Rand Merchant Bank (RMB) has completed a landmark $285 million acquisition financing for BlueCore InfraCo Limited to acquire Glover Gas & Power B.V., the owner of Axxela Limited, Nigeria’s leading private gas and power distribution platform.
The transaction marks a significant milestone in Nigeria’s energy infrastructure landscape, enabling indigenous ownership of critical gas and power assets while advancing the country’s gas commercialisation and decarbonisation objectives.
RMB acted as Global Debt Coordinator, Mandated Lead Arranger, Underwriter and Bookrunner, structuring and part-funding the $285 million debt package. The bank also served as exclusive sell-side adviser to Helios Investment Partners, the exiting shareholder, facilitating a smooth transition to Nigerian ownership.
Executed under tight timelines and amid a competitive bid process involving more than 15 interested parties, the deal leveraged RMB’s One Bank model and deep sector expertise to deliver a bespoke financing solution tailored to BlueCore InfraCo’s needs.
“This milestone transaction demonstrates RMB’s ability to deliver integrated, high-impact solutions that unlock value for our clients while supporting Nigeria’s energy transition,” said Chidi Iwuchukwu, Head of Investment Banking, Africa. “By enabling indigenous ownership of strategic gas and power assets, we are helping to accelerate the shift towards cleaner and more sustainable energy.”
Francis Oputeh, Lead Transactor and Head of Leveraged Finance, West Africa at RMB, said the deal underscores the bank’s leadership in structuring complex, multi-stakeholder transactions across the continent.
“This transaction reflects our strong partnership with BlueCore InfraCo and reinforces RMB’s role as a trusted adviser delivering impact beyond financing,” Oputeh said.
Commenting on the acquisition, Eric Idiahi of BlueCore InfraCo described the deal as a defining step in the company’s mission to strengthen Nigeria’s energy infrastructure.
“Partnering with RMB enabled us to secure a tailored financing solution that positions Axxela to drive gas commercialisation, reliability and sustainability across Nigeria,” Idiahi said.
The acquisition is expected to enhance energy reliability, reduce gas flaring and displace more carbon-intensive fuels, in line with Nigeria’s national energy and climate goals.
RMB is a subsidiary of the FirstRand Group and delivers advisory and financing solutions through its Investment Banking division, supporting sustainable economic growth across Africa.
About RMB
RMB Nigeria Limited, a member of the FirstRand Group, is a leading African corporate and investment bank, providing innovative solutions across advisory, funding, trading, corporate banking and principal investing. Further information is available at www.rmb.com.ng
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