Rand Merchant Bank (RMB) has completed a landmark $285 million acquisition financing for BlueCore InfraCo Limited, enabling the company to acquire Glover Gas & Power B.V., the owner of Axxela Limited, Nigeria’s leading private gas and power distribution platform.
In the transaction, RMB acted as Global Debt Coordinator, Mandated Lead Arranger, Underwriter and Bookrunner, structuring and part-funding the financing under tight timelines. The bank also served as exclusive sell-side adviser to Helios Investment Partners, ensuring a smooth exit and transition to indigenous ownership.
The deal is widely seen as a major boost for Nigeria’s energy infrastructure, supporting the country’s gas commercialisation strategy, improving energy reliability, and advancing decarbonisation goals by reducing gas flaring and replacing more carbon-intensive fuels.
According to Chidi Iwuchukwu, Head of Investment Banking, Africa at RMB, the transaction highlights the bank’s capacity to deliver integrated solutions that drive both commercial value and national development. He said the deal reinforces RMB’s commitment to enabling cleaner, more sustainable energy through local ownership of strategic assets.
The financing was executed in a highly competitive process involving more than 15 bidders, with RMB’s sector expertise and “One Bank” model proving critical to meeting the compressed completion timeline.
Francis Oputeh, RMB’s Head of Leveraged Finance, West Africa, described the transaction as evidence of the bank’s leadership in structuring complex, multi-stakeholder deals across Africa and delivering impact beyond financing.
On his part, Eric Idiahi of BlueCore InfraCo said the acquisition marks a defining step in strengthening Nigeria’s energy infrastructure. He noted that the partnership with RMB provided a tailored financing solution that positions Axxela to deepen gas distribution, improve reliability, and promote sustainability nationwide.
Overall, the transaction underscores growing confidence in indigenous-led energy investments and positions gas as a central pillar in Nigeria’s transition to a cleaner and more resilient energy mix.
