Lagos — Helios Investment Partners and Japanese trading firm Sojitz have completed the sale of their equity stake in Axxela to BlueCore Investment Group, marking the latest chapter in the evolution of one of Nigeria’s most prominent indigenous gas infrastructure companies. This was disclosed by Wale Tinubu, the Group Chief Executive of OANDO
The transaction follows a long growth trajectory for Axxela, which traces its origins to an early investment by Oando in 2001. That initial investment of ₦1 million later expanded into a business valued at more than $300 million in enterprise value by 2017, when Oando exited the company. The firm’s valuation has since nearly doubled again, culminating in the 2026 exit by Helios and Sojitz.
Industry observers say Axxela’s growth reflects disciplined capital deployment and long-term execution in Nigeria’s gas sector. The company evolved from a modest gas distribution venture into a major player across gas processing, distribution, and infrastructure, supporting industrial and commercial energy demand.
Helios was credited with scaling the business through institutional capital and governance, while the early Oando Gas & Power team laid the operational foundation that enabled Axxela’s expansion. BlueCore is expected to build on this platform as it takes over ownership, positioning the company for its next phase of growth.
Analysts note that the transaction underscores the potential for value creation in Nigeria when patient capital, strong management, and sectoral expertise align, particularly in strategic energy infrastructure.