- Rand Merchant Bank (RMB) closed a landmark $285 million acquisition financing for BlueCore InfraCo Limited to acquire Glover Gas & Power B.V., owner ofAxxelaLimited, Nigeria’s leading private gas and power distribution platform.
- Acting as Global Debt Coordinator, MLA, Underwriter, and Bookrunner, RMB structured and part-funded the deal, delivered a bespoke financing solution under tight timelines, and advised Helios Investment Partners on the sell-side.
- The transaction enables indigenous ownership of strategic gas and power assets, supports Nigeria’s gas commercialization strategy, and advances national decarbonization goals by reducing gas flaring and displacing carbon-intensive fuels.
Rand Merchant Bank (RMB), a subsidiary of the FirstRand Group and a leading corporate and investment bank, has successfully closed a landmark $285 million acquisition financing for BlueCore InfraCo Limited – marking a pivotal moment in Nigeria’s energy infrastructure evolution.
Acting as Global Debt co-ordinator, Mandated Lead Arranger (MLA), Underwriter and Bookrunner, RMB structured and part-funded a total $285 million debt financing solution to support BlueCore InfraCo’s acquisition of Glover Gas & Power B.V., the 100% owner of Axxela Limited—one of Nigeria’s leading private gas and power distribution platforms.
RMB also delivered a bespoke funding solution that enabled BlueCore Infraco to finalise the transaction within short timelines and served as exclusive sell-side adviser to Helios Investment Partners, the outgoing shareholder, ensuring a seamless transition to local Nigerian ownership.
“This milestone transaction showcases RMB’s ability to deliver integrated, high-impact solutions that unlock value for our clients while advancing Nigeria’s energy transition,” said Chidi Iwuchukwu, Head of Investment Banking, Africa. “By enabling indigenous ownership of strategic gas and power assets, we’re helping to drive the shift toward cleaner, more sustainable energy.”
Executed under a compressed timeline, RMB’s differentiated approach—leveraging its One Bank model and deep sector expertise—was instrumental in securing the deal amidst a competitive bid process involving over 15 interested parties.
Francis Oputeh, Lead Transactor and Head Leveraged Finance West Africa for RMB, added: “This transaction reflects our strong partnership with BlueCore InfraCo and underscores RMB’s leadership in structuring complex, multi-stakeholder deals across Africa. It’s a testament to our role as a trusted adviser delivering impact beyond finance.”
Commenting on the deal, Eric Idiahi of BlueCorp InfraCo noted “This acquisition marks a defining step in BlueCorp’s mission to strengthen Nigeria’s energy infrastructure through indigenous ownership. Partnering with RMB enabled us to secure a tailored financing solution that positions Axxela to drive gas commercialisation, reliability, and sustainability across the country.”
The acquisition supports Nigeria’s gas commercialisation strategy, enhances energy reliability, and contributes to national decarbonisation goals by reducing gas flaring and displacing carbon-intensive fuels.
RMB is part of the FirstRand Group and delivers innovative advisory and financing solutions through its Investment Banking division—driving sustainable growth across Africa.
About RMB
RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank. RMB Nigeria provides clients with innovative, value‑added solutions across advisory, funding, trading, corporate banking, and principal investing. For more information, please visit www.rmb.com.ng
About BlueCore Gas InfraCo Limited
BlueCore Gas InfraCo Limited (“BlueCore”), is a strategic alliance of Afrigaz Energie LLP (a portfolio company of Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development Limited, emPERSAND Limited and energy& LLP, focused on accelerating gas and power infrastructure in Nigeria and West Africa. The strategic partners within BlueCore have investment and operation experience in gas pipelines, powergeneration and distribution, and renewableenergy.