RMB Backs Nigeria’s Gas Transition with $285m Deal

Nume Ekeghe

Rand Merchant Bank (RMB), a subsidiary of the FirstRand Group, has successfully closed a landmark $285 million acquisition financing for BlueCore InfraCo Limited,  marking a pivotal moment in Nigeria’s energy infrastructure evolution.

Acting as Global Debt co-ordinator, Mandated Lead Arranger (MLA), Underwriter and Bookrunner, RMB structured and part-funded a total $285 million debt financing solution to support BlueCore InfraCo’s acquisition of Glover Gas & Power B.V., the 100 per cent owner of Axxela Limited one of Nigeria’s leading private gas and power distribution platforms. RMB also delivered a bespoke funding solution that enabled BlueCore Infraco to finalise the transaction within short timelines and served as exclusive sell-side adviser to Helios Investment Partners, the outgoing shareholder, ensuring a seamless transition to local Nigerian ownership.

Head of Investment Banking, Africa, RMB, Chidi Iwuchukwu stated: “This milestone transaction showcases RMB’s ability to deliver integrated, high-impact solutions that unlock value for our clients while advancing Nigeria’s energy transition. By enabling indigenous ownership of strategic gas and power assets, we’re helping to drive the shift toward cleaner, more sustainable energy.”

Executed under a compressed timeline, RMB’s differentiated approach leveraging its One Bank model and deep sector expertise was instrumental in securing the deal amidst a competitive bid process involving over 15 interested parties.

Lead Transactor and Head Leveraged Finance West Africa for RMB, Francis Oputeh, added: “This transaction reflects our strong partnership with BlueCore InfraCo and underscores RMB’s leadership in structuring complex, multi-stakeholder deals across

Africa. It’s a testament to our role as a trusted adviser delivering impact beyond finance.”

Commenting on the deal, BlueCorp InfraCo Eric Idiahi  said: “This acquisition marks a defining step in BlueCorp’s mission to strengthen Nigeria’s energy infrastructure through indigenous ownership. Partnering with RMB enabled us to secure a tailored financing solution that positions Axxela to drive gas commercialisation, reliability, and sustainability across the country.”

The acquisition supports Nigeria’s gas commercialisation strategy, enhances energy reliability, and contributes to national decarbonisation goals by reducing gas flaring and displacing carbon-intensive fuels.