Rand Merchant Bank (RMB), a subsidiary of the FirstRand Group, has facilitated the acquisition of Axxela Limited by BlueCore InfraCo Limited in a landmark transaction valued at about $510 million, one of the largest private energy infrastructure deals in Nigeria in recent years.
The acquisition was financed through a mix of debt and equity, with RMB arranging $285 million in debt financing. In the transaction, RMB acted as Global Debt Coordinator, Mandated Lead Arranger, Underwriter, and Bookrunner for the debt component.
Describing the deal as a major milestone, Chidi Iwuchukwu, Head of Investment Banking, Africa at RMB, said the transaction reflects the bank’s ability to deliver integrated financing solutions that support Nigeria’s evolving energy landscape.
“This milestone transaction showcases RMB’s ability to deliver high-impact solutions that unlock value for our clients while supporting Nigeria’s energy transition,” Iwuchukwu said. “By enabling indigenous ownership of critical gas and power assets, we are helping to drive cleaner and more sustainable energy outcomes.”
The deal was executed under a compressed timeline and followed a competitive bidding process involving more than 15 interested parties. RMB said its One Bank model and deep sector expertise were key to successfully structuring and closing the transaction.
Francis Oputeh, Lead Transactor and Head of Leveraged Finance, West Africa at RMB, said the acquisition highlights the bank’s strong partnership with BlueCore InfraCo and its leadership in structuring complex, multi-party transactions across the continent.
“This transaction underscores our role as a trusted adviser, capable of delivering impact beyond finance,” Oputeh said.
Commenting on the acquisition, Eric Idiahi of BlueCore InfraCo described the deal as a defining step in the company’s strategy to strengthen Nigeria’s energy infrastructure through indigenous ownership.
“Partnering with RMB enabled us to secure a tailored financing solution that positions Axxela to accelerate gas commercialisation, improve energy reliability, and support sustainability across Nigeria,” Idiahi said.
The acquisition is expected to advance Nigeria’s gas commercialisation agenda, enhance energy reliability, and support national decarbonisation efforts by reducing gas flaring and displacing more carbon-intensive fuels.
RMB, part of the FirstRand Group, provides advisory and financing solutions across Africa through its Investment Banking division, with a focus on driving sustainable economic growth.
