Nigerian investor Tope Lawani’s Helios completes Axxela stake sale to BlueCore

Helios Investment Partners, the UK-based private equity firm co-founded by Nigerian investor Tope Lawani, has completed the sale of its majority stake in Axxela, one of Nigeria’s largest private gas distribution companies, to BlueCore, a newly formed energy consortium. 

Helios sold its 75 percent holding in the business, while Japan’s Sojitz Corp. exercised its tag-along rights to exit its remaining 25 percent stake, bringing the ownership transition to a close. Financial terms were not disclosed. 

The transaction follows Helios’ announcement in November that it was preparing to exit Axxela, a move that signaled a shift in how the firm is reshaping its portfolio after more than a decade invested in Nigeria’s gas infrastructure.

BlueCore consortium buys Axxela assets

BlueCore was set up to expand gas and power assets across Nigeria and West Africa, where demand for cleaner fuel alternatives is rising as countries look to cut diesel use and stabilize electricity supply. 

The alliance includes Afrigaz Energie, a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, alongside Levene Energy Development, emPERSAND and energy&. The group says Axxela’s pipeline network and customer base provide a strong platform for further investment. 

“We are pleased to complete this acquisition,” BlueCore director Dolu Olugbenjo said. He described Axxela as a well-run company with experienced management and said the consortium plans to work closely with the team to expand operations and support long-term energy needs in the region.

Helios exit, BlueCore backs Axxela growth

Helios partner Nitin Kaul said the firm was satisfied with the outcome after years of working with Axxela’s management. “Together, we built a durable business that plays an important role in Nigeria’s energy supply,” he said, adding that BlueCore is well placed to support the company’s next phase. 

Axxela Chief Executive Timothy Ononiwu said the change in ownership reflects the progress made under Helios. He noted that the new shareholders bring capital and sector experience that should help the company extend its reach while maintaining a focus on reliable gas supply.

Lawani-founded Helios expands via €100 million deal

Founded in 2004 by Lawani and Babatunde Soyoye, Helios manages about $3 billion and invests across energy, financial services, telecom infrastructure and consumer businesses. The firm operates from offices in London, Paris, Lagos and Nairobi. 

In December, Helios agreed to acquire Frigoinvest Nigeria Holdings, the parent of Frigoglass’ Nigerian units, including Beta Glass Plc, in a deal valued at up to €100 million ($117.3 million). That transaction is expected to close in the first quarter of 2026, pending regulatory approvals.