Sopuruchi Onwuka

Helios Investment Partners has completed the sale of its 75% stake in Axxela, the Nigerian natural gas distribution infrastructure company, to BlueCore, marking a full exit by its existing shareholders.

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As part of the transaction, Sojitz Corporation, the Tokyo-listed conglomerate, exercised its tag-along rights and sold its remaining 25% stake, leaving BlueCore as the sole owner of Axxela.

BlueCore is a strategic alliance formed to accelerate gas and power development across Nigeria and the wider West African region. The consortium is made up of Afrigaz Energie, a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, alongside Levene Energy Development, emPERSAND, and energy&.

Commenting on the transaction, Helios partner Nitin Kaul said the firm was proud of Axxela’s progress under its ownership, noting that the company had been built into a resilient platform with strong long-term growth prospects. He said BlueCore was well positioned to support Axxela’s next phase and expressed confidence that the company would continue to play a critical role in advancing energy infrastructure in Nigeria and beyond.

BlueCore director Dolu Olugbenjo described Axxela as a high-quality asset with strong fundamentals and an experienced management team. He said the consortium looks forward to working closely with the company to expand its operational footprint, support ongoing growth, and contribute to the region’s broader energy transition.

Axxela’s Group Chief Executive Officer, Timothy Ononiwu, said the transaction marked an important milestone in the company’s journey. He described the deal as a strong validation of the value created under Helios’ ownership, during which Axxela strengthened its operational base and achieved significant growth. Looking ahead, Ononiwu said BlueCore’s reach and industry expertise would help the company deepen its impact, expand its capabilities, and continue delivering sustainable value across Nigeria’s energy landscape and the wider region.