February 1, 2019 (Lagos, Nigeria) — Axxela Limited (referred to as “Axxela” or the “Company”), Africa’s preferred fast-growing gas & power portfolio company, has been assigned national scale issuer ratings of BBB+(NG) and A2(NG) in the long term and short term respectively by Global Credit Ratings (“GCR”) with the outlook accorded as Stable. The ratings are valid until September 2019.

Speaking on the rating, Axxela CEO, Bolaji Osunsanya said: “As we implement a dynamic and focused strategy of developing high yield portfolio investments across the gas and power value chain, we are pleased with our favorable initial rating which will bolster investor confidence in our day-to-day operations and mid-long term strategy. With an upturn in gas exports, and industries requiring a cleaner, cost-efficient, and environmentally-friendly energy source, natural gas is now at the fore of global energy conversations. We now look forward to delivering on our commitments, and celebrating the successes of 2019.”

The ratings are integral to Axxela’s strategic diversification plans of gas supply and trading, and the build out of power and virtual pipeline infrastructure. The initiative further signifies the solid commitment from financial institutions to support the sustained growth and development of the Nigerian gas and power sector.

Ratings Rationale

GCR has accorded the aforementioned credit ratings based on the following key considerations:

  • Axxela is a leading player in the Nigerian natural gas distribution market, with the largest gas distribution capacity.
  • Axxela’s position is also strengthened by strategic partnerships, long term distribution arrangements, and strong relationship with technical partners.
  • Axxela is embarking on several gas infrastructure developments which are expected to be delivered in the short-medium term.

About Axxela

Axxela is a Helios Investment Partners LLP portfolio company, and a designated natural gas shipper on the West African Gas Pipeline (WAGP). Axxela is also the pioneering private sector-led developer of natural gas distribution in Nigeria, delivering at peak 80 million standard cubic feet per day to over 160 industrial and commercial customers via a vast network of gas infrastructure. With over 280km in gas pipeline infrastructure built, Axxela provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, and Central Horizon Gas Company Limited.