader regional integration across West Africa through cross-border gas trade.

“At Standard Bank, our commitment goes beyond delivering financial solutions, we strive to be a driving force for economic transformation across Africa. Partnering with visionary clients like BlueCore InfraCo, who share our dedication to investing in the continent, empowers us to support growth and unlock new opportunities.

“The successful conclusion of this landmark transaction exemplifies our deep and unwavering commitment to the continent’s energy transition as a strategic lever for sustainable growth.

“We believe BlueCore InfraCo is well positioned to drive the next phase of growth for Axxela and we will continue to act as a strategic partner and trusted advisor,” says Standard Bank Corporate and Investment Banking equity finance executive head Tyson Sithole.