KEY POINTS
- Afreximbank provided a $64 million acquisition facility to Levene Energy.
- The deal supports an equity stake linked to Axxela’s gas infrastructure.
- Levene is shifting from trading toward long-term energy assets.
A $64 million facility from the African Export-Import Bank is helping Nigerian businessman Nzan Ogbe reposition his energy company away from commodity trading and deeper into gas infrastructure, a segment of the market many investors see as more stable and predictable.
Afreximbank said on Friday that it provided acquisition finance to Levene Energy Development Ltd to support its equity commitment to Bluecore Gas Infraco Ltd. Bluecore is pursuing an acquisition linked to a 30 percent equity stake in Axxela Ltd, which the bank described as one of West Africa’s leading gas and power infrastructure companies.
The transaction gives Levene direct exposure to Nigeria’s regulated midstream and downstream gas sectors, marking a strategic shift for a company whose roots lie in trading crude oil and refined petroleum products. Afreximbank said the investment aligns with Levene’s ambition to become a fully integrated energy company with recurring income tied to long-term infrastructure assets rather than volatile trading margins.
Shift from trading to assets
Ogbe, Levene’s founder and chief executive, built his career across several industries before entering energy. Company information describes him as a serial entrepreneur with more than three decades of experience spanning commercial trading, real estate, telecommunications, and oil and gas. He holds a bachelor’s degree in Communication Arts and has completed leadership and management programs.
In a 2023 interview with BusinessDay, Ogbe said he founded Levene Energy in 2016 after years in other ventures. He initially focused the business on exporting Nigerian crude and importing refined products and derivatives. That trading-led model helped the company scale quickly, but it also exposed it to sharp swings in prices, policy, and credit conditions.
According to Billionaire Africa, Levene now presents itself as an African-born global energy company with interests across trading, upstream services, engineering, and clean energy development. Afreximbank said its relationship with Levene began in 2019 through trade finance facilities, which expanded as the company’s operations grew.
Gas seen as steadier bet
Ogbe has also leaned into renewable energy at a time when lenders have grown cautious about financing new oil projects. In December 2025, Punch newspaper reported that he received a sustainability award linked to Levene’s work on a fully automated solar panel manufacturing facility, an investment said to exceed $20 million. The same report said the company had started exporting solar panels to Ghana and other West African markets.
Afreximbank framed the Axxela-linked deal as part of a broader push to strengthen gas infrastructure as a transition fuel. The bank said expanding gas supply can improve energy access, support power generation, and reduce reliance on dirtier fuels.
As Nigeria’s gas value chain opens further to private capital, transactions like this are reshaping ownership of critical infrastructure. Ogbe is betting that pipelines, distribution networks, and gas-to-power assets will deliver steadier returns and endure longer than the next cycle in oil prices.
