Rand Merchant Bank Leads $285m Financing for BlueCore InfraCo’s $510m Axxela Acquisition
Rand Merchant Bank has led the $285 million The financing structure was completed under a tight timeline despite a competitive process involving more than 15 bidders. Speaking on the deal, Chidi Iwuchukwu, Head of Investment Banking, Africa at RMB, said the transaction reflects the bank’s ability to deliver integrated solutions that advance indigenous energy infrastructure in Nigeria while unlocking long-term value.
Francis for BlueCore InfraCo’s $510m Axxela acquisition, marking one of the largest private energy infrastructure deals in Nigeria in recent years.The transaction positions Rand Merchant Bank (RMB) as a key player in the Axxela acquisition Nigeria, reinforcing its role in major Nigeria energy infrastructure deals. RMB acted as Global Debt Coordinator, Mandated Lead Arranger, Underwriter, and Bookrunner for the debt component of the transaction.
The BlueCore InfraCo Axxela deal combines debt and equity funding and supports Nigeria’s push toward gas commercialisation and energy transition. The financing structure was completed under a tight timeline despite a competitive process involving more than 15 bidders.
Speaking on the deal, Chidi Iwuchukwu, Head of Investment Banking, Africa at RMB, said the transaction reflects the bank’s ability to deliver integrated solutions that advance indigenous energy infrastructure in Nigeria while unlocking long-term value. Francis Oputeh, Head of Leveraged Finance West Africa at RMB, noted that the RMB financing Axxela deal demonstrates the bank’s strength in structuring complex, multi-stakeholder transactions across Africa and its deep understanding of the Nigeria energy sector.
BlueCore Gas InfraCo Limited said the acquisition strengthens its mission to expand gas and power infrastructure through local ownership. The company added that the tailored financing positions Axxela gas infrastructure Nigeria to improve reliability, reduce gas flaring, and displace carbon-intensive fuels.The Axxela acquisition aligns with Nigeria’s long-term strategy to grow domestic gas usage, support power generation, and achieve national decarbonisation goals.
Rand Merchant Bank is part of the FirstRand Group and continues to drive major RMB investment banking Africa transactions through innovative advisory and financing solutions.
