Nigerian businessman Nzan Ogbe is taking a major step beyond commodity trading as his company, Levene Energy, secures a $64 million loan from Afreximbank to acquire a stake in Axxela Ltd, one of West Africa’s leading gas and power infrastructure firms.
The loan will fund Levene’s equity in Bluecore Gas Infraco Ltd, the vehicle handling the 30% stake in Axxela. The move gives Levene direct access to Nigeria’s regulated midstream and downstream gas sectors, marking a shift from oil trading toward infrastructure ownership and recurring revenue assets.
Ogbe, a seasoned entrepreneur with over 30 years of experience across trading, real estate, telecommunications, and oil and gas, founded Levene Energy in 2016. Since then, the company has expanded into trading crude oil, refined products, and now gas infrastructure, while also exploring renewable energy. Last year, Levene opened a fully automated solar panel manufacturing facility and began exporting panels to Ghana and other West African markets.
Afreximbank described the deal as part of a broader energy transition strategy, supporting cleaner fuels and boosting regional energy security. For Levene, it represents a strategic bet on long-term assets like pipelines, distribution networks, and gas-to-power projects, positioning the company as a local player shaping the future of Nigeria’s energy landscape.
This transaction reflects a wider trend of African energy companies moving from short-term trading profits to owning critical infrastructure, giving them a stronger role in the continent’s evolving energy sector.
