Standard Bank has arranged a $285 million structured financing package to support BlueCore Gas InfraCo’s acquisition of Glover Gas & Power, the sole owner of Axxela, one of Nigeria’s leading natural gas distribution companies.
Axxela is among West Africa’s largest private gas distributors, with operations spanning the natural gas value chain. The company supplies gas and related energy solutions to a broad base of industrial and commercial customers across Nigeria.
The transaction brings together a strategic consortium backing BlueCore, comprising investors with expertise in gas pipeline infrastructure, power generation, and broader energy assets. The deal highlights strong investor appetite for expanding gas and energy infrastructure in Nigeria and across the wider West African region.
Standard Bank noted that the financing structure addressed the transaction’s complex regulatory and multi-jurisdictional requirements, underscoring the bank’s deep sector knowledge and structured finance capabilities within Africa’s energy market.
