April 4, 2019 (Lagos, Nigeria) — Axxela Limited (“Axxela”), Africa’s preferred fast-growing gas & power portfolio company, has formally announced the acquisition of Oando’s remaining 25 percent interest in Axxela by Helios Investment Partners (“Helios”), a leading private equity firm with a focus on investments in Africa.
This follows Helios’ initial purchase of a majority stake in Axxela’s gas and power business enterprise in December 2016. Following Oando’s divestment, Helios is now the sole principal investor in Axxela with a 100 percent ownership.
Speaking on the transaction, Axxela Chief Executive Officer, Bolaji Osunsanya said: “While paying homage to our storied history and legacy, our recognition as being fully owned by Helios gives us global positioning, greater financial flexibility, and access to capital going forward. As a partner of choice, we have immense pride in the growth, robustness, and stability of our existing business enterprise, enabling us spur the aggressive expansion of our footprint via our audacious growth initiatives in Nigeria and the West African region.”
Axxela recently achieved a series of “Firsts”: First private company to attain a shipper’s licence on the West African Gas Pipeline; First company in the Nigerian oil & gas space to simultaneously integrate and hold ISO Standards – ISO 9001:2015 (Quality Management Standard), ISO 14001:2015 (Environmental Standard) and ISO 45001:2018 (Occupational Health and Safety Standard); and achievement of Investment Grade Rating in its first-ever ratings program (Short-Term: A2; Long-Term: BBB+; Stable Outlook) and Agusto (Bbb; Stable Outlook).
About Axxela
Axxela is 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.